Monday, January 3, 2011

GOP Promises House Vote To Repeal ObamaCare On Jan 12

Source: CNN Political Ticker

Brad Dayspring, spokesman for incoming House Majority Leader Eric Cantor (R-VA) said, “Obamacare is a job killer for businesses small and large, and the top priority for House Republicans is going to be to cut spending and grow the economy and jobs.”

The claim that "Obamacare" is a "job killer" is based mainly on a new rule that imposes a $2000 per employee tax penalty on employers with more than 50 employees who do not offer health insurance to their full-time workers. Conservatives see this new requirement as a punishment for small businesses if they fail to provide the government mandated health benefits. Conservatives argue that this mandate provides a disincentive for small business growth beyond 49 employees and might even lead some businesses to cut staff to get below 50 employees and avoid the health benefit requirements.

The Republican's Pledge to America includes a proposed tax deduction for small businesses on up to 20% of their business income. Republicans seem to offer little more in the to create new jobs than this 20% tax deduction and the extension of Bush tax cuts. Naturally, the Republicans are counting on "trickle down economics" which requires business owners and the wealthy to re-invest their tax cuts in order to help create new jobs.

In March 20, 2010, the Congressional Budget Office estimated that Obamacare will produce a net reduction in federal deficits of $143 billion over the 2010-2019 period. So, if the Repiblicans are successful in repealing the healthcare reform, then we can expect the deficit to grow by $143 billion. That leaves Republicans with a huge hole to dig out of when they try to cut spending.

This is a Suspicious News Brief. Read the full article at CNN Political Ticker.
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