Romney Campaign Press Release - The Upside-Down Obama Economy: Obamacare's Disastrous Consequences

"President Obama has turned our nation's health care system upside down with higher premiums, more taxes, and fewer job opportunities. But you wouldn't know it listening to President Obama, who has promised to double down on his failed health care policies in a second term. On Day One, Mitt Romney will take action to repeal and replace Obamacare to help turn our economy around." — Andrea Saul, Romney Campaign Spokesperson

The Obama Economy Is Upside Down With Health Care Premiums That Are Continuing To Rise:

Under President Obama, Family Health Care Premiums Have Increased $2,393 During President Obama's First Three Years In Office. Average annual family premiums have increased from $12,680 in 2008 to $15,073 in 2011. ("Employer Health Benefits, 2011 Annual Survey, Exhibit 1.11" Kaiser Family Foundation, 2011)

Despite President Obama's Promises, Health Care Premiums Aren't "Going To Go Down." "The video released by the Obama campaign Thursday has a graph that shows health insurance premiums climbing and climbing — way above general inflation. Giving families and businesses relief was a big part of Obama's sales pitch for health care reform. ... But no matter what happens with the law, the line on that graph isn't going to go down." (David Nather, "Health Care Reform: 4 Inconvenient Truths," Politico, 3/16/12)

• Obamacare Has Made Health Care Even "Less Affordable" And Has Caused "Insurance Premiums To Rise" Even Higher. "At the moment, the new law is making health care slightly less affordable. Independent health care experts say the law has caused some insurance premiums to rise. As we wrote in October, the new law has caused about a 1 percent to 3 percent increase in health insurance premiums for employer-sponsored family plans because of requirements for increased benefits. Last year's premium increases cast even more doubt on another promise the president has made - that the health care law would 'lower premiums by up to $2,500 for a typical family per year.'" (D'Angelo Gore, "Promises, Promises," Factcheck.org, 1/4/12)

And Obamacare Has Driven Employer-Provided Coverage Down And Job-Destroying Taxes Up:

According To The Nonpartisan Congressional Budget Office, Obamacare Could Cause Millions Of Americans To Lose Their Employer-Provided Coverage. "A Congressional Budget Office report issued this week says that 3 million to 5 million people could move from employer-based health care plans to government-based programs as the Affordable Care Act takes effect. And in the worst-case scenario, it could be as many as 20 million." (David Nather, "Health Care Reform: 4 Inconvenient Truths," Politico, 3/16/12)

Obamacare Contains "The Largest Tax Increase Since 1993." "Keep in mind that Mr. Obama has already signed the largest tax increase since 1993. While everyone focuses on the Bush tax rates that expire after 2012, other tax increases are already set to hit the economy thanks to the 2010 Affordable Care Act." (Editorial, "Taxes Upon Taxes Upon...," The Wall Street Journal, 7/11/11)

Obamacare's Medical Device Tax Could Force Businesses To Shift More Than 40,000 Jobs Overseas. "The medical device industry says it could lose 10 percent of its U.S. workforce because of a tax created by healthcare reform. The Advanced Medical Technology Association (AdvaMed) released a report Wednesday that says device-makers might ship 43,000 jobs overseas once the tax takes effect in 2013." (Sam Baker, "Device-Makers Say Tax Will Cost 43,000 US Jobs," The Hill, 9/7/11)

• "Diana Furchtgott-Roth, A Senior Fellow At The Hudson Institute, Said Device Firms Are Already Moving Their Operations To Other Countries And That The Trend Will Accelerate If The Device Tax Is Left In Place." (Sam Baker, "Device-Makers Say Tax Will Cost 43,000 US Jobs," The Hill, 9/7/11)

The Result Of Obamacare's New Taxes And Burdensome Regulations? Small Businesses Are Afraid To Hire New Workers:

Nearly Three-Quarters Of Small-Business Owners Blame Obamacare For Impeding Job Creation. "As part of the explanation for the general economic pessimism, 78 percent of small businesses believe that taxation, regulation and legislation from Washington make it harder for businesses to hire more employees — and 74 percent blame the recent health care reforms passed by the Obama administration for creating an impediment to job creation." (Tim Mak, "Chamber Poll: Small Biz Blames D.C.," Politico, 1/18/12)

National Businesses Will Be Forced To "Shift Workers To Part-Time To Avoid" Obamacare's New Rules And Regulations. "Jim Amos, CEO and chairman of Tasti D-Lite, a frozen yogurt franchise that operates in 14 states as well as globally, is certain of one thing: The ruling will hinder growth in the franchise space. 'It's going to force franchisees to shift workers to part-time to avoid the 50-employee threshold,' he said. 'It will keep new owners and new openings on the sideline.'" (Patricia Orsini, "Small Business On Obamacare: No Reason To Hire Or Invest," CNBC, 6/28/12)