The economy would generate 1.8 million fewer jobs in 2022 as a result of the GOP American Health Care Act, an analysis by the left-leaning think tank, Center for American Progress, reported Monday.
"Undoing the Affordable Care Act, or ACA, will likely mean less government spending on Medicaid and subsidies for private insurance and thus less spending on healthcare in general," according to the analysts.
"At the same time, the new proposed law, the American Health Care Act, or AHCA, would also cut taxes for higher-income Americans. All three of these factors will likely impact the economy and, thus, employment."
The analysis showed the new healthcare measure is expected to eliminate 2.2 million jobs, but the estimated $600 billion in tax cuts "could result in some positive effects on jobs."
"As a result, there will be 1.8 million fewer jobs in 2022 than otherwise would have been, in our estimates," the analysts concluded.
The new estimates are among the first to look at the labor market implications of the AHCA, McClatchy reported.
The measure is largely financed through cuts to the Medicaid program, which the bill would move from an open-ended entitlement program to one with capped funding based on the number of enrollees, the news outlet noted.
Last week, the Congressional Budget Office estimated the bill would cause 14 million people to lose health coverage in 2018 and 24 million over the next 10 years.
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