Report: Americans Will Quit Jobs to Qualify for Healthcare

By CBS News

Published 02/05 2014 08:38AM

Updated 02/05 2014 08:43AM

WASHINGTON, DC -- A new report out by the Congressional Budget Office predicts many Americans will decide to quit their jobs, cut their hours or change careers, thanks to the president's new healthcare law.

Republicans and Democrats are portraying the findings in two very different ways.

The new healthcare law will mean fewer Americans will be working, according to a new report by the Congressional Budget Office.

The nonpartisan agency finds because of the Affordable Care Act, the equivalent of 2.5 million workers will leave the labor force by 2024, something the president's top economist describes as a positive outcome: 

"This is not businesses cutting back on jobs. This is people having new choices they didn't used to have," says Jason Furman, chairman of the Council of Economic Advisors.

Democrats say more people will chose to retire because they no longer need to work to get insured.

But, the report finds the law inherently encourages Americans to work less or not at all, as some choose to earn less to stay eligible for federal subsidies or medicaid.

Republicans pounced on the report, saying it's proof Obamacare hurts the economy.

"Honestly: not a surprising report. All the anecdotes that you hear across the country are that, uh, premiums are going up and jobs are being lost," says Sen. Mitch McConnell (R-KY) Minority Leader

The report also estimates that 1 million fewer people than originally projected will sign up for coverage under the new law because of the botched roll out of

(Susan McGinnis, CBS News)

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