Calvert: CBO Report Illustrates Damaging Economic Effects of ObamaCare
Today, Congressman Ken Calvert (CA-42) issued the following statement in response to the release of the Budget and Economic Outlook report by the Congressional Budget Office:
“Today’s CBO report is yet another indication that ObamaCare will negatively impact the health of the American economy and our fiscal condition. The CBO’s projections of fewer jobs and dramatic increases in our national debt stand in stark contrast to the promises made by President Obama and Democrats who sold ObamaCare to families across the country. Sadly, these are more false promises in a long line of false promises from President Obama. It is time for Democrats in Washington to acknowledge the dangerous path we are on and to address the challenges we face by working with Republicans on sustainable solutions that protect families and our economy.”
CBO’s Key Findings
· By 2021, ObamaCare will cause a “reduction in full-time-equivalent employment of about 2.3 million.”
· ObamaCare “will reduce the total number of hours worked, on net, by about 1.5 percent to 2.0 percent during the period from 2017 to 2024.” The largest decline will occur among “lower-wage workers.”
· ObamaCare “will cause a reduction of roughly 1 percent in aggregate labor compensation over the 2017–2024 period.”
· The deficit will again top $1 trillion by 2022.
· Interest on the national debt will quadruple over the next decade.
To read the full report: http://cbo.gov/publication/45010