Obamacare is going to wipe out 800,000 jobs through its disincentives to work. That contrasts sharply with false claims by House Speaker Nancy Pelosi (D-Calif.) that the new health care law would create jobs, ”400,000 of them almost immediately.” That 800,000 lost jobs “is 50% more than all the people who work for GM, Ford, and Chrysler combined,” yet the Congressional Budget Office regards it as a “small amount” compared to the overall labor force. To some people, the glass is always half full.
As we discussed earlier, it was the Congressional Budget Office’s own report that showed that Obamacare discourages work and thus shrinks the economy. Obamacare was so poorly drafted that some people are massively punished for working and earning more. One hypothetical 62-year old lost $7,836 in tax credits for a $22 increase in income, resulting in a 35,618 percent marginal tax rate on that additional income. Who would work longer hours, or seek to earn more, if they end up with less take-home pay at an income of $55,000 than $46,000 — as is true for some people under Obamacare?
As noted earlier, the new healthcare law raises taxes on the middle-class and investors, reduces lifesaving medical innovation, and drives up health insurance premiums. It also will bankrupt many “small to midsize” medical-device manufacturers, driving up unemployment.