Fitzpatrick: CBO Report Highlights Economic Harm of ACA

Feb 4, 2014
Fitzpatrick: CBO Report Highlights Economic Harm of ACA

WASHINGTON, D.C. – Congressman Mike Fitzpatrick (PA-8) released the following statement Tuesday regarding the Congressional Budget Office’s report that showed the negative impacts of the Affordable Care Act (ACA) will be “significantly larger” than previously anticipated.

The non-partisan agency’s report found that the President’s healthcare law will slow economic growth over the next decade – costing the nation nearly 2.5 million jobs and adding $1 trillion to projected deficits.

“The release of the CBO’s report confirms the concerns I, small business owners, and local families have about the president’ health care law from the start.

The findings are shocking, but not surprising. What we have now is a broken law built and sold on broken promises. From being told ‘you can keep your plan’ to hearing it ‘will lower the deficit,’ American families and the American economy are paying the price.

The loss of 2.5 million jobs means a grimmer outlook for families already struggling to get by on reduced wages and decreasing opportunity, as well as another hit to a labor participation rate already at a 30-year low. The addition of another $1 trillion in debt means more uncertainty for the American government and businesses hampered by a tedious recession.

America needs economic policies that unleash the American worker, encourage hiring, get people back to work, increase take-home pay, and put us back on the global map. Sadly, the president’s misguided healthcare law is continuing to hold us back.”

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Congressman Mike Fitzpatrick is serving his third term in the U.S. House of Representatives. He represents Pennsylvania’s 8th district which includes all of Bucks County as well as a portion of Montgomery County. He serves as the Vice Chairman of the House Financial Services Subcommittee on Oversight and Investigations.