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Top Economists & Americans Don't Believe CBO, Neither Should GOP Committee Chairman

As the ObamaCare repeal effort kicks into high gear in Washington, there's a new letter from 168 economists who say that ObamaCare will break the budget and kill jobs, in contrast to the CBO's analyses released last year and a couple of weeks ago. The economists signing the letter include two former CBO directors and four Federal Reserve economists, including a Nobel Laureate. Quoting from the letter (full text here):

 

The Patient Protection and Affordable Care Act contains expensive mandates and penalties that create major barriers to stronger job growth... The law also levies roughly $500 billion in new taxes that will enter the supply chain for medical services, raising the cost of medical services... At a minimum, it will add $1 trillion to government spending over the next decade. Assertions that these costs are paid for are based on omitted costs, budgetary gimmicks, shifted premiums from other entitlements, and unsustainable spending cuts and revenue increases. A more comprehensive and realistic projection suggests that the Affordable Care Act could potentially raise the federal budget deficit by more than $500 billion during the first ten years and by nearly $1.5 trillion in the following decade.

 

I already documented that Americans know that ObamaCare is a budget-buster and job-killer - they know that CBO's claims that repealing ObamaCare would increase the deficit is baloney - they know that CBO has been wrong time and time again on its budget estimates. And the top two House leaders don't believe the CBO's ObamaCare numbers either, accurately characterizing them as "risky guesswork."

 

So why will a GOP House committee chairman continue to rely on CBO's estimates to start an effort to kill our 7th Amendment rights through "medical malpractice reform?" Average Americans, his leaders, and top economists don't believe the CBO, why does Chairman Smith?

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Comment by Andrew Cochran on January 27, 2011 at 11:35am
Nothing would surprise me.  Did you see the top actuary of Medicare deliver a smackdown this week by saying ObamaCare won't lower health care costs?
Comment by catherine deanni on January 20, 2011 at 7:12am
In the first time in history, Obama had a close door meeting with the head of the CBO. Did Obama use his position to influence the CBO and there finding in favor of the Obamcare?

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