Repealing the ACA Threatens the US Economy
Today I took to the House floor to talk to my colleagues and the American people about the economic consequences of repealing the Affordable Care Act. Not only is repeal bad for Americans' health, but it's bad for the economy, as well. You can see my full floor speech on YouTube.
More than three months into Fiscal Year 2017, I stood on the House floor debating a budget that looked nothing like what the Budget Committee considered last spring. Instead, we’re debating a bill that even the Majority admits is nothing more than a shell to help them repeal the Affordable Care Act, a decision that will lead to economic havoc.
A recent report by the Commonwealth Fund and the Milken Institute School of Public Health at George Washington University details the job loss and downturn in economic output that would be caused by this repeal. These devastating job losses are not limited to the healthcare industry; two-thirds, or more than 1.6 million jobs, are in construction, retail, and other sectors, and 131,000 of them are in New York.
Repeal would also place massive financial burdens on state budgets. The Commonwealth Fund report estimates that over five years, our states would lose more than $48 billion in tax revenue, including a loss of $3.5 billion for New York, meaning hits to our schools, roads, and fire and police protection.
An astonishing 939,000 New Yorkers have gained healthcare coverage since the ACA passed in 2010 -- what will they do after a repeal?
With all that is at stake it is simply irresponsible to move forward with this budget and reckless to repeal the Affordable Care Act without a real plan to replace it. I will continue to fight tooth and nail against Republican efforts to repeal the ACA that put the health of our economy and Amercians at risk.