Study Says ACA Repeal Means Millions of Lost Jobs and Trillions in Economic Losses
Washington, D.C. – The repeal of the Affordable Care Act (ACA) without a replacement will lead to the loss of 2.6 million jobs – mostly in the private sector – in 2019, according to report released today by The Commonwealth Fund. Besides the lost jobs, there will be a $2.6 trillion reduction in business output and a $1.5 trillion loss of gross state output from 2019 to 2023, the report said. State and local government will also lose about $48 billion in tax revenue over that same period.
About one third of the job losses – 912,000 – will be in the health care industry. But construction and real estate, retail trade, and finance and insurance will also be hit hard, shedding about 712,000 jobs, the report said.
Following is the statement of Families USA Deputy Executive Director Craig Obey on the report:
“This shows that repealing the ACA without having a thoughtful replacement ready to go is an economically irresponsible job killer. It’s time to re-think the misguided rush by Republicans in Congress to repeal without a meaningful, thoughtful replacement plan, and listen to the increasing array of voices across the political spectrum who say repeal without simultaneous replacement is a mistake.
“Congress still has an opportunity to avoid sending jobs and health care for millions of Americans off a cliff. We don’t have to take insurance away from 30 million people. We don’t have to put millions more out of work. And we don’t have to suffer trillions in economic losses. Republicans can produce a plan first, and demonstrate how it will protect the health of people across America, jobs, and our nation’s economy.