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« Nancy Pelosi: "We have to pass the health care bill so that you can find out what's in it" (VIDEO) | Main | NYT: JPMorgan Prop Trading Loss May Reach $9 Billion »
Thursday
Jun282012

"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. 

--

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)

Sorry, I just threw up. John "Bailout" Campbell has voted for every single bailout including the 1/2 trillion dollar bush bailout and the 3/4 trillion dollar obama bailout. I know the howard jarvis taxpayer association always calls John "Bailout" Campbell a fiscal conservative but the howard jarvis taxpayer association is just a bunch of orange county republican hacks with no real values. If we could imprison John "Bailout" Campbell we could have paid for health care for the entire middle class for the next several decades. Instead we get to pay banks and illegal immigrants.

I HATE you John "Bailout" Campbell.
Feb 12, 2011 at 12:54 AM | Unregistered CommenterBenny and the Talibanks
Thanks for that reminder, Benny.

Remember, you can always get your TARP vote list here:
http://dailybail.com/home/political-toxic-asset-test-the-congressional-tarp-vote-see-h.html

Or, just google "tarp vote". The link above should be the 3rd or 4th one from the top.
Feb 12, 2011 at 1:07 AM | Registered CommenterDr. Pitchfork
TSA pat-down agent: "Hey, I thought she was mine! I was gonna do her!"

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
Feb 12, 2011 at 1:32 PM | Registered CommenterDailyBail
Our platform provider for the Daily Bail finally built it into the system so that we can TURN OFF the security feature for commenting. We jsut made the switch 5 minutes ago...so now you should no longer have to enter security info on the 2nd page before your comment is posted...we've been losing about 30% of all comments from people who didn't see the 2nd security page...it was extremely frustrating for you and for us...and now it's gone...we might get nailed by spam but at least commenting is now less complicated...

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...
Feb 12, 2011 at 4:43 PM | Unregistered CommenterDaily Bail
Thanks DB. This is a great site and I post links every chance i get. I learn a lot from other posters too. Pretty great bunch of 'slef thinkers' here.
Feb 13, 2011 at 11:10 AM | Unregistered CommenterCanuck
Now how about that edit feature :rofl:

I meant 'self thinkers'
Feb 13, 2011 at 11:11 AM | Unregistered CommenterCanuck
yes...an edit feature would also be nice for commenters...a 15 minute window or something like that...i will request this feature...
Feb 13, 2011 at 11:28 AM | Registered CommenterDailyBail
..........regarding the "Sick Joke" Obamacare skit......and the American people are going to sit back and allow government judicial system now to play around with repeal for the next 15 years????? how stupid can we be ????????? we need to come out in droves on this and get'er done.........repeal the thing, bury it, get rid of anyone in office that is pro, just shows the IQ of the person who dreamed it up........ it does nothing to progress or even help health care in our nation!!!!! GOOD LORD !!!
Feb 17, 2011 at 7:02 PM | Unregistered Commenterrhubarb
Jobs? Fuck jobs! Who cares about a million new unemployed people?!

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.
Jun 28, 2012 at 2:54 PM | Unregistered CommenterCheyenne
Now What.......everytime i respond to a post, it blanks me out. Then my post shows up but I can no longer post anything else. Anyone else getting a Blank page after your post.

& 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 !
Jun 30, 2012 at 3:10 PM | Unregistered CommenterTexas Dar

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