Congressional budget experts say President Barack Obama’s health care law will affect both the supply and the demand for labor, leading to a net reduction of about 2.5 million full-time jobs in 2024, ten years from now.
Tuesday’s projection from the Congressional Budget Office is a significant increase from what the same nonpartisan analysts said in 2010, which roughly translated to 650,000 fewer jobs.
But the budget office still says almost all of the impact will come from people choosing not to work, or working less, because they can get health care outside the job.
Although some employers will choose not to hire additional workers, or reduce hours, the budget office said that does not appear to be the main factor, considering there are more than 130 million jobs in the economy.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Now, we want to hear your thoughts. Please leave your comment or questions regarding Obama Health Care Law affecting labor. Use the space provided below and share this article with your friends and family on Facebook and Twitter. Your comments or question could be chosen as our featured Money Question Monday and a phone call by financial expert Heather Wagenhals could dial your way to be live on the Unlock Your Wealth Radio Show.
Original article courtesy of money.msn.com.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here