Rep. Maloney Warns of Economic Risks of ACA Repeal
WASHINGTON, DC - Congresswoman Carolyn B. Maloney (NY-12), House Ranking Member on the Joint Economic Committee, took to the House floor today to control debate on the budget reconciliation and discuss the economic impact of repealing the Affordable Care Act (ACA) on behalf of House Democratic members of the JEC. Following this segment of debate, she released the following statement. You can view her full remarks here.
“Beyond the health risks, the reckless repeal of the Affordable Care Act without a real replacement will also wreak economic havoc. We have made considerable and real progress in recovery from the Great Recession, but now, more than three months into Fiscal Year 2017, we’re debating a budget that looks 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.
“Instead of addressing the Majority’s concerns about deficits, this budget explodes the deficit only to set the stage for repeal of health reform. In fact, the Congressional Budget Office has told us that repeal of the ACA would increase the deficit by $353 billion over ten years.
“This heartless and reckless plan to repeal the Affordable Care Act threatens to undo our progress – and will turn millions of lives upside down.
“A report issued this month by the Commonwealth Fund and the Milken Institute School of Public Health at George Washington University outlined the disastrous economic consequences of the repeal for our entire nation.
“In just the first year of repeal, our economy will lose nearly 2.6 million jobs, 131,000 of them just in New York, and more than $255 billion in economic output. Over the course of five years, our economy will lose more than $1.5 trillion in output. Devastating job loss will not be limited to the healthcare industry; two-thirds, or more than 1.6 million jobs, are in construction, retail, and other sectors.
“This repeal plan would also place massive financial burdens on state budgets. The Commonwealth Fund report estimates that in just the first year, states would lose out on $8.2 billion in tax revenue. Over five years, our states would lose more than $48 billion in tax revenue – including $3.5 billion in losses for New York State - meaning hits to our schools, roads, and fire and police protection. Our state is facing a loss of $89.7 billion in Gross State Product and a $154.1 billion loss in business output.
“With all that is at stake— healthcare for millions, among them 939,000 New Yorkers, and the loss of 2.6 million jobs—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.”