CBO: Health Care Law to Eliminate 2 Million Jobs
More than 30 Million Americans Will Remain Uninsured
(Washington, D.C.) – Today, the nonpartisan Congressional Budget Office (CBO) released The Budget and Economic Outlook: 2014 to 2024, which provides updated estimates on the cost and impact of federal policies. The budgetary experts of the CBO estimate that while the federal deficit will decline this year to $514 billion, it will begin rising after next year, and will exceed $1 trillion within 8 years. The agency also says the economy will grow more slowly in 2014 than thought.
Additionally, the effects of the health care law have been re-estimated. The CBO finds that:
- Instead of eliminating 800,000 jobs – as previously projected – the law will reduce employment by about 2.3 million jobs by 2021.
- In 2024 – long after the law has been fully implemented – there will still be 31 million Americans without insurance.
- From 2015-2024, Americans will pay $52 billion in penalties for failing to purchase insurance.
- The total cost of the law will be $2 trillion between 2015 and 2024.
- $151 billion in employer penalty payments will “be borne primarily by workers” – in the form of lower take-home pay.
- 1 million fewer people than expected will enroll this year for coverage under the law.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
“The President and his allies in Congress should not ignore these findings from the nonpartisan budget experts of the CBO. This law will cost the taxpayers more than $2 trillion, and still leave 31 million uninsured. It will eliminate jobs, and reduce worker pay. We simply cannot afford to disregard the negative aspects of this law. These are not the promised outcomes that the President sold to the American people. There’s no defense for this bait-and-switch.
No one will be hurt more by this law than the working families who are at the bottom of the income scale. They deserve better.”
Learn more about "The Accountability Project" campaign and LIBRE's efforts to keep elected officials accountable for supporting the flawed Obamacare law that is causing familieseverywhere to lose their current health care plan and lose their full time jobs. They are elected to make the right decisions for the people – let's keep them accountable.