[A]s bad as the news has been over the past five years, the remaining illusions were shattered by the CBO and the White House itself this week. Obamacare didn’t make much of a dent in the uninsured rate, it has forced costs to rise faster than before, and it will kill millions of jobs that otherwise would be created.
“The labor force is projected to be about 2 million full-time-equivalent workers smaller in 2025 under the ACA than it would have been otherwise,” the CBO concludes in the latest analysis of Obamacare’s impact on the economy. Much of the reason — the CBO puts it at 75 percent — comes from the net increase of effective tax rates on labor, which will incentivize potential workers to stay out of the work force. Democrats claim that this is a feature rather than a bug, as people can choose not to work. However, even with that rose-colored glasses view, it means that the rest of the taxpayers will have to subsidize the health care of those who opt out, whether happily or unhappily.