Passage of the federal health care law as written was a mistake. This new, ill-conceived legislation with additional regulations and costs is killing jobs and accelerating our country towards bankruptcy. The Congressional Budget Office has estimated that Obamacare is costing us $1.5 trillion and will cause a loss of 800,000 jobs.
With an increased cost to businesses, some businesses have to choose whether to pay for health care or make employee payroll. Oftentimes, it is cheaper to pay the fine and keep their current amount of employees rather than pay for health insurance. This phenomenon may cause many Americans to lose their current insurance.
Research from McKinsey and Company shows that up to 78 million Americans will lose their current employer-based insurance. In addition, health care costs are expected to increase by $90 billion during 2010 to 2021.
We should repeal the law and replace it with common-sense, free-market policies that allow individuals to decide where their health care dollars are spent. We need a solution that actually solves America's health care challenges rather than one that creates more.