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

 

 

 

 

 


Thank you, Obama! Employers cut another 39,000 jobs in September as business continues to plummet…

October 6, 2010

NEW YORK (Reuters) – Private employers unexpectedly cut 39,000 jobs in September after an upwardly revised gain of 10,000 in August, a report by a payrolls processor showed on Wednesday.

The August figure was originally reported as a loss of 10,000.

The median of estimates from 38 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for a rise of 24,000 private-sector jobs in September.

The ADP figures come ahead of the government’s much more comprehensive labor market report on Friday, which includes both public and private sector employment.

That report is expected to show overall nonfarm payrolls were unchanged in September, based on a Reuters poll of analysts, but a rise in private payrolls of 75,000.

Economists often refer to the ADP report to fine-tune their expectations for the payrolls numbers, though it is not always accurate in predicting the outcome.

(Reporting by Leah Schnurr, Editing by Chizu Nomiyama)

From:  http://finance.yahoo.com/news/Private-sector-sheds-39000-rb-1277482169.html?x=0&.v=1