Today at the Cato Institute, Duke University Prof. Chris Conover presented his estimates of the economic losses that will be created by the taxes necessary to fund ObamaCare. This chart is taken from his presentation:
At the Daily Caller, Duke University Prof. Chris Conover writes:
There you are, about to sign the papers, when the car salesman offers to throw in a $1,000 options package. He knows those options will cost you a further $440 by reducing the performance of your new car’s engine, but he doesn’t tell you that.
Sounds sleazy, right? Congress does it every day.
Politicians love to rail against car dealers and mortgage lenders who surprise consumers with hidden costs. Yet Congress hides from voters a huge part of the cost of government: the hidden costs of taxes, which include lost income and jobs. Failing to account for these costs creates a bias in favor of bigger government and a less efficient tax code.
Read the rest of Conover’s oped here, and his Cato study here.
In a study released today by the Cato Institute, Duke University professor Chris Conover estimates how much ObamaCare and related provisions will reduce economic output:
The Congressional Budget Office has projected the 10-year, on-budget cost of [The Patient Protection and Affordable Care Act, a.k.a. ObamaCare] will be just over $1 trillion. This paper estimates PPACA will impose an additional, hidden cost of $157 billion to $494 billion in the form of reduced economic output. Related provisions (such as the so-called “doc fix”) could drive the economic losses to $550 billion, or more than half of the bill’s official cost estimates.
Conover will present his paper at a Cato policy forum at 10 a.m. today. Click here to watch online.