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| Rep. Adrian Smith |
It has now been more than three years since the controversial health care law was pushed through Congress and signed by President Obama. Since the law was passed premiums have increased, health care costs continue to rise, small businesses have been burdened, and the estimated price of the law continues to increase. Unfortunately, several recent reports and studies conclude the effects of the law are more painful than initially expected.
A new economic report by the non-partisan Congressional Budget Office predicts 7 million people will lose their employer-sponsored health insurance – nearly twice the previous estimate of 4 million people. Those on the individual market could also lose the quality health care they currently enjoy because of increased premiums. Since 2008, premiums have increased by an average of $3,000.
On top of these premium increases, Americans will face a number of new taxes on their health insurance. In addition to the individual and employer mandates, which the Supreme Court upheld as taxes, there is a tax on insurance premiums in the individual and small group market. There also is a new $63 per person reinsurance tax which will be charged regardless of whether the plan participant will ever need to be reinsured.
The negative impact on jobs as a result of the law also continues to increase. A report by the Federal Reserve earlier this month acknowledged the health care law slows hiring, and a study by the National Federation of Independent Business found the employer mandate could eliminate 1.6 million jobs by 2014.
Small businesses have raised concerns to me about the new regulatory requirements the law creates. According to a new study by the American Action Forum, complying with the health care law has already resulted in more than 111 million hours of paperwork burdens, up from 50 million hours in 2011. The study also found the law has already resulted in more than $30 billion in costs, up from $12 billion in 2011. Small businesses tell me they simply cannot afford the extra costs and wasted productivity.
Finally, the Congressional Budget Office now predicts the law could increase spending by $1.8 trillion over ten years, and could add trillions to the deficit in decades to come. This is nearly double the 2010 estimate of $940 billion. With nearly $17 trillion in debt, our nation cannot afford to continue piling on new spending.
Three years after passage of the President’s health care law it is clear this legislation will not improve access to affordable, quality health insurance, hurts economic growth, and adds to our already out-of-control deficit and debt. While the House has voted several times to repeal the bill in full, we have not had the support of the Democrat-controlled Senate nor the White House. We have been successful in removing certain harmful policies including 1099 reporting requirements, and I am optimistic the House and Senate will soon agree to repeal other provisions of the law. I will continue to work with my colleagues to implement real health care solutions which would benefit patients, our economy, and taxpayers.
A new economic report by the non-partisan Congressional Budget Office predicts 7 million people will lose their employer-sponsored health insurance – nearly twice the previous estimate of 4 million people. Those on the individual market could also lose the quality health care they currently enjoy because of increased premiums. Since 2008, premiums have increased by an average of $3,000.
On top of these premium increases, Americans will face a number of new taxes on their health insurance. In addition to the individual and employer mandates, which the Supreme Court upheld as taxes, there is a tax on insurance premiums in the individual and small group market. There also is a new $63 per person reinsurance tax which will be charged regardless of whether the plan participant will ever need to be reinsured.
The negative impact on jobs as a result of the law also continues to increase. A report by the Federal Reserve earlier this month acknowledged the health care law slows hiring, and a study by the National Federation of Independent Business found the employer mandate could eliminate 1.6 million jobs by 2014.
Small businesses have raised concerns to me about the new regulatory requirements the law creates. According to a new study by the American Action Forum, complying with the health care law has already resulted in more than 111 million hours of paperwork burdens, up from 50 million hours in 2011. The study also found the law has already resulted in more than $30 billion in costs, up from $12 billion in 2011. Small businesses tell me they simply cannot afford the extra costs and wasted productivity.
Finally, the Congressional Budget Office now predicts the law could increase spending by $1.8 trillion over ten years, and could add trillions to the deficit in decades to come. This is nearly double the 2010 estimate of $940 billion. With nearly $17 trillion in debt, our nation cannot afford to continue piling on new spending.
Three years after passage of the President’s health care law it is clear this legislation will not improve access to affordable, quality health insurance, hurts economic growth, and adds to our already out-of-control deficit and debt. While the House has voted several times to repeal the bill in full, we have not had the support of the Democrat-controlled Senate nor the White House. We have been successful in removing certain harmful policies including 1099 reporting requirements, and I am optimistic the House and Senate will soon agree to repeal other provisions of the law. I will continue to work with my colleagues to implement real health care solutions which would benefit patients, our economy, and taxpayers.
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