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Health Reform Will Strengthen Nationís Economy, Says Health Economist

Health Reform Will Strengthen Nationís Economy, Says Health Economist

Paul Van de Water testified today before the House Committee on Education and the Workforce to discuss the impact of health reform (i.e., the Affordable Care Act) on jobs, the economy, and the workforce.  Van de Water said the ACA “will significantly strengthen our nation’s economy over the long haul, although initially its effects will be modest.”  Here are a few other important takeaways from his testimony:

  • A Congressional Budget Office (CBO) analysis predicts health reform will slightly reduce premiums for employer-sponsored health insurance in the near term.  Many small businesses will pay less for a given package of benefits and will likely provide more comprehensive health coverage than they do today.
  • The ACA will have many positive economic impacts over the long run.  It will, CBO says, reduce the budget deficit — modestly in the first ten years, but substantially in the following decade.  Moody’s Analytics says the lower deficits that it will produce will hold down interest rates, free up more capital for private investment, and potentially boost long-term growth.
  • The ACA will also help build a more productive economy by increasing labor market flexibility for individuals and businesses; Moody’s Analytics notes that “if the bill works as planned, Americans will be more able to switch jobs and open new businesses.”
  • Health reform will provide 32 million uninsured Americans with insurance coverage, improving health outcomes through more access to preventative and other health services and improving continuity of care.  CBO suggests this could also enhance the nation’s economic productivity.

You can view his testimony here.

 

This post first appeared on Off the Charts, the blog of the Center for Budget and Policy Priorities.

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from Off the Charts, the blog of the Center for Budget and Policy Priorities

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25 comments

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4:41PM PST on Feb 16, 2011

Hope...hope that this thing doesn't blow up before the 2012 election. Hope that the facts of it's financing don't become public before it's too late.

Considering that the data used for such CBO projections was supplied by the party that pushed the issue, not some 3d party that both sides MIGHT have acknowledged was non partisan. When the data used for the 'possible' holding down of insurance premiums/increased availability (but with no increase in cost?) is already suspect, you have BS as an end result (drek in, drek out)

Look at the 2 states that have tried this great ObamaCare idea in miniature- Tennessee and Massachusetts. Tennessee gave up after costs ballooned and insurance companies left the state. Massachusetts is having the same problems but just keeps pumping more and more borrowed money into it.

The only thing this plan (if it survives SCOTUS) does is lock in the need for more and more funding and government meddling with the original plan as it fails to do anything promised. Maybe though, that was the real plan all along.

4:44AM PST on Feb 14, 2011

Thanks for the article.

12:01PM PST on Feb 12, 2011

Affordable health care should be available for all.

9:36AM PST on Feb 12, 2011

Thanks for the information!! The present health care bill is a good START in offering affordable health care to the citizens. But in my opinion, it needs a public option added to help keep insurance rates down.

5:32AM PST on Feb 12, 2011

This is all true, but i doubt whether any Republican representatives are capable of taking it in. After all, they are already full of their ideology.

6:37PM PST on Feb 11, 2011

Clearly the key is to stay healthy yourself. Exercise, eat healthy, don't smoke, don't drink soda, don't eat fast food, don't drink too much alcohol, get enough sleep, and learn to meditate if you can.

Sure there are people who can't do that, but many of us can. The last thing we need to do is treat our bodies poorly and add extra weight to the health care system. Education is also extremely important. I personally have suffered from a disease that was able to be cured with some alternative medicine, certain exercises, and some slight changes in lifestyle that I won't really have to be doing anymore. I could have continued doing what my doctor said, but that would've taken longer, assuming it would have worked.

Please if you are sick, educate yourself on what you're dealing with and don't just do what you're told, because you have to remember that health care IS A BUSINESS and is trying to make money off you.

6:09PM PST on Feb 11, 2011

Health Reforms needed :0

4:06PM PST on Feb 11, 2011

My congressman said we all need to buy in bulk and tighten the fiscal reigns. Then why did he vote against National Health Care ? Buying in bulk is a good thing if it's healtcare for the people. He got his and F_d us.

12:25PM PST on Feb 11, 2011

It's simply tragic that 800,000 people who earn their keep making money from human suffering for the healthcare industry will lose their jobs. But of course Margaret said nothing of the added jobs predicted by the economic improvement provided by this bill...

11:13AM PST on Feb 11, 2011

Obama made sure this system wasn't even a possibility early on, that's what pissed every body off. No chance of getting control of the actual cost of health care, just a crazy out-of-control scheme on how to pay for the ever rising costs.

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