President Barack Obama’s jobs bill could lead to 238,000 jobs being slashed in the pharmaceutical industry by 2021, according to a new study, reports CNSNews.com.
The president’s American Jobs Act would require drug makers to pay the feds billions of dollars in rebates in exchange for their drugs to be distributed to lower-income Medicare recipients, according to the study by the conservative American Action Forum.
That would save the government $135 million over a decade, with pharmaceutical firms shouldering much of the burden, says the group.
“At a minimum, these additional rebates would constitute a direct, dollar-for-dollar reduction in revenue to the pharmaceutical industry,” the study reads.
"The president and liberals in Congress are pushing proposals they claim would stimulate our economy, but would actually directly destroy American jobs," said Forum director Douglas Holtz-Eakin, former head of the Congressional Budget Office.
"Mandatory Part D drug rebates would put people out of work, increase costs for seniors and privately insured patients, and slow research and development for new drugs."
© 2014 Newsmax. All rights reserved.