http://www.economist.com/blogs/freeexchange/2014/02/obamacare-and-employment#comments
This article discusses whether jobs are based upon the economy's supply or demand. The article weights pros and cons between Obamacare and the influence it will have on jobs and supply. I thought a very interesting comment that the article discusses is what it means to have a job. For example, should people be working for longer or enjoying more leisure time? What is best for the economy? Should we advocate for working for longer or less? The article retorts that people are usually better off when they work, stating, "Work provides dignity, enhances productivity, creates goods and services, and raises GDP, generating the taxes that pay for transfers to those who really shouldn’t work."
Additionally, there is further discussion on the report released today by the Congressional Budget Office to compare compelling arguments based on how Obamacare affects demand and supply in the labor markets. The article concludes that Obama should get started with supply-side reforms in order for them to be in full force once the economy reaches full employment.
I believe that whether or not people work longer doesn't have that big of an effect on our national economy. If a person stays in the workforce longer, this person generates a good or service that is in demand for people, so people will buy the product and generate GDP. But if the same person stops working and retires, they are more likely to go out and spend more money on fun activities or things that they could not have done while they were working, such as vacations or a new car. So either way, dollars are being generated for the economy.
ReplyDeleteThe Obamacare aim is to give people the rights and protection of affordable health insurance at the cost of wealthy people or employers. In order to get the money to help insure the millions of people receive the health insurance, higher earner will have to pay more taxes. I don’t think this is fair for the employer because they have worked really hard to be in the position they are in and it’s unjust for government to distribute their wealth. Then again, millions of uninsured will have access to affordable health insurance, but at the cost to the wealthy people.
ReplyDelete