Washington, D.C. – House Democratic Leader Nancy Pelosi released the following statement on the White House Council of Economic Advisors report that health care spending growth is the lowest on record, putting Americans on track to save an average of $1,400 per person on health costs a decade from now, if even half of the recent slowdown continues:
“At the heart of the Affordable Care Act is the effort to make quality care more affordable and more accessible for all Americans, finally slowing the skyrocketing growth of health costs. Three years after the enactment of the Affordable Care Act, this new report shows that the growth of health costs has slowed to the lowest level on record. That is good news for families, good news for businesses, and good news for the economy.
“With new accountability for insurance companies and enhanced measures to fight waste, fraud and abuse, the Affordable Care Act has played a vital role in containing costs. This record-low cost growth is benefiting families, allowing them to feel more secure in their budgets. It has meant businesses are seeing reduced costs and can hire more workers – with more than 7.7 million private sector jobs created since the Affordable Care Act became law. It also means workers’ wages and living standards are improved and the elderly enjoy lower cost sharing and premiums under Medicare. It has meant better containment of federal spending, with the Affordable Care Act reducing deficits by about $100 billion over the coming decade.
“Every day, thousands of Americans are signing up for the affordable, quality coverage made possible by the Affordable Care Act. As the website issues continue to be resolved, more and more Americans will see what the Affordable Care Act can do for them. Republicans should stop rooting for failure and start working with Democrats to strengthen the Affordable Care Act, preserve these historic reforms, and make this law work for the middle class and all Americans.”