White House Alert! CBO Almost Quadruples Original Job Loss Prediction

Written by Marilyn Assenheim on February 5, 2014

Thursday FOX News reported the Congressional Budget Office’s findings of Obamacare’s impact on American joblessness:

The long-term effect of ObamaCare on the U.S. economy took a grim turn Tuesday with the Congressional Budget Office issuing a revised projection that nearly 2.5 million Americans will be lost from the nation’s workforce over the next 10 years…budget experts say President Obama’s healthcare overhaul will lead to a reduction of 2.3 million jobs that people will abandon because they can get insurance outside of the workplace… 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.

Bet on that last sentence.

The original estimate of job loss, due to the Affordable” Care Act, was pegged at 650,000 by the CBO in 2010. It seems consequences, like national debts, can multiply in just a few years. Even CNBC, unashamed apologists for The Lyin’ King and all of his works, reluctantly reported additional bad news:

Additionally, the CBO sharply cut its projections of U.S. GDP growth in 2015 by a full percentage point to 3.4 percent, where it also stays for 2016, down nearly a full point from the CBO’s previous estimates. CBO estimates that the economy will continue to have considerable unused labor and capital resources, or “slack” for the next few years….

That means unemployed people. Remember that CBO projections generally fall far below actual outcomes.

CNBC was quick to point out that there was “no evidence” that jobs have been or would be lost due to Obamacare. One begs to differ. 75% of jobs created in 2013 were part time jobs exempt from Obamacare and hundreds of thousands of full-time jobs have disappeared, a fact artificially disguised by culling workers, no longer eligible for unemployment benefits, from the workforce; a ploy that forever eliminates such non-persons from being counted. ZeroHedge.com/ABC Media reported in November 2013:

… according to the same [Bureau of Labor Statistics] survey, a whopping 623,000 full-time workers (supposedly government) lost their jobs in October, nearly offsetting the entire 691,000 gain the month before which it turns out was purely for Obamacare (now hopelessly damaged) optics…at least part-time jobs should have soared right? Wrong. Because according to the BLS another 127K part-time jobs were lost in the month, for a total of 750K full- and part-time losses. In other words, the BLS’ random number generator was working on overdrive once again.

The GOP jumped on the CBO report, criticizing Obamacare. Unfortunately, it no longer counts. Criticism was most vociferous from GOP windsocks like Representatives Paul Ryan and John Boehner. FOX printed the White House Ministry of Truth’s spin on the CBO’s numbers:

…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…This CBO report bears that out, and the Republican plan to repeal the ACA would strip those hard-working Americans of that opportunity.”

Well, they would no longer be “hard working” if they quit their jobs, would they? One has to wonder just how many American’s dreams include homelessness and wearing signs that read “Will work for food”? Sounds more like a nightmare than a dream.

CNS reported that the national debt has increased by $6.666 trillion dollars, so far, during The Lyin’ King’s reign. That number is not only significant biblically but because it is greater than the whole of America’s national debt accumulated during her first 227 years.

Image: Courtesy of: http://www.mises.org.br/Article.aspx?id=214

Marilyn Assenheim
Marilyn Assenheim was born and raised in New York City. She spent a career in healthcare management although she probably should have been a casting director. Or a cowboy. A serious devotee of history and politics, Marilyn currently lives in the NYC metropolitan area.