"Obamacare Will Kill 800,000 Jobs": CBO Chief Testifies To Congress (VIDEO)
Video - CBO Director Douglas Elmendorf before Congress - Feb. 10, 2011
Keep in mind as you watch that CBO is an independent arm of Congress that is without political affiliation. They work with numbers and facts, not spin.
According to estimates by the Congressional Budget Office, the effecitve increase in the marginal tax rate that comes with the implimentation of the health care reform bill will reduce labor market participation to the tune of approximately 800,000 jobs.
In other words, people on the margin will game the system in trying to weigh the extra income from working more hours with the greater health care insurance subsidies that come with working less.
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Partial Transcript:
Rep. John Campbell: Thank you, Mr. Chairman, we'll -- and Dr. Elmendorf -- and we'll continue this conversation right now. First on health care, before I get to -- before I get to broader issues, you just mentioned that you believe -- or that in your estimate, that the health care law would reduce the labor used in the economy by about 1/2 of 1 percent, given that, I believe you say, there's 160 million full-time people working in '20-'21. That means that, in your estimation, the health care law would reduce employment by 800,000 in '20-'21. Is that correct?
CBO Director Elmendorf: Yes. The way I would put it is that we do estimate, as you said, that...employment will be about 160 million by the end of the decade. Half a percent of that is 800,000.
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Reader Comments (10)
I HATE you John "Bailout" Campbell.
Remember, you can always get your TARP vote list here:
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He directed me through the nearby metal detector (the one that would have been good enough if I'd just chosen another line) and motioned for me to wait for a pat-down agent: "Female opt-out!" A female agent led me to a table where she set my bags and then skeptically asked if I knew what the pat down involved. Yes, indeedy (thanks, Jeff Goldberg!) "Do you want to do this somewhere private?" No, thank you. The agent calmly explained what she was going to do before she performed each part of the procedure, and very briskly but thoroughly went through the pat-down. The whole thing was over in a matter of minutes and was a completely professional experience.
Or it was, until a male TSA agent walked behind us and hollered: "Hey, I thought she was mine! I was gonna do her!"
And that, buddy, is exactly why I'm opting out instead of standing in the see-through picture machine. Thanks for validating my choice.
http://revolutionarypolitics.tv/phpBB/viewtopic.php?f=13&t=48
Also, we have been patiently awaiting the rollout of new comments formatting...allowing you to log on with social media (your facebook and twitter accounts) as well as respond DIRECTLY to another user's comment...this in particular has driven me crazy and we've been asking for this feature since day 1...now 2 years later we have been told it is coming soon...thanks for everyone's patience as we improve the discussion experience...
I meant 'self thinkers'
Thie gun-to-the-head legislation was needed to help out medical fleecing factories like UnitedHealthcare grow it stock price and pay bonuses. And it worked, too, damnit, doubling the company's share price since Obamneycare passed:
http://finance.yahoo.com/q/hp?s=UNH&a=02&b=19&c=2010&d=05&e=28&f=2012&g=m
Jobs. You kill me.
& Chunga, our plane has 2 seats, but im sure I can get "2 Gurl's" in the back seat. DB, it is alot like a go-cart, but you gotta reamber, its still an aircraft that can go up to 10,000', play around at 500', but KILL You, if you fly it like a gocart, 4 wheeler, or dirt bike.
What gets you Graveyard Dead, is when you start showing off for your buddies, as do GA Aircraft, buzzing yr buddies house......this will be my last post on this page as it will be blank under my post, after it apeers.........Tex !