Paul Ryan: Health Care Law Busts Budgets, Kills Jobs
House Republicans document law’s costly consequences
WASHINGTON – House Budget Committee Chairman Paul Ryan issued the following statement with respect to a new report from House Republicans on the job-killing, budget-busting effects of the Democrats’ costly government takeover of health care:
“This new report clearly documents the devastating effects of the Democrats’ new health care law on the American worker, as well as the debilitating strain it will put on our nation’s finances. Simply put, this bill kills jobs. Its burdensome penalties will make it harder for businesses to expand and add workers, and we have already seen how its costly mandates are driving up insurance premiums across the country. Nor would the bill improve our fiscal picture, contrary to some claims. Misleading arguments about its true deficit impact exclude the $115 billion needed to implement the law and over $500 billion in double-counting Social Security payroll taxes, CLASS Act premiums, and Medicare reductions. The law was written to measure 10 years of tax increases to offset 6 years of new spending. There is no question that the creation of a trillion-dollar open-ended entitlement is a fiscal train wreck.
“Unless repealed, this law will exacerbate the spiraling cost of health care, explode our deficit and debt, and forever alter the relationship between the government and the American people. I look forward to voting for the repeal of this law and continuing to advance fiscally responsible, patient-centered reforms.”
To read the full report on the law’s impact on deficits and jobs:
For more detail about the law’s true fiscal impact: