Home » News » Health » Affordable Care Act
Congressional Budget Office estimates Obamacare will cost nation 2.3M jobs
The CBO said the deficit will fall to $514 billion in the fiscal 2014 year ended Sept. 30, down from its previous estimate of $560 billion and a fiscal 2013 deficit of $680 billion.
The deficit will decline to $478 billion in fiscal 2015, but start to grow thereafter as the economy continues to struggle with an unemployment rate that fails to fall below 6.0 percent until late 2016. The number of workers who are not participating in the labor force also will remain historically high, holding down revenue gains.
President Barack Obama's signature healthcare law will contribute to this phenomenon, CBO said, citing new estimates that the Affordable Care Act will cause a larger than-expected reduction in working hours - eliminating the equivalent of about 2.3 million workers in 2021 versus a previous estimate of an 800,000 decline.
READER COMMENTS: 0
- 2014 top 10 list of wage and hour - 0
- Thumbs-up for Ebert's winner - 0
- It's Central, Merrimack - 0
- Goal: Stay healthy - 0
- Year in review: A look back at NH's top stories - 0
- Indecent proposition from New London chief was 'chilling' says victim - 1
- Details of Reams inquiry released - 0
- New Hampshire police part of funeral for slain NYC officer - 0
- Workers' rally to bring back Artie T. captured public's heart - 0
Merrimack teen allegedly held girl captive
Thoughts as we move from one year to another
'Interview' buzz spreads to NH
Details of Reams inquiry released