The non-partisan Congressional Budget Office (CBO) released a report on yesterday which stated that 2.3 million workers are estimated to leave full time employment rather than work for the insurance coverage. The report was misinterpreted by many news outlets who merely repeated Republican talking points instead of reading the report for themselves.
One of the advantages of the Affordable Care Act (Obamacare) is the portability of the policies issued rather than remaining with a particular employer in order to retain the insurance coverage of the employer's group plan.
John Boehner, Mitch McConnell and several other Republican leaders wasted no time in spinning the CBO's report in a way as to cast a shadow of doubt on the effectiveness of the president's signature legislation.
The CBO report was clear:
“The estimated reduction stems almost entirely from a net decline in the amount of labor that workers choose to supply, rather than from a net drop in businesses’ demand for labor, so it will appear almost entirely as a reduction in labor force participation and in hours worked relative to what would have occurred otherwise rather than as an increase in unemployment (that is, more workers seeking but not finding jobs) or underemployment (such as part-time workers who would prefer to work more hours per week).
Joe Madison of "The Joe Madison Show" on SiriusXM covered the report on his show this morning. Many callers to the show stated that with the reduction in cost and the portability of the policies will allow them to take an early retirement. Another caller compared the implementation of the law to the passing of the Social Security Act. In the passage of that act many workers who previously only had the choice of working until death could then retire immediately if they met the requirements of age and health conditions.
With this reduction of 2.3 million workers leaving the workforce either by retiring or going into business for themselves, this reduction will open the door for that many people who are currently looking for work.
This was not an unexpected consequence of Obamacare but it was a built in component of the law. No longer will a worker have to be tied to an employer or pay exorbitant premiums for coverage. This gives the consumer the freedom to make life changing decisions without worrying about losing their coverage or dealing with being denied because of pre-existing conditions.
We can only wonder why the Republican Party are so opposed to a law that's helping so many Americans and willing to go back to a system that only favors the insurance companies. If you know the answer to this dilemma, you can post your reason in the comment section at the bottom of this article.