New Reports and Early News
|December 14, 2009||Posted by ITUP under Blog||
The White House Council of Economic Advisers released their Economic Case for Health Care Reform Update today, presenting new findings from the Congressional proposals. The report finds that:
-Taken together, the combination of Medicare- and Medicaid-related provisions in the Senate’s Patient Protection and Affordable Care Act are estimated to reduce the annual growth rate of Federal spending on both programs by 1.0 percentage point in the upcoming decade and by an even greater amount in the subsequent decade.
-The excise tax on high-cost insurance plans will reduce the growth rate of annual health care costs in the private sector by 0.5 percentage point per year from 2012 to 2018 and combined with other provisions in the bills would reduce private sector spending by 1 percentage point per year.
-GDP will be 4 percent higher by 2030, median family income that is $6,800 higher by 2030, and the federal budget deficit lowered by as much as 2 percent of GDP as a result of reform due to reducing cost growth
-Reform will result in a 0.16% lower unemployment rate, creating 316,000 additional jobs
Early reports show that after the Democratic Caucus meeting today, the Medicare Buy-in provision will officially be dropped from consideration in order to garner the support of Senators Lieberman and Nelson. Democrats are pushing to get the bill passed before Christmas, and due to procedural rules this means that 60 votes must be solidified in the next three days in order to begin the cloture vote process.