CBO: Repealing President’s Health Care Law Will Increase Economic Growth
WASHINGTON D.C. – The non-partisan Congressional Budget Office (CBO) today found that repealing the President’s health care law would boost the nation’s economy by increasing labor supply and grow the country’s Gross Domestic Product (GDP) to a notable degree. In a response to a request by the Senate Budget Committee and Chairman Mike Enzi (R-WY) on the effect the President’s health law has on the economy, CBO determined that repealing the law will increase economic growth.
“CBO has determined what many in Congress have known all along,” said Chairman Enzi. “This law acts as an anchor on our economy by dragging down employment and reducing labor force participation. As a result, the deficit reduction that the Democrats promised when it was enacted is substantially unclear. While CBO’s report notes that the deficit impact of repealing the law is highly uncertain, and could even reduce the deficit, it does show that repealing this law will boost nationwide employment and grow the economy.”
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