Obamacare To Push Millions Out Of Labor Market, Reduce Incomes Of Most Americans

There’s more news on Obamacare and none of it is good. The Washington Times has the news of the latest CBO report finding the dreaded law will push up to 2 million Americans out of the labor market, and cause more to reduce their work hours.

Obamacare will push the equivalent of about 2 million workers out of the labor market by 2017 as employees decide either to work fewer hours or drop out altogether, according to the latest estimates Tuesday from the Congressional Budget Office.

That’s a major jump in the nonpartisan budget agency’s projections and it suggests the health care law’s incentives are driving businesses and people to choose government-sponsored benefits rather than work. (Read More)

If that’s not bad enough, The Washington Examiner reports that the dreaded law will reduce the income of about 80% of Americans.

A new study finds that Obamacare’s redistribution will be stunningly lopsided. Scholars at the liberal Brookings Institution have discoveredthat Obamacare will increase the income of Americans in the lowest 20 percent of the income scale, and especially in the lowest ten percent. But all other income groups — even people who make very modest incomes in the $25,000 to $30,000 range, as well as all income brackets above that — will experience a decline in income because of Obamacare.

In other words, Obamacare is going to cost some of the very people it was designed to help. (Read More)

How is all of this going to help the economy? Good grief.