John Ransom

The Congressional Budget Office just confessed that the healthcare law passed by Democrats and only Democrats in 2010—you know the one that was supposed to save us so much money?-- is really a dud, a job killer, as we have said all along.

And the consequences aren’t just that some guy you don’t know won’t have a job, the consequences are that guys you DO know won’t have jobs, and --in the best case—your tax bill will go up accordingly.

The reform package, derisively known as Obamacare, is going to cost the country an additional 2 million jobs by 2017 says the CBO in a new report. That’s in addition to the 6 million jobs Obama’s already managed to kill by reforming the greatest, most vibrant economy in the world.

“The Congressional Budget Office on Tuesday said that the Affordable Care Act will contribute to the equivalent of 2 million workers out of the labor market by 2017,” reports Yahoo’s Business Insider, “as employees work fewer hours or decide to drop out of the labor force entirely.”

As I wrote previously, the labor union-controlled Economic Policy Institute (EPI) estimated recently that the numbers of missing worker in the country has grown to 5.9 million people under Obama, through dropping labor participation rates.

These are people who have become so discouraged by the job market that they stopped looking for work entirely.

Imagine a state the size of Illinois being completely unemployed: That’s how many people we are talking about when combined with the new CBO estimate.

Actually you don’t really have to imagine: Illinois is trending that way anyway, with the third highest unemployment rate in the nation.

Thanks Obama! Care.

Since Obama took office, the country has added a little less than 2.5 million additional jobs while the populations from which we draw workers have grown by 12 million people.

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.