Former Massachusetts Gov. Mitt Romney’s controversial healthcare plan has cost the state more than 18,000 jobs and has driven up insurance costs by $4.3 billion, according to a new study reported in the Boston Herald Thursday.
The study conducted by Suffolk University’s Beacon Hill Institute, a conservative think tank, also found “Romneycare” slowed the growth of personal income by $76 per person and reduced investments in the state by more $25 million.
The study findings, the Herald reported, “could provide ammo” to Romney’s GOP rivals for the 2012 Republican presidential nomination “as he touts his job-creating chops on the campaign trail.”
“Mandating health insurance coverage and expanding the demand for health services without increasing supply drove up costs. Economics 101 tells us that,” the institute’s research director, Paul Bachman, told the Herald, which obtained an exclusive copy of the study’s findings.
“The ‘shared sacrifice’ needed to provide universal health care includes a net loss of jobs, which is attributable to the higher costs that the measure imposed,” added David Tuerck, the institute’s executive director.
Bachman, who said Romney “was a little naïve about what would become of the law” passed in 2006, warned that President Barack Obama’s healthcare plan is likely to lead to job losses and higher insurance costs as well.
“This is what happened in Massachusetts, and this is what can be expected from the national healthcare act,” Bachman told the Herald, noting that the Massachusetts healthcare overhaul was a template for Obama’s reform plan.
He predicted Obamacare would drive up healthcare costs $77.5 billion and cost the nation about 950,000 jobs.
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