What You Need to Know About the Cost of the House Democrat Bill
Yesterday, during a Ways and Means Committee hearing, Ranking Republican Member Dave Camp (R-MI) highlighted a non-partisan, independent analysis of the House Democrats’ health care legislation. The study found the Democrats’ bill would result in $3.5 trillion in added federal spending over the next decade and force 64 million Americans to lose their current health care coverage. It is difficult to comprehend just how much $3.5 trillion is.
To put it in perspective, consider this fact: only four countries have a gross domestic product (GDP) larger than the total cost of the Democrats’ health care legislation. They are: the United States ($14.3 trillion), Japan ($4.9 trillion), China ($4.4 trillion), and Germany ($3.7 trillion).
The nearly 200 countries whose GDP is less than $3.5 trillion include: France, the United Kingdom, Italy, Russia, Spain, Brazil, Canada, India, Mexico, Australia, South Korea, and the Netherlands.