Actually the increase is more than "slight". It's a 13% reduction in work effort, more than double the reduced work effort caused by the great recession.

http://public.econ.duke.edu/~erw/197/forget-cea%20(2).pdf

Heck, even the reduction in bureaucratic expenditures might be enough to offset this cost.

Why don't you do a back of the envelope calculation to demonstrate how this could possibly work?

I have yet to see a single successful attempt at this.