In his speech, Mr. Elmensdorf said,
ObamaCare’s economic impact outside the health care sector, Elmendorf said that those effects will primarily be related to the labor market and “will probably be small.”So, my wife and I as people who are now only working part-time, and can't pay our rent, can look forward to remaining in part-time jobs living on the street. Thank you Mr. Obama, Mrs. Pelosi and Mr. Reid. I hope that you all end up on the street in the very near future. This country can't afford you anymore. It's time to remove every professional politician from office and replace them with people who won't over stay their welcome...by decades.
Factoring in additional demand for workers in health care and insurance, CBO estimates that “the legislation, on net, will reduce the amount of labor used in the economy by roughly half a percent,” he said.
The reason: The expansion of Medicaid and new health insurance subsidies will reduce “the amount of labor that workers choose to supply.”
(For perspective, half a percent of current payrolls is 651,000 jobs, though the impact would show up in both fewer jobs and fewer hours worked.)