According to a new report from the nonpartisan Congressional Budget Office, Obamacare is set to erase the equivalent of 2 million jobs over the next ten years. At a time when the economy is tottering on the edge of recovery, the report shows that true recovery will not happen as long as this healthcare law is in effect.
The CBO report does not predict that the jobs themselves will be lost. Rather, they said that new expansions and mandates would encourage many employees to drop out of the workforce voluntarily. “Some people would choose to work fewer hours; others would leave the labor force entirely or remain unemployed for longer than they otherwise would,” the agency said.
“When the President’s health law hurts the labor force at the same time it increases healthcare premiums and taxes, it’s clear the law is not working for the American people,” said Senate Finance Committee Chairman Orrin Hatch.
The report comes just after the Senate voted to repeal the Affordable Care Act. That’s not possible as long as President Obama remains in office, but it is a sign that Republicans are starting to get serious about moving past this destructive legislation. House Speaker Paul Ryan said last week that he intended to come out with a replacement plan next year.
Of course, we’ve heard all the big talk before, and there’s no reason to believe that anything will change. Until we have a president who makes significant changes, the law will stay in place. A replacement is desperately needed, but it’s not as if there aren’t any ideas out there. Several conservative think tanks have come out with replacement plans, and Senator Ted Cruz last year came out with a healthcare proposal that would put more choice back into the hands of the customer.
We have been lucky as it pertains to the economy. It may not seem like it, but it’s a miracle things aren’t worse than they are. To what degree they are better, Democrats cannot take any of the credit. They have done everything in their power to put handcuffs on the free market, and if Hillary Clinton is elected next November, things will only get worse.
We don’t have much more time to play around with this. There are bad things coming around the corner. History suggests we could be in for another recession soon, and that would be disastrous at a time when we haven’t fully recovered from the last one. Besides that, there is increasing concern that automation will take a big chunk out of low-wage positions, and our government has done very little to prepare for what that might mean to the job market. Meanwhile, Democrats think this is a good time to fight for a national minimum wage of $15 an hour.
The key to putting this economy back on track – as usual – is to take off the government regulations and let the free market do its thing. Until we get leadership serious about turning back the tide of socialism, the future looks grim indeed.