WASHINGTON, Dec. 7 (UPI) – The U. S. Affordable Care Act, which has made health insurance available to millions of Americans, will end up costing the domestic economy 2 million jobs over the next decade, a congressional advisory agency said Monday.
The Congressional Budget Office, a nonpartisan group that provides information to lawmakers, said elements of the law will lead to fewer people employed because they no longer need work to receive health coverage.
Specifically, the CBO said there will be about 2 million fewer jobs by 2025 – more than a decade into President Barack Obama’s signature healthcare law.
‘In that year, CBO estimates, the ACA will make the labor supply, measured as the total compensation paid to workers, 0.86 percent smaller than it would have been in the absence of that law,’ the CBO said in a report.
One factor for the decline, the 22-page report said, is that lower wage earners might choose to cut back hours or stop working altogether because such a move will no longer be accompanied by a loss in health coverage.
This post was published at David Stockmans Contra Corner on December 8, 2015.
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