ObamaCare job loss estimates triple, Obama Press Sec. says this will give jobless "freedom to retire early or become stay-at-home parents." BBC

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2/4/14, "'Obamacare' will reduce US workforce, report finds," BBC

"President Barack Obama's health law will cut the US workforce by the equivalent of more than two million workers, a congressional watchdog says.

The reductions will begin in 2017 after the law's provisions take full effect, the Congressional Budget Office (CBO) said in its report.

Lower-income workers will be hardest hit, limiting their hours to avoid losing federal subsidies....

In Tuesday's report the nonpartisan CBO said work hours would be reduced by the equivalent of 2.3 million full-time workers by 2021. The watchdog had previously estimated the healthcare law would result in 800,000 fewer workers. 

'Making it worse'
 
The Patient Protection and Affordable Care Act, commonly known as Obamacare, will result in a slower rate of employment growth over the next decade, according to the findings.
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The congressional analysts say there will be fewer workers because healthcare subsidies would "reduce incentives to work" and pose an "implicit tax on working" for those returning to a job with health insurance. 

The CBO said some US businesses might decide to reduce their workforce to fewer than 50 full-time employees to avoid having to provide health insurance as mandated under the law.

The report also found older US workers nearing retirement may opt to work shorter hours to retain healthcare subsidies until they qualify for Medicare, a federal health programme for the elderly.

Employees may also face lower wages due to tax levees and penalties against their employers, the report found....  
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'Empowered'
 
But the White House said the impact on the workforce would be due to voluntary steps by workers rather than businesses cutting jobs.

The law will leave people "empowered to make choices about their own lives and livelihoods", said White House Press Secretary Jay Carney.

He added that the law would also allow participants the freedom to retire early or become stay-at-home parents.

The glitches that plagued the healthcare website during its October rollout would probably result in one million fewer enrolled participants than initially anticipated, the CBO found.

Six million people are now forecast to sign up for coverage by this year.

The president's Democratic allies have been trying to distance themselves from the issue in the lead-up to November's elections, which will determine which political party controls Congress for the final two years of Mr Obama's presidency....

A Gallup poll on Tuesday found Americans continue to be more likely to disapprove of the law, by 51% to 41%."

"Obamacare setbacks

• July: Businesses with over 50 workers given until 2015 to provide insurance or pay a penalty
• 23 Oct: Deadline for individuals to avoid penalties is pushed back six weeks to March 2014
• Oct 30: Obama says "no excuse" for healthcare.gov website meltdown, which his health secretary concedes is a "debacle"
• Nov 14: Obama announces insurers can keep customers on existing plans for another year, amid fury at his broken promise
• Nov 22: Enrollment deadline for individuals is pushed back a week in December
• 27 Nov: Year's delay in online insurance enrolment for small businesses
• 26 Nov: Spanish-language sign-up tool is postponed until December
• 22 Nov: Enrolment deadline for individuals is pushed back a week in December
• 14 Nov: Obama announces insurers can keep customers on existing plans for another year" (inset at BBC article)

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2/4/14, "CBO nearly triples estimate of working hours lost by 2021 due to Affordable Care Act," CNBC

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2/4/14, "Health-Care Law Expected to Take Greater Toll on Workforce," WSJ Yahoo Finance, Damian Paletta


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