CBO says Obamacare to cost $2 trillion over next decade, cut employment by 2.5 million
|By Philip Klein; Philip Klein, Senior Writer|
The CBO report also said the health care law will distort the economic incentives for individuals to work and thus the nation will lose the equivalent of 2.5 million full-time jobs by 2024.
When Obama sold the health care law to
The health care law also includes taxes and cuts to
According to the report, 6 million individuals will obtain insurance through the exchanges in 2014, which is down slightly from the CBO's earlier 7 million estimate, but still much more optimistic than would have been expected last fall, when technical problems plagued the rollout of the law.
The CBO also said that the "risk corridors" program -- which has been billed as a "bailout" for insurers -- would actually generate a net savings of
On the employment front, CBO said, "The reduction in CBO's projections of hours worked represents a decline in the number of full-time-equivalent workers of about 2.0 million in 2017, rising to about 2.5 million in 2024."
CBO wrote that, "For some people, the availability of exchange subsidies under the ACA will reduce incentives to work."
CBO cautioned that this estimate, too, was subject to "substantial uncertainty."
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