If conservatives only had a Jon Stewart or a Saturday Night Live to mock progressives instead of the other way around. The White House spin on a CBO report is source material for countless jokes.
Seems that the new CBO outlook is predicting a decline in the number of full time workers over the next several years. Excerpt:
The reduction in CBO’s projections of hours worked represents a decline in the number of full-time-equivalent workers of about 2.0 million in 2017, rising to about 2.5 million in 2024. Although CBO projects that total employment (and compensation) will increase over the coming decade, that increase will be smaller than it would have been in the absence of the ACA. The decline in full-time-equivalent employment stemming from the ACA will consist of some people not being employed at all and other people working fewer hours; however, CBO has not tried to quantify those two components of the overall effect. The estimated reduction stems almost entirely from a net decline in the amount of labor that workers choose to supply, rather than from a net drop in businesses’ demand for labor, so it will appear almost entirely as a reduction in labor force participation and in hours worked relative to what would have occurred otherwise rather than as an increase in unemployment (that is, more workers seeking but not finding jobs) or underemployment (such as part-time workers who would prefer to work more hours per week).
That's a lot of words to say the number of full time workers will decrease, the number of part time workers will increase, and the labor force participation rate will decrease. (See chart on the right. It's on the front page of that same CBO Outlook.)
So the Obama crowd latches onto the language saying the decline in full time employment "stems almost entirely from a net decline in the amount of labor that workers choose to supply...". Spin: Workers will be given more opportunities not to work, and the opposition just doesn't get it. See FACT CHECK: Anti-Obamacare chorus is off key. (Link goes to wmbfnews.com although the same faux-factcheck AP editorial was published in the print edition of our local Midland Reporter Telegram.)
But here's the thing. The population is still growing, and young people are ready to enter the workplace. Yes, there will be boomers retiring, but with moves afoot to reform immigration, i.e., allow otherwise undocumented immigrants to work legally and encourage new unskilled workers to immigrant, an increase in the available workforce is inevitable. Unfortunately, low end workers will be hit hardest.
But hey, there will be subsidies. And perhaps we should all be thinking about this a new way. Instead of working, take a vacation. Instead of buying a car, take a bus and text safely along the way. Instead of paying someone to do the annual tax return, cash the subsidy check and go out on the town.
Sigh. If only we had Saturday Night Live on our side. There was a time back in the early days of the show when Dan Akroyd did a spot on impersonation of Jimmy Carter. And in one especially good skit Akroyd's Jimmy Carter gave a friendly talk to the American people in which he tried to explain how we should change our attitude about inflation. Excerpt from the transcript:
Inflation is our friend.
For example, consider this: in the year 2000, if current trends continue, the average blue-collar annual wage in this country will be $568,000. Think what this inflated world of the future will mean - most Americans will be millionaires. Everyone will feel like a bigshot. Wouldn't you like to own a $4,000 suit, and smoke a $75 cigar, drive a $600,000 car? I know I would!
So who wouldn't want less work, a longer vacation, more leisure time? I know I would!