Sens. Tom Coburn and John Barrasso, both doctors, have released a report on the effect of Obamacare to date. It is not a pretty picture.
They find that:
Obamacare costs America nearly 800,000 jobs, most coming from within the medical industry:
The CBO “estimates that the legislation, on net, will reduce the amount of labor used in the economy by a small amount—roughly half a percent—primarily by reducing the amount of labor that workers choose to supply”, which is more than 788,470 employees.
The employer mandate lowers income:
The employer provision will lower wages and lead to less jobs because workers, not businesses, ultimately feel the impact of taxes and fines. The Congressional Budget Office also found that an employer penalty ―would impose a new cost on employers‖ which will be passed on to employees.55 ―Employers who chose to pay the fee rather than offer health benefits would be likely to offset at least some of those costs by paying lower wages or employing fewer people.”
The true cost of Obamacare is much larger than projected:
CBO also identified tens of billions of additional dollars that may be spent by the federal government as a result of new programs and mandates in the health overhaul.
Obamacare has sent state costs skyrocketing:
So how big are the costs state taxpayers must absorb from the massive Medicaid expansion or other mandates? A nearby chart lists estimates that several governors produced calculating the costs to their states – primarily from the Medicaid program. While the federal government may cover $30 billion of costs, the State of Texas alone estimates their state will face $27 billion in extra costs.90 Looking at these estimates, it is clear that the extra costs forced upon state taxpayers and state governments could climb into the hundreds of billions of dollars.
There’s a lot more on the practical effects in the report, so download and give it a read. The paper is aptly titled “Grim Diagnosis.”