Bombshell: CBO Says ObamaCare Will Cost Equivalent of 2.3M Jobs
A new report from the nonpartisan Congressional Budget Office states that the effects of ObamaCare will be even worse for the economy than previously anticipated.
Here's more from FoxBusiness.com:
In new estimates on the economic effects of "Obamacare," the CBO said President Barack Obama's signature health insurance reform law will result in a bigger reduction in working hours than previously anticipated. The report said by 2021, due partly to smaller companies reducing worker hours to avoid requirements to offer full-time workers health insurance, there will be the equivalent of 2.3 million fewer full-time equivalent workers.
In 2011 the CBO estimated the law would cause a reduction of about 800,000 full-time equivalent workers.
Alisyn Camerota discussed the new report this afternoon with Rep. Darrell Issa (R-CA), chair of the House Oversight Committee. Issa said the CBO, which originally scored ObamaCare as budget-neutral, is now getting to see the actual results of the law in practice.
Issa explained that at first, the CBO had to make projections based on "what they were told was going to happen." He pointed out that the law on the books today isn't the same as what the CBO first looked at.
"Two-thousand, four-hundred pages get thrown together at the last minute after the score was in and then 70,000 and counting new pages of regulations. What the CBO is able to do now is look at the law as it is and find out it's very different than what then-Speaker Pelosi said was going to happen. There were lots of things they said would happen that won't happen," said Issa, predicting there are even more "surprises" on the way.
Watch the interview above and stay tuned to Fox News throughout the day for reaction to this new report.