Thursday, February 6, 2014

Health-care law will prompt over 2 million to quit jobs or cut hours, a CBO report says

More than 2 million Americans who would otherwise rely on a job for health insurance will quit working, reduce their hours or stop looking for employment because of new health benefits available under the Affordable Care Act, congressional budget analysts said Tuesday.

The findings from the nonpartisan Congressional Budget Office revived a fierce debate about the impact President Obama’s signature health-care program will have on the U.S. economy.

The White House scrambled to defend the law, which has bedeviled Obama since its 2010 passage, arguing that the report shows it will work as planned, freeing people to care for their children, retire early or start their own businesses without worrying about health coverage.

“The Affordable Care Act today, right now, is helping labor markets, is helping businesses and is helping jobs,” said Jason Furman, the president’s chief economist.

But Republicans hailed the report as fresh evidence that the law will decimate the American workforce, encouraging people to forgo private employment in favor of taxpayer handouts.

“Today’s CBO report gives a sobering outlook on our economy,” Sen. Bob Corker (R-Tenn.) said in a statement. “It confirms what we’ve known all along: The health care law is having a tremendously negative impact on economic growth.”

Full article: http://www.washingto … 228217bd1_story.html

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