Republicans Are Hiding The Staggering Cost Of Obamacare Repeal—Now We Know Why
Repealing Obamacare Without Replacement To Cost Nearly 3 Million Jobs, Over $1 Trillion
As the clock ticks closer to Donald Trump being inaugurated president, Republicans are ramping up their efforts to repeal Obamacare. They are determined to have the repeal done before the year is out, despite the fact they have no replacement ready to implement. While this debate takes place, the GOP is also determined to hide the cost of repeal from the public.
According to a new study, they are hiding the cost with very good reason. A report from the Milken Institute School of Public Health at George Washington University and the Commonwealth Fund estimates 2.6 million jobs would be lost in the year 2019 and most of those would be private sector job losses. In addition, if Republicans are unable to come up with a reasonable replacement for Obamacare, “there will be a cumulative $1.5 trillion loss in gross state products and a $2.6 trillion reduction in business output from 2019 to 2023”.
Of the millions of jobs lost, only one-third are in the healthcare industry. The majority of job losses would be in other areas of the economy, such as construction, retail and finance.
The study also looks at singular elements of repeal and their effects. A repeal of the Medicaid expansion, for example, would cost nearly 1.5 million jobs in 2019 alone. The 31 states that accepted the Medicaid expansion would be hit particularly hard by this economic downturn, according to the study.
This report comes on the heels of new rules implemented by Republicans in the House that would greatly limit the public’s knowledge on the cost of repealing Obamacare. Part of the rules package blocks the Congressional Budget Office from doing any cost analysis of repeal.
House GOP rules package bars CBO from counting spikes in deficit spending spurred by an ACA repeal.
— Rep. Keith Ellison (@keithellison) January 5, 2017
This economic aspect goes along with the fact millions would lose health coverage with the repeal of Obamacare. Some reports have suggested, however, Republicans might pass a repeal that doesn’t take away the coverage until after the next presidential election. In other words, the people that could lose coverage may not know they’re losing it until after Donald Trump is potentially reelected president.
Judging from this report, the economic effects of repealing Obamacare are potentially devastating to millions. And reports like these give us a clear explanation as to why Republicans are so interested in hiding the cost of their actions.
Featured image by Chip Somodevilla/Getty Images.