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A historically high number of people will be locked out of the workforce by 2021, according to a report by the Congressional Budget Office released Tuesday.
President Barack Obama's signature health-care law will contribute to this phenomenon, the CBO said, citing new estimates that the Affordable Care Act will cause a larger-than-expected reduction in working hours—eliminating the equivalent of about 2.3 million workers in 2021.
In 2011, the CBO estimated the law would cause a reduction of about 800,000 full-time equivalent workers.
Additionally, the CBO sharply cut its projections of U.S. GDP growth in 2015 by a full percentage point to 3.4 percent, where it also stays for 2016, down nearly a full point from the CBO's previous estimates.
"CBO estimates that the economy will continue to have considerable unused labor and capital resources, or 'slack' for the next few years," the agency said in the report
http://www.cnbc.com/id/101352868
President Barack Obama's signature health-care law will contribute to this phenomenon, the CBO said, citing new estimates that the Affordable Care Act will cause a larger-than-expected reduction in working hours—eliminating the equivalent of about 2.3 million workers in 2021.
In 2011, the CBO estimated the law would cause a reduction of about 800,000 full-time equivalent workers.
Additionally, the CBO sharply cut its projections of U.S. GDP growth in 2015 by a full percentage point to 3.4 percent, where it also stays for 2016, down nearly a full point from the CBO's previous estimates.
"CBO estimates that the economy will continue to have considerable unused labor and capital resources, or 'slack' for the next few years," the agency said in the report
http://www.cnbc.com/id/101352868
