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The long-term effect of ObamaCare on the U.S. economy was
rewritten Tuesday with the Congressional Budget Office issuing a
revised projection that nearly 2.5 million workers could opt out
of full-time jobs over the next 10 years -- allowing employers
to wipe 2.3 million full-time jobs off the books.

Budget experts say that because ObamaCare offers an insurance
alternative to employer provided coverage, many Americans who
hold full-time jobs may decide to work part-time -- or not at
all -- and get their coverage from the exchanges.

Following the release of the report, House Speaker John Boehner
said the report showed how “the middle class is getting squeezed
in this economy.”

The report drew immediate reaction from GOP lawmakers, including
House Speaker John Boehner who said the report indicates
ObamaCare is only making it harder for middle-class Americans to
survive in the bad economy.

Others, like Rep. Paul Ryan, R-Wisc., weighed in.

“ObamaCare is only making things worse,” Ryan said in a written
statement. “This costly law is not only pushing government
spending to new heights, it is disrupting coverage and leaving
millions of Americans worse off.”

The budget office says jobs will also be lost because employers
may choose to hire less full-time workers or reduce the hours of
their staff.

In 2010, the CBO projected ObamaCare would lead to about 650,000
fewer jobs. Tuesday’s new 2.3 million estimate is significantly
higher.

The report states ObamaCare will also lead to a reduction of the
net number of total hours worked by as much as 2 percent in the
period from 2017 to 2024. It states that “lower-wage workers”
will see the biggest reduction in the number of hours worked.

The agency also reduced its estimate of the number of uninsured
people who will get coverage through the health care law.

The budget experts now say about 2 million fewer people will get
covered this year than had been expected, partly because of
website problems that prevented people from signing up last fall
when new markets for subsidized private insurance went live.

Sen. Orrin Hatch, a ranking member of the Senate Finance
Committee, called the report “devastating” to the millions of
Americans seeking employment.

“A direct threat to the long-term health and prosperity of our
nation, this law must be repealed,” Hatch, R-Utah, said in a
statement. “Its impact and consequences are too great.”

House Budget Committee Chairman Paul Ryan said the report
indicates ObamaCare is making things worse for Americans.

“This costly law is not only pushing government spending to new
heights; it is disrupting coverage and leaving millions of
Americans worse off,” Ryan, R-Wis., said.

However, the White House focused on the report's claim that the
loss of jobs will not be due to employers cutting back, but due
to Americans choosing to voluntarily leave the workforce. White
House spokesman Jay Carney said in a statement the report proves
ObamaCare is allowing Americans to be "empowered" to make such a
choice.

"At the beginning of this year, we noted that as part of this
new day in health care, Americans would no longer be trapped in
a job just to provide coverage for their families, and would
have the opportunity to pursue their dreams," he said. "This CBO
report bears that out, and the Republican plan to repeal the ACA
would strip those hard-working Americans of that opportunity."

Carney also says the report does not take into account the
estimate by experts that lower health care costs due to
ObamaCare will lead to thousands of jobs being added to the
economy annually.

The report also predicted the U.S. budget deficit would fall to
$514 billion this year, down substantially from last year and
the lowest level by far since President Obama took office five
years ago.

http://www.foxnews.com/politics/2014/02/04/obamacare-expected-to- lead-to-loss-nearly-25-million-american-jobs-report-says/
 

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