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Press Release - Romneycare: Billions of Dollars Spent, Tens of Thousands of Jobs Lost

October 18, 2011

Mitt Romney continues to defend his signature achievement, Romneycare, despite evidence that it cost taxpayers $8 billion and killed more than 18,000 jobs in Massachusetts last year. [1] [2]

When Romney says he didn't raise taxes to pay for Romneycare, he intentionally hides the fact that Romneycare cost American taxpayers almost $4 billion in federal funding, a cost spread across all 50 states. [1]

When Romney says his socialized medicine scheme only affected 8 percent of the Massachusetts population, he ignores the fact that Romneycare resulted in higher insurance premiums for everyone. [1]

Romneycare penalizes taxpayers and employers if they don't comply with his individual mandate. Individuals making as little as $33,000 a year must pay the government a $1,212 fine if they don't purchase health insurance. [3]

Not only has Romneycare destroyed jobs in Massachusetts, it has depressed income, wage growth and disposable income in the state. According to the Beacon Hill Institute:

  • Disposable income in Massachusetts is $2-3 billion lower than it would be without Romneycare.
  • Corporate investment in the state dropped by as much as $30 million a year.
  • Single-coverage employer-sponsored insurance premiums increased by 6%, or $262 a person, in just two years. [2]

Romney's own chief economic advisor, Glenn Hubbard, noted that Romneycare "imposed a very large burden on small businesses and their employees." Family premiums for small employers rose by 14.4 percent more than national rates. [4]

Sources

  1. "The High Price of Massachusetts Health Care Reform," The Beacon Hill Institute at Suffolk University, June 2011, http://www.beaconhill.org/BHIStudies/HCR-2011/BHIMassHealthCareReform201...
  2. "The Economic Effects of Massachusetts Health Care Reform," The Beacon Hill Institute at Suffolk University, Sept. 2011, http://www.beaconhill.org/BHIStudies/HCR-2011/BHIMassHealthCareEcon2011-...
  3. "TIR 10-25: Individual Mandate Penalties for Tax Year 2011," http://www.mass.gov/?pageID=dorterminal&L=4&L0=Home&L1=Individuals+and+F...
  4. "The Effect of Massachusetts' Health Reform on Employer-Sponsored Insurance Premiums," 2010, report available at http://www.scribd.com/doc/65978537/Hubbard-Report-on-Romney-Care

Rick Perry, Press Release - Romneycare: Billions of Dollars Spent, Tens of Thousands of Jobs Lost Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/297864

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