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October 25, 2014


CNN Carol Costello Breaks Mold, Tells Obamacare (ACA) CBO Truth(VIDEO)

CNN provided good reporting on CBO report on Obamacare job impact.

Carol Costello, CNN, CBO, Obamacare

 It was a foregone conclusion that Fox News would misrepresent the latest CBO Report. It was more disappointing, however that even Chuck Todd at MSNBC was less than clear in interpreting the report. He was more concerned with how it would be interpreted. He should have been more concerned with his duty as a professional journalist. Inform his viewers objectively.

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That tweet gives a false impression. Coming from a ‘journalist’ it does more to confuse than to inform. It must be repeated. For the most part, one should get information from reputable blogs and websites. The traditional media is useless for fact based and accurate information.

CNN’s Carol Costello got it right in her report this week. The CBO Report said the following.

How Much Will the ACA Reduce Employment in the Longer Term?

The ACA’s largest impact on labor markets will probably occur after 2016, once its major provisions have taken full effect and overall economic output nears its maximum sustainable level. CBO estimates that the ACA will reduce the total number of hours worked, on net, by about 1.5 percent to 2.0 percent during the period from 2017 to 2024, almost entirely because workers will choose to supply less labor—given the new taxes and other incentives they will face and the financial benefits some will receive. Because the largest declines in labor supply will probably occur among lower-wage workers, the reduction in aggregate compensation (wages, salaries, and fringe benefits) and the impact on the overall economy will be proportionally smaller than the reduction in hours worked. Specifically, CBO estimates that the ACA will cause a reduction of roughly 1 percent in aggregate labor compensation over the 2017–2024 period, compared with what it would have been otherwise. Although such effects are likely to continue after 2024 (the end of the current 10-year budget window), CBO has not estimated their magnitude or duration over a longer period.

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 fulltime-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).

While others hyperventilated, CNN’s Carol Costello reported. When the traditional   media get it right, we should let them know and encourage them to do the right thing.



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About Egberto Willies

Egberto Willies is a radio show host, author, blogger, political activist, DailyKOS Featured Writer, Vice President of Coffee Party USA, Executive Committee member of Move to Amend, 2nd Annual CNN iReport Spirit Award Honoree, HuffPost Live Contributor, self-employed software developer, & web designer. Egberto wrote the book ‘As I See It:Class Warfare The Only Resort To Right Wing Doom’ based on his belief that the mainstream media is derelict in its duty to relate what really ails the middle class and the complicity of the Right Wing in its demise. Bio: http://egbertowillies.com/bio/ Linked In: http://linkd.in/TOiHUS. Google

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  1. […] CNN Carol Costello Breaks Mold, Tells Obamacare (ACA) CBO Truth(VIDEO) […]

  2. […] Today’s Meet The Press continued the traditional media meme of giving validity to debunked arguments. It continued to give both sides of the interpretation of the CBO Report plausibility. In other words it continues to be the problem that creates misinformed Americans. This week both Jon Stewart (a comedian/satirist) called out the poor reporting with a stinging indictment of the traditional media. Likewise, CNN’s Carol Costello was one of the few traditional journalists not hyperventilating as she provided a solid journalistic piece. […]