It hasn't even been fully implemented, and already employers, doctors, private insurance companies and citizens are bracing themselves for the ObamaCare wave to come crashing down. The Affordable Care Act has devastating effects on so many aspects of our economy: jobs, cost of health care, manufacturing costs -- the list goes on and on. We were promised that if we liked our current insurance, that we could keep it. Turns out that is just another lie as well.
In fact, the Congressional Budget Office (CBO) reports that seven million people will be forced out of their job-based insurance coverage. The tax cuts affect incentives for businesses and make it harder for them to afford providing insurance for employees. It's more cost efficient for the businesses to pay the penalty to the government, but at the price of being able to provide coverage for their employees and families. In a Gallup poll, nearly 74 percent of small businesses owners said that the rising health care costs was hurting their business, and 61 percent point to the potential cost of healthcare as the reason why they aren't hiring.
Not only are we losing jobs, but we are losing them to overseas manufacturers. The medical device industry could lose 10 percent of its U.S. workforce, an estimated 43,000 jobs, overseas due to the medical device tax. The House passed legislation to repeal this tax in the previous Congress and has reintroduced the bill into the 113th Congress, while Senate Democrats have refused to take action.
On top of our workforce being affected, ObamaCare will reach into each individual pocket. Health insurance premiums climb each year and, on average, are up 3 percent ($186) for individuals and 4 percent ($672) per family. In a survey conducted by the American Action Forum, younger, healthy individuals and small employers in Atlanta, Georgia can expect their average premium impact to increase 164 percent. This encourages younger individuals to just pay the penalty, or not purchase insurance at all.
I will continue to vote to repeal ObamaCare every Congress and pass legislation that breaks down or defunds the program in order to save our right to make our own healthcare decisions. This is a fight our families, employers, and businesses literally cannot afford to lose.