120,000 to 700,000 jobs will be LOST by 2019 if ObamaCARE passes!

ObamaCare-health-insuranceGreta Van Susteren who is hardly a “right winger” was tipped off to a study done by the Beacon Hill Institute. According to this study, anywhere between 120,000-700,000 will actually be LOST through 2019 if god forbid ObamaCARE passes. This despite the BS spewed by Obama and the Democrats that the bill would create 400,000 jobs! Here is what Greta received and posted

“…This bill will cost jobs using non-partisan numbers from CBO. This is executive summary of the study from Beacon Hill Institute at Suffolk University in Boston..”

Executive Summary

Nancy Pelosi, the Speaker of the House of Representatives, has urged passage of the massive health reform plan moving through Congress as a way to create up to 400,000 jobs. Speaker Pelosi bases her claim on a report by the Center for American Progress (CAP) in which the Center estimates that the Patient Protection and Affordable Care Act (PPACA) would create 250,000 to 400,000 jobs per year over 10 years.

It turns out, however, that its methodology, stripped of unsupportable claims about savings in health care costs, shows just the opposite of what CAP intended. PPACA is a job killer, not a job creator. Using the CAP methodology, we find that the bill would destroy a total of 120,000 to 700,000 jobs by 2019, a far cry from the number suggested by leading advocates.

CAP’s claim about job creation rests on its assumption that various developments ensuing from passage of the bill would save $683 billion over ten-years and thus set in motion new incentives for firms to create jobs. The trouble is that the claimed cost savings are at odds with estimates from both the Congressional Budget Office and the Centers for Medicare and Medicaid Services.

Once we dismiss purported cost savings such as the proposed Medicare cuts, the job gains produced by the CAP methodology become job losses. We utilized the same econometric model used by the CAP authors to derive employment effects of PPACA, but with the unsupportable costs savings stripped from the model. We provide two estimates:

• The first estimate applies the CAP methodology to the CMS estimate that the PPACA would increase national health expenditures by $24.8 billion over the baseline case by 2019. This estimate shows that PPACA would kill 120,000 jobs by 2019.

• The second estimate applies the CAP methodology to a scenario in which we add $124 billion in Medicare cuts and an additional discretionary spending that would take place under the Bill. The addition of these figures would increase national health expenditures by $148.8 billion in 2019 and thus kill 700,000 jobs by 2019.

If Speaker Pelosi wants to transform national health care, that is one thing. To pass PPACA as a stimulus measure is, however, to engage in wishful thinking.

The Beacon Hill Institute at Suffolk University in Boston focuses on federal, state and local economic policies as they affect citizens and businesses. The institute conducts research and educational programs to provide timely, concise and readable analyses that help voters, policymakers and opinion leaders understand today’s leading public policy issues.

©March 2010 by the Beacon Hill Institute at Suffolk University:

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March 16, 2010 · Filed Under ObamaCARE


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