Info Tech
Obamacare to cut work hours by equivalent of 2 million jobs
WASHINGTON – President Barack Obama’s healthcare law will reduce American workforce participation by the equivalent of 2 million full-time jobs in 2017, the Congressional Budget Office said on Tuesday, prompting Republicans to paint the law as bad medicine for the U.S. economy.
In its latest U.S. fiscal outlook, the nonpartisan CBO said the health law would lead some workers, particularly those with lower incomes, to limit their hours to avoid losing federal subsidies that Obamacare provides to help pay for health insurance and other healthcare costs.
The biggest impact would begin in 2017, CBO said, because major provisions of the law will be well under way by then. The CBO said there would be smaller declines in work hours that would occur before then.
Work hours would be reduced by the equivalent of 2.5 million jobs in 2024, said the agency, which earlier predicted 800,000 fewer fulltime jobs by 2021. The bottom line would be a slower rate of growth for employment and compensation in the coming decade, according to the report.
The link that the CBO drew between the health law and slower employment growth is likely to become fodder for partisan attacks in this year’s congressional election battle, which will determine who controls Congress in the final years of the Obama presidency. Obamacare is unpopular with many voters and its botched October rollout was accompanied by a public outcry by millions of people who saw their health plans cancelled as a result of its implementation.
Republicans, who have already made Obama’s Patient Protection and Affordable Care Act (ACA) a top campaign issue for November, seized on the CBO report to press their argument that Obamacare is putting a damper on jobs growth and the economy.
“The president’s healthcare law creates uncertainty for small businesses, hurts take-home pay, and makes it harder to invest in new workers. The middle class is getting squeezed in this economy, and this CBO report confirms that Obamacare is making it worse,” House of Representatives Speaker John Boehner said in a statement.
But the White House pushed back on the argument that Obama’s signature domestic policy achievement would mean an actual reduction in jobs.
“It’s not that the businesses are cutting those jobs,” said Jason Furman, who chairs the White House Council of Economic Advisers. He said the CBO report showed an impact on labor supply rather than demand for workers from employers.
The CBO report offered some bright spots on the broader fiscal front, saying the U.S. budget deficit would be a smaller than expected $514 billion in the fiscal 2014 year ended September 30. That is down from a previous estimate of $560 billion and a fiscal 2013 deficit of $680 billion.
But it said sluggish economic growth and stubbornly high unemployment would cause the improvement to be short-lived.
The CBO also said Obamacare would enroll 1 million fewer uninsured Americans than initially expected as a result of technical glitches that largely paralyzed the federal website HealthCare.gov in the first two months of open enrollment.
In a fresh forecast for 2014, the CBO estimated that 6 million people would sign up for private coverage through new health insurance marketplaces, down from an earlier forecast of 7 million. But the report predicted that the program would eventually overcome the deficit, signing up 24 million people by 2017.
The Obama administration says the health insurance marketplaces now operating in all 50 states and the District of Columbia have enrolled about 3 million people in private coverage so far, with volumes increasing following major fixes to HealthCare.gov.
Despite claims from Obamacare critics about the law’s potential effects on hiring, CBO said the expected drop in work hours between 2017 and 2024 would result largely from worker decisions not to participate in the labor force, rather than from higher unemployment or the inability of part-time workers to find full-time hours.
“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,” CBO said.
According to the report, federal subsidies can be substantial, particularly for lower-wage workers who receive more under the law’s sliding income scale. But that also means the benefits can be phased out as a worker’s income rises.
“The phaseout effectively raises people’s marginal tax rates (the tax rates applying to their last dollar of income), thus discouraging work,” CBO said.
– REUTERS
In efforts at spicing up the 2023 ITREALMS E-Waste Dialogue, the management of ITREALMS Media has partnered with E-waste Producer Responsibility Organization of Nigeria (EPRON) membership organisations for a day-long collection scheme of small electronic waste on Friday, December 15, 2023.
The EPRON members aligning their partnership with 2023 ITREALMS E-Waste Dialogue are EL-AS Tech Enterprises Limited and WEEE Eco-Friendly.
ITREALMS’ day-long collection scheme is part of the commemoration of 2023 international E-Waste Day (IEWD) within the ITREALMS E-Waste Dialogue with the theme “You Can Recycle Anything with a plug, battery or cable” at Welcome Centre Hotels, International Airport Road, Lagos.
Revealing this collaboration, the Group Executive Editor, ITREALMS Media, the organisers of the 2023 ITREALMS E-Waste Dialogue, Sir. Remmy Nweke, urged mobile device enthusiasts to come along with their devices that have reached their end-of-life to the venue for proper disposition by professionals who would also be on grounds to address some topical issues.
The collection of small electronic wastes especially mobile phones and like-devices, would be carried out by EPRON member organisation, EL-AS Tech Enterprises Limited as facilitated by ITREALMS Media group as part of this year’s ITREALMS E-Waste Dialogue on Friday, December 15, he added.
He disclosed that the exercise would commence at Welcome Centre Hotel by 9am till close of work hours the same day.
Nweke pointed out that the collection of small e-waste items would include mobile phones, pointers mouse, earpieces, rechargeable torches, phone chargers, to name a few.
Further, he said, that this initiative has become time-serving because some people may have missed any other opportunity before now for the year-long campaign, hence this awareness on e-Waste has to be continuous, “ITREALMS came up with this scheme.”
Nweke beckoned on Nigerians, especially mobile phone users, to leverage the opportunity in disposing of their mobile devices they no longer use, of course in exchange for a voucher or gift item.
In her reaction to this year’s day-long small waste collection, EPRON Executive Secretary, Mrs. Ibukun Faluyi, described the initiative as commendable, expressing confidence it would intensify the collection of end-of-life devices for proper disposition.
Mrs. Faluyi, also urged Nigerians to take advantage of this day-long collection of small wastes courtesy of ITREALMS Media.
Recalling for instance that in October 2022, EPRON had partnered SLOT alongside some UN agencies for collection of small e-waste items in Lagos, including the United Nations Information Centres (UNIC), United Nations Industrial Development Organization (UNIDO), International Labour Organisation (ILO), Lagos Waste Management Authority (LAWMA) and Lagos State Environmental Protection Agency (LASEPA).
This is even as the Executive Vice Chairman of the Nigerian Communications Commission (NCC) Dr. Aminu Maida and Director-General, National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Aliyu Jauro, would both lead speakers at the 2023 ITREALMS E-Waste Dialogue slated for this Friday, December 15, in Lagos.
Today, September 12, the tech corporation Apple will introduce the iPhone 15, their newest iPhone model.
According to a Forbes story, this model, which will be introduced at the company’s “Wanderlust” event in Cupertino, California, will be available in four variations: the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max.
Here are five things you should know about the new iPhone 15 model.
1. The new model is made of titaniu, not stainless steel as some other Apple smartphone models, Senior research analyst at DIGITIMES, Luke Lin reports.
2. The Pro Max model will feature double the optical zoom on the iPhone 14 as it comes with a newly-introduced ‘periscope lens upgrade, performing 5-6x optical zoom.’
3. The Pro models will carry an A17 bionic chip expected to make it perform faster.
4. The iPhone 15 model will feature a USB-C charging port, the same port featured on some Android phone models.
5. Due to its titanium shell, the new model is anticipated to be more expensive to purchase. The following is the speculated price list, as reported by Forbes:
The iPhone 15 starts at $799, the iPhone 15 Plus at $899, the iPhone 15 Pro at $1,099 ($100 increase), and the iPhone 15 Pro Max at $1,299 ($200 increase).
In an effort to reduce the exorbitant cost of Premium Motor Spirit, better known as petrol, the Infrastructure Bank Plc announced its collaboration with FEMADEC Group on Monday to offer 500 buses powered by autogas (Compressed Natural Gas).
Partners in the agreement claimed that the project was created to provide citizens with dependable, affordable, and environmentally friendly travel options, taking into account the negative effects of the nationwide increase in PMS costs.
Under Decree No. 51 of the Federal Republic of Nigeria’s 1992 Constitution, the Infrastructure Bank, originally known as the Urban Development Bank of Nigeria Plc, was founded in 1992 to promote the quick development of infrastructure throughout the nation.
In a statement issued in Abuja on its partnership with FEMADEC, the bank said, “The preliminary offer extended by TIB lays a solid foundation for the expansion of FEMADEC Group’s CNG bus fleet.
“With plans to introduce 500 CNG buses within the next five years, commencing with an initial batch of 50 buses in the forthcoming year, this proposal stands poised to instigate significant change.
“The acceptance of this proposition by FEMADEC Group, notably championed by Fola Akinnola, the Group Chief Executive Officer, is a testament to their zeal and dedication to this alliance.”
The bank described the partnership as a “pivotal endeavour that is primed to redefine Nigeria’s public transportation landscape, offering dependable, cost-effective, and ecologically conscious travel alternatives for citizens, while harmonising with the nation’s broader sustainability ambitions.”
“This partnership represents a remarkable stride towards a more ecologically aware future for Nigeria’s transportation sector, highlighting the shared commitment of both TIB and FEMADEC Group to sustainable advancement and progress.”
It said FEMADEC Group’s strides in operating Compressed Natural Gas buses, including the existing fleet of 20 CNG buses under LAMATA, underscored their unwavering dedication to ecologically sound solutions, a commitment predating the fuel subsidy removal.
“Their leadership within the CNG value chain is undeniable, and the new alliance with TIB underscores their foresight.
“This partnership seamlessly aligns with TIB’s sustainability objectives, echoing their resolute endorsement of the government’s net-zero and climate change agenda.
“The bank’s aspiration to champion Nigeria’s infrastructure progress is evident in its endorsement of pivotal initiatives like this, yielding expansive positive impacts on both the environment and society,” the bank stated.
The bank added that it would continue to make a significant contribution to the country’s growth as a leading financial institution committed to advancing effective and long-lasting infrastructure projects.
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