Republican Healthcare Bill Would Cost 1 Million Jobs by 2026
Over one million American jobs would vanish by 2026 if the Republican Party backed American Health Care Act, also known as Trumpcare, becomes law.
That is the finding published in a new report by the Milken Institute School of Public Health at the George Washington University.
The report predicts that by 2026, “924,000 jobs would be lost, gross state products would be $93 billion lower, and business output would be $148 billion less.”
“The AHCA could accentuate job loss and economic contraction. Combined with major increases in the number of uninsured, this could contribute to a period of economic and medical hardship in the U.S.”
“The net effect of the AHCA would be a loss of almost 1 million jobs by 2026, combined with 23 million more Americans without health insurance, according to the CBO,” the report continued.
Healthcare was the sector that produced the most jobs last year and the report predicts that trend will be reversed if AHCA is implemented.
The report also predicts that other sectors would be impacted negatively by the American Health Care Act.
Leighton Ku, lead author of the report and professor of health policy at George Washington University said that while most of the media attention has been focused on the 23 million Americans who stand to lose their health insurance, the law will have far reaching implications for the economy.
“Fewer funds for healthcare would also impact jobs in other sectors like construction, retail, and the restaurant industry,” he said, adding that the bill’s effect will reach many people in less obvious ways.
“It’s the leading growth area in the economy,” says Ku. “It’s not as though you can pretend that taking away funding from health doesn’t take away jobs.”
Prof. Ku noted that if a hospital suddenly has less funding, it may decide to suspend additional construction projects which will hurt the construction company.
“Construction workers then have less money to go to the shopping mall,” he added.
The report added that states with expanded medicaid coverage under Affordable Care Act (ACA) or Obamacare will be hit the hardest as they stand to lose the most funding.
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