In February, the economy added 295,000 jobs. It was the 12th straight month the private sector added more than 200,000 jobs, the longest such streak since 1977. The robust job growth coincided almost exactly with the official start of health coverage through the Obamacare exchanges, which began in January 2014. Over that time, the economy has added 3.2 million jobs.
It wasn’t supposed to be this way.
Prior to the law’s implementation, numerous politicians and pundits predicted an economic apocalypse once Obamacare took effect. Here are a few of the worst predictions:
1. Rep. Paul Broun (R-GA): ‘It’s going to destroy our economy…It’s going to push us into a total economic collapse’ (October 8, 2013)
This was actually Broun’s attempt to moderate his claims about Obamacare. He previously said that Obamacare would “destroy America.” He later told CNN that he meant it would destroy the American economy.
2. Speaker John Boehner (R-OH): Obamacare ‘will bankrupt our nation, and it will ruin our economy.’ (January 6, 2011)
During his press conference, which lasted 14 minutes, Boehner used the phrase “job-killing” once every 2 minutes. He called the Republican bill to repeal Obamacare “Repealing the Job-Killing Health Care Law Act.”
In addition to robust job growth, the deficit in 2014 plunged to its lowest level in 6 years. Deficit as a percentage of Gross Domestic Product was 2.8 percent, which is below the 40-year average.
3. Sen. Tom Coburn (R-OK): ‘There will be no insurance industry left in three years.’ (October 12, 2010)
According to Coburn, the destruction of the insurance industry was part of a larger plot. Tulsa World reported his remarks to the Republican Women’s Club of Tulsa County:
That is by design. You’re going to make insurance unaffordable for everyone — which is what they want. Because if there’s no private insurance left, what’s left? Government-centered, government-run, single-payer health care.
4. Rush Limbaugh said Obamacare would cost the economy ‘2.5 million jobs minimum’ and would be a ‘literal tragedy’ (February 6, 2014)
Limbaugh’s comments were based, in part, by a Congressional Budget Office report which he misinterpreted. In fact, the health law has had little effect on unemployment and underemployment. Since Rush Limbaugh made this statement, the U.S. economy has added 3.2 million jobs.
5. Glenn Beck: ‘This is the end of prosperity in America forever, if this passes. This is the end of America as you know it.’ (November 19, 2009)
Along with historically strong job growth, the Dow Jones Industrial Average stands at 17,856, which is up over 72 percent since Beck’s remarks. At the time Beck made his prediction, the unemployment rate was at 10 percent. Today, the unemployment rate is 5.5 percent.