Business Insider Writes: CBO: Obamacare Will Lead To 2 Million Fewer Workers In The Labor Force By 2017

The Congressional Budget Office on Tuesday said that the Affordable Care Act will contribute to the equivalent of 2 million workers out of the labor market by 2017, as employees work fewer hours or decide to drop out of the labor force entirely.

The reduction in the numbers of hours worked projected by the CBO will lead to the equivalent of 2 million fewer workers in the labor force in 2017. That number will rise to about 2.5 million in 2024. Previously, the CBO had estimated the equivalent of 800,000 fewer workers by 2021.

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What a fucking disaster.

I use the rule of TWO to either multiply or divide the data coming out of the US Government. It give me a much more accurate data. For instance, when the government wants its data to look favorable, multiply it by 2 to get a more accurate read and vice versa.

For example, multiply the current unemployment rate of 6.7% by 2 and you end up with 13.4%. As far as I am concerned, a much more accurate representation of unemployment when you take part timers and those who have given up looking for work into consideration.

The Congressional Budget Office just announced that the Affordable Care Act will contribute to the equivalent of 2 million workers out of the labor market by 2017. Since they want this data to look as favorable as possible, go ahead and multiply it by 2 to get a more accurate indicator. What does that mean?

The Government itself just admitted that ObamaCare will cost 4 Million jobs.
I am speechless.

As far as I am concerned any regulation that destroys jobs, hurts businesses and slows economic growth is an evil law. Period. I am afraid, due to the upcoming recession (based on my timing work) the net job losses due to ObamaCare will be much more than 4 Million jobs.

What pisses me off more than anything is complete economic incompetence at every level of our government. They have consistently done nothing but exacerbate our economic problems.

Disappearing middle class, massive debt, wars, credit bubbles, real estate bubbles, corporate earnings bubbles, stock market bubbles, upcoming recession and dim economic future is a clear indication of that. Sad.

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