The President's economic team is pushing back hard saying critics are totally mis-reading the CBO report and that people wont be trapped in low-wage jobs just to keep their insurance.
The report finds that:
· Obamacare will reduce the number of full-time workers by 2.3 million people through 2021, a significant revision from the last estimate of 800,000 during the same time period.
· Mandatory spending and interest on the debt is projected to consume 94 percent of all federal revenues 10 years from now, squeezing out funding for other priorities.
· CBO projects Social Security will continue to run cash-flow deficits every year during the next decade.
· Labor force participation will continue to decline over the next several years to 62.5 percent by the end of 2017, fueled in part by disincentives to work in Obamacare.