CBO Confirms: Obamacare Costs Jobs and Adds to Deficit
This morning, the non-partisan Congressional Budget Office released a report showing that the Affordable Care Act could cost the nation 2.5 million jobs and increases the federal deficit by $1 trillion over the next ten years. Additionally, the report states that the law will both reduce incentives to work and reduce the number of employers offering health insurance.
“Since the passage of Obamacare, I have warned that the law will cost our nation jobs and add to our national debt. Today, the Congressional Budget Office confirms these fears,” said Pitts. “Four years ago, when Congress was considering the Affordable Care Act, budget gimmicks and overly optimistic predictions clouded the debate. Today, these illusions were shattered.”
The CBO’s 2011 analysis of the affects of the Affordable Care Act maintained that the law would reduce the number of workers by 800,000 over ten years. With implementation of the law providing new data, these projected job losses have tripled. The report states: “The decline in fulltime-equivalent employment stemming from the ACA will consist of some people not being employed at all and other people working fewer hours.” Additionally, the CBO estimates that the law will still leave 31 million uninsured in 2024.
“According to CBO, this law will sacrifice millions of jobs and put an additional $1 trillion in debt on our children and grandchildren while only reducing the number of the uninsured by one-third,” said Pitts. “We can do better and this year I will lead the Energy and Commerce Health Subcommittee in putting forward alternatives that help Americans get care without hurting our ailing economy.”
The complete CBO report is available here: http://www.cbo.gov/sites/default/files/cbofiles/attachments/45010-Outlook2014.pdf.