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Is ObamaCare Making Millennials Lazier?
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A new study by the National Bureau of Economic Research determined the ObamaCare provision allowing dependents to stay on their parents’ health insurance until the age of 26 has led to millennials spending more time socializing and searching for jobs they find more rewarding.
The Federal Register said by extending the age limit, it would allow the 19- to 25-year-old demographic to have more job mobility since they would no longer be tied to their employer or student status for coverage. The study found around 5 percent of those younger than 26 dropped out of the workforce after the provision was implemented in 2010.
Gregory Colman and Dhaval Dav, the economists who authored the working paper, used the American Time Use Survey to collect data to look at how different age groups utilized their time before and after the Affordable Care Act took effect.
“Most of the freed-up time from the reduction in labor supply (at least 50 percent or so) is reallocated into socializing and relaxing,” the study reads.
On average, time spent working went down between 18 and 23 minutes a day.
The research indicated the 27- to 34-year-old group spent more time on work and less time sleeping, exercising, working on their educations or relaxing than the younger age group.
While they may have more time to relax, the study shows the 19- to 25-year-old age group is not spending it shopping or buying services — an unsurprising anecdote given that the lack of employment would also mean less money to spend.
The landmark healthcare legislation caused the rate of uninsured 19 to 25-year-olds to drop by 4.7 percent.
The findings show, despite being dependent on their parents for a bit longer, millennials seem to be ok with taking their time finding employment or spending more time on their education versus having a job they don’t enjoy.
“The effect magnitudes suggest about a 3-5 percent increase in happiness and meaningfulness, and overall these patterns are consistent with a general increase in subjective well-being associated with the shift in activities due to the ACA’s DCM,” the study says.
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