The House Republican Health Care Plan to repeal the Affordable Care Act and take away all the new freedom and control it gives the American people over their health care and give it back to insurance companies will not only raise costs for individuals and businesses, but it will hurt our economy.
Since the President signed the Affordable Care Act into law last March, the economy has created over 1 million private sector jobs, including the 113,000 private sector jobs created in December announced today. So, at a time when our economy is getting stronger, repealing the law would hamper that important economic progress by increasing costs on individuals and businesses, weakening the benefits and protections that Americans with private insurance are already enjoying, and adding more than a trillion dollars to our deficits.
Opponents’ claim that the law is “job-killing” is in direct contradiction to what has actually been happening in the economy since enactment. In fact, repealing the law would likely slow down the growth of our economy. Here are the facts:
Repealing the Affordable Care Act would have a devastating impact on our economy. In addition to hurting some of the economic progress that has been made over the past ten months the Congressional Budget Office found that repealing the law would add over a quarter of a trillion dollars--$230 billion—to the deficit in the first decade, and more than a trillion dollars in the second decade; increase the number of uninsured by 32 million Americans; increase premiums for large employers; and will force consumers who buy coverage on the individual market to pay more out of pocket for fewer benefits.
In addition, Harvard Economist David Cutler found in a report released today by the Center for American Progress that repealing the law would significantly increase costs and reduce job growth. It will “…revert us back to the old system for financing and delivering health care and lead to substantial increases in total medical spending” by:
Again, these facts speak for themselves. Repealing the Affordable Care Act would hurt families, businesses, and our economy.
Stephanie Cutter is Assistant to the President for Special Projects.