sack316
10-26-2010, 03:30 PM
The guy makes it sound so insignificant:
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> For the economy outside the health sector, the most significant impact of the legislation will be through the labor market—but that impact will probably be small, as we discussed in The Budget and Economic Outlook: An Update, which CBO issued in August. We estimated that the legislation, on net, will reduce the amount of labor used in the economy <u>by roughly half a percent</u>...</div></div>
That's nearly 800,000 jobs. 788,470 to be more precise.
Now, I'm sure it will be pointed out that the article also says:
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">...primarily by reducing the amount that people choose to work. </div></div>
Sounds innocent enough, but that's not how it works. Persons "choosing to not work" are not counted as a loss of "labor used in the economy", because a person choosing not to work would be replaced in that job by a person choosing TO work.
Hence, the only true way for the first quote to be accurate is if there is no need for that position.
In other words, CBO says (as nicely as it can be put) that the health care legislation will shed 800,000 jobs out of the economy.
http://cboblog.cbo.gov/ (Economic Effects of the March Health Legislation
October 22nd, 2010 by Douglas Elmendorf)
Sack
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> For the economy outside the health sector, the most significant impact of the legislation will be through the labor market—but that impact will probably be small, as we discussed in The Budget and Economic Outlook: An Update, which CBO issued in August. We estimated that the legislation, on net, will reduce the amount of labor used in the economy <u>by roughly half a percent</u>...</div></div>
That's nearly 800,000 jobs. 788,470 to be more precise.
Now, I'm sure it will be pointed out that the article also says:
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">...primarily by reducing the amount that people choose to work. </div></div>
Sounds innocent enough, but that's not how it works. Persons "choosing to not work" are not counted as a loss of "labor used in the economy", because a person choosing not to work would be replaced in that job by a person choosing TO work.
Hence, the only true way for the first quote to be accurate is if there is no need for that position.
In other words, CBO says (as nicely as it can be put) that the health care legislation will shed 800,000 jobs out of the economy.
http://cboblog.cbo.gov/ (Economic Effects of the March Health Legislation
October 22nd, 2010 by Douglas Elmendorf)
Sack