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Senate GOP Analysis: Obamacare Will Shrink Income

February 12, 2014 by  

The Senate Budget Committee’s financial prognostications on how Obamacare will affect the economy at least have been more realistic than those of President Barack Obama and his dwindling coterie of partisan supporters. If you trust the Republican contingent on the committee, the Affordable Care Act is on track to sink wages.

Senator Jeff Sessions (R-Ala.), the ranking Republican on the Committee, followed up the Congressional Budget Office’s damning report on Obamacare last week by releasing an analysis of how the law will affect real earnings over the next 10 years. Of course it isn’t pretty.

obamacare compensation graphic

According to the committee’s GOP wing, Obamacare is not only hurting actual hours worked; it’s also hurting the amount of money those who are working will bring home. Overall, Sessions anticipates the law will reduce earned compensation by more than $1 trillion between 2017 (when Obamacare’s supposed to be in full force) and 2024.

“CBO’s February 2014 baseline contains projections for total worker compensation under current law; i.e., with the President’s health law in place,” report Committee Republicans. “Senate Budget Committee Republican staff took these nominal dollar estimates and adjusted them to account for the 1 percent reduction that CBO attributes to the health care law, in order to determine what total compensation would have been if the law had not been enacted. The difference between the status quo and the status quo ante amounts to $1.016 trillion in reduced compensation over the 2017–2024 period.”

Ben Bullard

Reconciling the concept of individual sovereignty with conscientious participation in the modern American political process is a continuing preoccupation for staff writer Ben Bullard. A former community newspaper writer, Bullard has closely observed the manner in which well-meaning small-town politicians and policy makers often accept, unthinkingly, their increasingly marginal role in shaping the quality of their own lives, as well as those of the people whom they serve. He argues that American public policy is plagued by inscrutable and corrupt motives on a national scale, a fundamental problem which individuals, families and communities must strive to solve. This, he argues, can be achieved only as Americans rediscover the principal role each citizen plays in enriching the welfare of our Republic.

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