The Congressional Budget Office just released a report estimating that the total workforce will lose 2 million jobs over the next 10 years as result of the new coverage expansions under Obamacare, with its mandates and changes in tax rates.
This reduction could be from several factors. Some people might choose to work fewer hours, others might choose to leave the labor force entirely, and others might remain unemployed longer than they otherwise would.
I don’t think this is an indictment Obamacare per se. It just reflects the reality that no one in this country is seriously addressing the high cost of healthcare. Money spent the healthcare industry is money that isn’t available to other segments of society. Many of my previous posts have documented the effect of exorbitant healthcare costs and how it depresses the rest of the economy.
The American people and their leaders are still unwilling to have a frank discussion about high cost of healthcare, what the root causes are, and how it hurts the rest of the economy. As a result, our children will have 2 million fewer job opportunities over the next 10 years, which will be harmful to their health.