You lose your health coverage but don’t worry. That plan you liked was “substandard” so it’s all good. ObamaCare will cost millions of jobs but don’t worry. It will give people more time to pursue other interests so it’s all good. Have you ever heard so many idiotic excuses for failures? This administration has perfected spin to such a degree that they don’t even realize how completely insane they sound. Carl Adds:
Five Fun Facts
1) Obamacare Will Destroy 2.5 Million Jobs By 2024. From the report: The reduction in CBO’s projections of hours worked represents a decline in the number of full-time-equivalent workers of about 2.0 million in 2017, rising to about 2.5 million in 2024. Although CBO projects that total employment (and compensation) will increase over the coming decade, that increase will be smaller than it would have been in the absence of the ACA.
Back in 2011, CBO guessed the law would only kill 800,000 jobs. Oops! But what’s a couple million jobs between friends, right? (90 million currently out of labor force)
2) In 2024, There Will Still Be 31 Million People In The U.S. Without Health Insurance. Before the Affordable Care Act was passed, its top proponents – including the president himself — made a big deal about how the law would solve the problem of the uninsured. And during a September 2009 speech on the topic before a joint session of Congress, President Obama lamented that “there are now more than 30 million American citizens who cannot get coverage.”
Surely that number will be lower more than a decade after the law’s passage right?
Still, according to estimates by CBO and JCT, about 31 million non-elderly residents of the United States are likely to be without health insurance in 2024, roughly one out of every nine such residents.
As a reminder the now – $2Trillion plus cost of Obamacare was originally ‘sold’ as coverage for 30 million without health care.
3) Surprise! Millions Of People Who Liked Their Health Plan Will Lose Their Health Plan. There’s a reason even PolitiFact was forced to acknowledge that the president’s “if you like your health care plan” promise was a total lie. From the CBO report:
CBO and JCT project that, as a result of the ACA, between 6 million and 7 million fewer people will have employment-based insurance coverage each year from 2016 through 2024 than would be the case in the absence of the ACA.
So many oopses.
4) Obamacare Reduces The Incentive To Find And Keep A Job. Yes, Virginia, incentives matter:
[R]educed incentives to work attributable to the Affordable Care Act (ACA)—with most of the impact arising from new subsidies for health insurance purchased through exchanges—will have a larger negative effect on participation toward the end of that period. […] By providing subsidies that decline with rising income (and increase with falling income) and by making some people financially better off, the ACA will create an incentive for some people to work less. […] [M]ore than 2.5 million people are likely to reduce the amount of labor they choose to supply to some degree because of the ACA, even though many of them will not leave the labor force entirely.
Like one of those Rube Goldberg contraptions, the more Obama fails, the higher the suck factor to your savings and investments.
5) Your Paycheck Will Be Smaller Thanks To Obamacare. If it walks like a tax increase, and talks like a tax increase, it’s probably a tax increase, even if the people who voted for the tax increase promised it wasn’t a tax increase:
In addition, beginning in 2018, the ACA imposes an excise tax on certain high-cost health insurance plans. CBO expects that the burden of that tax will, over time, be borne primarily by workers in the form of smaller after-tax compensation. Some firms may seek to avoid or limit the amount of the excise tax they pay by switching to less expensive health plans, and in that case workers’ wages should rise by a corresponding amount. Those wages will be subject to income and payroll taxes, however, so total tax payments by those workers will be higher than they would have been in the absence of the ACA. After-tax compensation will thus fall whether firms pay the excise tax or take steps to avoid it, and the resulting increases in average and marginal tax rates will cause a slight decline in the supply of labor, CBO estimates.
But other than that (and the doc shock, and the premium shock, and the broken website), the law is doing totally awesome, you guys!!!!
Item 5 is a road map to the hows and why kids of today may see the health care system, R&D, and quality care, as a thing of the past.
God Bless America – Pass This On!!
The CBO came out today with some devastating information about ObamaCare – Actually, ObamaCare Is Kinda LIke A Tax and It’s Going to Result in 2 Million Fewer Workers by 2017 “An almost two percent reduction to the numbers of hours worked purely because of the law’s effects is kind of a big deal, and you can bet that this is not going to be welcome news to the handful of panicking Senate Democrats trying to stave off awkward questions about their “yea” votes for ObamaCare by focusing on their economically populist messaging strategy.” Yep.
Barry’s Minions Have Quickly Responded: White House Pushes Back on CBO Report “Chairman of the Council of Economic Advisors Jason Furman told reporters that the law would not reduce the hours being offered by employers. Instead, Furman said, ObamaCare allowed greater “choice” — for workers to scale back their hours to spend more time with their children, or to leave their jobs to launch a small business or startup. “This is Barry’s not businesses cutting back on jobs. This is people having new choices,” Furman said.” ARE YOU FREAKIN’ KIDDING ME???? You gotta see this guy – and he’s Obama’s top economic advisor???? HOLY TOLEDO!
Irony, Much? Mayo Clinic Employees Get Benefit Cuts, Cost Hikes After ObamaCare “The premiere health-care provider network and big Minnesota employer will have to cut benefits for its own employees, in part to comply with ObamaCare’s coverage mandates and in part to deal with exploding insurance premiums under the new law.”
Pass the Pork – Oh Wait, It Already Passed. Senate Ready To Pass The Farm Bill and All Its Non-Improvements It preserves such important and essential things like the Wool Trust Fund and The Maple Tax Act for Chuckie Schumer.
Senators: Kerry Admits Obama Syria Policy Is Failing “In a closed-door meeting, two senators say, the Secretary of State admitted to them that he no longer believes the administration’s approach to the crisis in Syria is working. Peace talks have failed, he conceded, and now it’s time to arm the moderate opposition—before local al Qaeda fighters try to attack the United States.” Gee, what a surprise.
Herridge: Former CIA Director Morell May Have Altered Benghazi Talking Points To Benefit Obama Gee, what a surprise, Part II
Oh Goody – Sandra Fluke’s Running for Congress: Ask For Government to be Your Sugar Daddy, Become a Democrat Congressional Candidate. Sounds About Right This seems appropriate:
ICYMI: Navy SEAL Sniper Chris Kyle Honored at Super Bowl by Joe Namath “U.S. Navy SEAL Chris Kyle was celebrated for being considered “America’s deadliest sniper” with 160 confirmed kills out of 255 claimed kills. He was shot at a gun range by another veteran on February 2nd of last year. God bless you Chris and all of our fallen brothers and sisters.”
Oh yeah – wondering what happened to the Broncos? Look no further….(Shaka to Rose)
God Bless America – Pass This On!!