February 5, 2014
CBO Chief to Congress: Obamacare "Creates a Disincentive For People to Work"Topics: Political News and commentaries
It should be a no-brainer, but somehow in the convoluted upside down world of Congressional Democrats ... especially the White House, the CBO report means more 'choice' for people ... i.e. they can choose to work less or not work at all and take government handouts from the taxpayers instead. However, CBO Chief Douglas Elmendorf made it clear to Congress today that the subsidies that help low-income people buy expensive health insurance are a â€˜disincentive for people to work,â€
Via CNS News:
[...] "What the Affordable Care Act does, is to provide subsidies focused on lower- and lower-middle-income people to buy health insurance. And in order to encourage a sufficient number of people to buy an expensive product like health insurance, the subsidies are fairly large in dollar terms. Those subsidies are then withdrawn over time -- withdrawn from people as their income rises.More here ...
"And by providing heavily subsidized health insurance to people with very low income, and then withdrawing those subsidies as income rises, the (Affordable Care) Act creates a disincentive for people to work, relative to what would have been the case in the absence of that Act," Elmendorf told the House Budget Committee.
He added that the subsidies "make those lower-income people better offâ€¦but they do have less of an incentive to work."
One would think that even our Community Organizer-in-Chief would be able to figure out that the net result of an even worse labor force participation rate than we already have (under Obama - worst since 1978) is going to mean that our economy is going to have to produce more with fewer people going forward, which -- all else being equal -- can only slow our economic growth even more which is something we certainly don't need ... especially given where we already are after the performance of our economy under the reign of Obama:
Posted by Hyscience at February 5, 2014 3:31 PM
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