February 5, 2014
The increasing costs of ObamaCare: shrinking workforce, higher deficits
The Gleaner’s headline should alarm the 30% of Kentuckians who actually approve of ObamaCare: “Report finds Obamacare will reduce workforce.”
The Congressional Budget Office (CBO) recently released a report addressing ObamaCare’s devastating impact on our nation’s economy. Over 70% of Kentuckians do not approve of ObamaCare, and it’s little wonder: ObamaCare not only reduces the nation’s labor force and increases the deficit, but it also deters Americans from working.
ObamaCare: Reducing The Labor Force
ObamaCare will reduce our workforce by 2.3 million full-time-equivalent workers, according to CBO. ObamaCare creates a disincentive for Americans to work.
CBO Director Douglas Elmendorf testified,“By providing heavily subsidized health insurance to people with very low income and then withdrawing those subsidies as income rises, the act creates a disincentive for people to work relative to what would’ve been the case in the absence of the act.”
The White House message? Don’t worry about ObamaCare reducing workforce participation. On the day CBO released its report, White House Press Secretary Jay Carney issued a statement about ObamaCare’s impact on workforce participation: “[A]s 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.”
Americans and Kentuckians need to provide for themselves and their families, and the Obama White House just doesn’t get it.
When Barack Obama promoted ObamaCare, he claimed “more than 30 million American citizens…cannot get coverage.” CBO reports, however, that just as many Americans will lack health coverage in the next 10 years – even with ObamaCare!
ObamaCare: Slower Growth & Increasing Deficits
ObamaCare is increasing our deficit and stifling our economic growth. Budget experts project that ObamaCare will slow economic growth to the point that the federal budget deficit will increase by approximately $1 trillion.
“Beyond 2017, CBO expects that economic growth will diminish to a pace that is well below the average seen over the past several decades,” the report said.
ObamaCare’s Increasing Costs
ObamaCare is forcing 280,000 Kentuckians off their health plans that they like.
ObamaCare is discouraging Kentuckians from working.
ObamaCare is slowing our nation’s economic growth.
ObamaCare is driving up our federal budget deficits.
The costs of ObamaCare are too great for Kentucky.
[T]he act [ObamaCare] creates a disincentive for people to work relative to what would’ve been the case in the absence of the act. CBO Director Douglas Elmendorf