CBO: ObamaCare Will Destroy 800,000 Jobs

Doug Elmendorf, director of the nonpartisan Congressional Budget Office, confessed today during a House Budget Committee hearing that ObamaCare will cost America 800,000 jobs: 

(VIDEO AVAILABLE HERE) 

“Chairman [Paul] Ryan: “[I]t’s been argued…that the new health care law will create jobs and increase labor force participation. But if I recall from your analysis, it was quite the opposite. Is that not the case?” 

“Director [Douglas] Elmendorf : “Yes.”…

“Rep. [John] Campbell: Thank you, Mr. Chairman, we’ll — and Dr. Elmendorf — and we’ll continue this conversation right now. First on health care, before I get to — before I get to broader issues, you just mentioned that you believe — or that in your estimate, that the health care law would reduce the labor used in the economy by about 1/2 of 1 percent, given that, I believe you say, there’s 160 million full-time people working in ’20-’21.  That means that, in your estimation, the health care law would reduce employment by 800,000 in ’20-’21. Is that correct? 

“Director Elmendorf: Yes. The way I would put it is that we do estimate, as you said, that…employment will be about 160 million by the end of the decade.  Half a percent of that is 800,000.” (Jeffrey H. Anderson, “CBO Director Says ObamaCare Would Reduce Employment by 800,000 Workers,” The Weekly Standard, 2/10/2011)

This revelation by nonpartisan CBO flies in the face of the spurious claim by Nancy Pelosi that ObamaCare would create jobs, and create them immediately: 

“It’s about jobs. In its life, it [the health bill] will create 4 million jobs — 400,000 jobs almost immediately.“(“Pelosi: Health Reform Will Create 400,000 Jobs ‘Almost Immediately,’ Real Clear Politics, 2/25/2010)

Only three House Democrats joined Republicans in the vote to repeal ObamaCare last week. Will House Democrats finally fess-up to the fact that ObamaCare will destroy jobs?

FINAL VOTE ON OBAMACARE REPEAL: 245-189, with only 3 Democrats joining GOP. (House Vote #14, 1/19/2011)