President Obama’s Health Insurance Reforms Will Actually Decrease The Deficit
- A former Bush administration official – who now works for a research center funded by the Koch brothers – is falsely claiming that the savings in President Obama’s health insurance reforms are “double-counted” and will increase the deficit. But according to the nonpartisan Congressional Budget Office, the President’s health reforms will actually lower the deficit. The same methodology has been used by Congress in the past under both political parties, including in 1997 and 2005.
- Partisan and false attacks on President Obama’s health insurance reforms are nothing new. This claim comes as the Tea Party right is wrongfully attacking $500 million that will help provide billions of dollars in tax credits to help middle-class families and small businesses pay for health insurance.
- When the new health care law was first passed, the Congressional Budget Office found that it will reduce the deficit by $143 billion from 2010 to 2019. In recent reevaluations, the CBO found the insurance coverage provisions would actually cost $50 billion less than previously estimated. Meanwhile, the CBO also found that repealing the new health care law would increase the deficit.
- Repealing health reform would do more damage than just increasing the deficit. Since we passed reform almost two years ago, millions of Americans have been saving money and living healthier lives. But repealing it would mean:
180 million Americans would lose their protection against the worst insurance abuses, like denying health care to the sick, unjustified excessive premium increases, lifetime caps on the amount of care a patient can receive, and the future protection against gender discrimination.
86 million Americans would lose their access to free preventive care. That would mean no more life-saving cancer screenings like mammograms and colonoscopies without a co-pay or deductible, and women wouldn’t have their contraception covered.
An additional 2.5 million young adults wouldn’t have insurance. President Obama’s health reform made sure they could stay on their parents’ plans as they enter the workforce, until they turn 26, but repealing it could take their coverage away.
47 million Americans would lose out on a stronger Medicare program. Repeal would undo the eight-year extension of Medicare’s solvency, and the prescription drug discounts that saved 3.6 million people with Medicare in the doughnut hole an average of $604.