Budget Office: 2.5 million fewer jobs due to Obamacare
WASHINGTON - The Congressional Budget Office says President Barack Obama's health care law will mean a reduction of about 2.5 million jobs in 2024, ten years from now.
The nonpartisan CBO says the law will affect both the supply and demand for labor. It's a big increase from the same analysts, who projected only 650,000 fewer jobs in 2010.
The budget office says almost all of the job impact will come from people choosing not to work or working less, because they can get health care outside of a job. They say some employers will choose not to hire additional workers and keep hours lower, but that is not a main factor in the fewer jobs.
There are more than 130 million jobs in the economy.