Thanks, Obama! 7 Million Americans to Lose Medical Insurance As a Result of Obamacare

February 5, 2013

Obama shush finger to mouthDuring the health care debate Mr. Obama had said individuals would be able to keep their plans.

Critics pointed out that forcing businesses to increase coverage by government edict would only result in more businesses opting out and choosing not to provide health benefits at all.  Obama denied this.

Now the Congressional Budget Office admits it’s true — and seven million Americans and their families will soon be without health care because of Obama’s arrogant lies.

— Spencer

President Obama’s health care law will push 7 million people out of their job-based insurance coverage — nearly twice the previous estimate, according to the latest estimates from the Congressional Budget Office released Tuesday.

CBO said that this year’s tax cuts have changed the incentives for businesses and made it less attractive to pay for insurance, meaning fewer will decide to do so. Instead, they’ll choose to pay a penalty to the government, totaling $13 billion in higher fees over the next decade.

But the non-partisan agency also expects fewer people to have to pay individual penalties to the IRS than it earlier projects, because of a better method for calculating incomes that found more people will be exempt.

Overall, the new health provisions are expected to cost the government $1.165 trillion over the next decade — the same as last year’s projection.

From:  http://www.washingtontimes.com/blog/inside-politics/2013/feb/5/obama-health-law-will-cost-7-million/

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Thanks Loads, Obama! Obamacare to Cost Labor Market 800,000 Jobs…

February 11, 2011

Testifying today before the House Budget Committee, Congressional Budget Office (CBO) Director Doug Elmendorf confirmed that Obamacare is expected to reduce the number of jobs in the labor market by an estimated 800,000.

 

Here are excerpts from the exchange:

 

Chairman [Paul] Ryan: “[I]t’s been argued…that the new health care law will create jobs and increase labor force participation. But if I recall from your analysis, it was quite the opposite. Is that not the case?”

 

Director [Douglas] Elmendorf: “Yes.”…

 

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?

 

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.

 

From:  http://www.weeklystandard.com/blogs/cbo-director-says-obamacare-would-reduce-employment-800000-workers_547288.html

 

 

 

 

 


National Debt Soars to New Levels…Thank You, Obama!

July 1, 2010

The federal debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.

At the end of 2008, the debt equaled about 40 % of the nation’s annual economic output, according to the CBO.

From:  http://content.usatoday.com/communities/onpolitics/post/2010/06/national-debt-soars-to-highest-level-since-wwii/1