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January 18, 2011The Honorable John BoehnerSpeaker of the HouseWashington, DC 20515The Honorable Harry ReidSenate Majority LeaderWashington, DC 20515The Honorable Nancy PelosiHouse Minority LeaderWashington, DC 20515The Honorable Mitch McConnellSenate Minority LeaderWashington, DC 20515Dear Speaker Boehner, Minority Leader Pelosi, Majority Leader Reid, and Minority Leader McConnell:To promote job growth and help to restore the federal government to fiscal balance, we, theundersigned, feel that it would be beneficial to repeal and replace the Patient Protection and AffordableCare Act (P.L. 111-148). Too many Americans remain unemployed and the United States faces adaunting budgetary outlook. We believe the Patient Protection and Affordable Care Act is a threat toU.S. businesses and will place a crushing debt burden on future generations of Americans.A Barrier to Job Growth: The Patient Protection and Affordable Care Act contains expensive mandatesand penalties that create major barriers to stronger job growth. The mandates will compete for thescarce business resources used for hiring and firm expansion. The law also levies roughly 500 billion innew taxes that will enter the supply chain for medical services, raising the cost of medical services. Atthe same time that businesses juggle the potential for higher interest rates or higher taxes, thesemedical costs will translate to higher insurance premiums, further increasing the cost of operating abusiness in the United States.A Massive Spending Increase and a Crushing Debt Burden: The Patient Protection and Affordable CareAct is fiscally dangerous at a moment when the United States is already facing a sea of red ink. It createsa massive new entitlement at a time when the budget is already buckling under the weight of existingentitlements. At a minimum, it will add 1 trillion to government spending over the next decade.Assertions that these costs are paid for are based on omitted costs, budgetary gimmicks, shiftedpremiums from other entitlements, and unsustainable spending cuts and revenue increases. A morecomprehensive and realistic projection suggests that the Affordable Care Act could potentially raise thefederal budget deficit by more than 500 billion during the first ten years and by nearly 1.5 trillion inthe following decade.The Patient Protection and Affordable Care Act does not constitute real health care reform. The firststep is to remove barriers to stronger job growth and to help restore fiscal balance to the nation’sbudget by protecting taxpayers, American business, seniors, families, workers, and health careconsumers from the damage that the Patient Protection and Affordable Care Act will cause.Congress should start with a clean sheet of paper and adopt initiatives that would encourage providersto offer higher-quality care at lower costs; reduce the cost pressures that threaten to bankruptMedicare and Medicaid; and give every American access to more options for quality insurance.
Respectfully,[Affiliations shown for purposes of identification and do not constitute institutional endorsement.]Douglas Holtz-EakinPresident, American Action ForumFormer Director, Congressional Budget Office (CBO)June O’NeillProfessor of Economics, Baruch CollegeFormer Director, Congressional Budget Office (CBO)First Chair, Board of Scientific Counselors, National Center for Health StatisticsJoseph AntosWilson H. Taylor Scholar in Health Care and Retirement Policy American Enterprise InstituteFormer Assistant Director, Congressional Budget Office (CBO)Arlene HolenSenior Fellow, Technology Policy InstituteFormer Associate Director Congressional Budget Office (CBO)Former Associate Director White House Office of Management and Budget (OMB)Brian S. WesburyChief Economist, First Trust Portfolios LPFormer Chief Economist, Joint Economic Committee of the US CongressArthur B. LafferChairman, Laffer AssociatesFirst Chief Economist, Office of Management and Budget (OMB)Former Member, Economic Policy Advisory BoardJim CaprettaFellow, Ethics and Public Policy CenterFormer Associate Director, White House Office of Management and Budget (OMB)James D. Mietus, Ph.D.Independent Economist and Policy AdviserFormer Economist, Office of Management and Budget (OMB)Michael BoskinProfessor of Economics, Stanford UniversityFormer Chairman, White House Council of Economic Advisers (CEA)William NiskanenFormer Action Chairman and Member, White House Council of Economic Advisers (CEA)Chairman Emeritus, Cato Institute
Earl L. GrinolsDistinguished Professor of Economics, Baylor UniversityFormer Senior Economist, White House Council of Economic Advisers (CEA)Mark H. ShowalterProfessor of Economics, Brigham Young UniversityFormer Senior Economist, White House Council of Economic Advisers (CEA)Scott BaierAssociate Professor of Economics, Clemson UniversityFormer Senior Economist, White House Council of Economic Advisers (CEA)Larry LindseyPresident, The Lindsey GroupFormer Director, National Economic Council (NEC)Todd G. BuchholzManaging Director, Two Oceans ManagementFormer Senior Economic Adviser, The White HouseFellow, Cambridge UniversityEdward C. PrescottW.P. Carey Chaired Professor of Economics, Arizona State UniversityEconomist, Federal Reserve Bank of MinneapolisNobel Laureate in EconomicsWilliam PooleDistinguished Scholar in Residence, University of DelawareSenior Fellow, Cato InstituteFormer President, Federal Reserve Bank of St. LouisKevin HassettDirector, Economic Policy Studies, American Enterprise Institute (AEI)Former Economist, Federal Reserve Board of GovernorsMario J. Crucini, Ph.D.Research Associate, National Bureau of Economic Research (NBER)Senior Fellow, Globalization and Monetary Policy Institute, Federal Reserve Bank of DallasStephen J. EntinPresident and Executive DirectorInstitute for Research on the Economics of TaxationFormer Deputy Assistant Secretary for Economic Policy, Department of the TreasuryKathleen B. Cooper, Ph.D.Senior Fellow at the Tower Center for Political Studies, Southern Methodist UniversityFormer Undersecretary for Economic Affairs, Commerce Department
Diana Furchtgott-RothDirector, Center for Employment PolicySenior Fellow, Hudson InstituteFormer Chief Economist, U.S. Department of LaborCarl J. DahlmanSenior Economist, RAND CorporationFormer Deputy Assistant Secretary, Department of DefenseFormer Deputy Assistant Secretary, Department of Health and Human ServicesDavid MalpassPresident, Encima GlobalFormer Deputy Assistant Secretary, Treasury DepartmentFormer Deputy Assistant Secretary, State DepartmentThomas R. SavingJeff Montgomery Professor of Economics, Texas A&M UniversitySenior Fellow, National Center for Policy AnalysisFormer Public Trustee, Social Security and Medicare Trust FundsTimothy PerriProfessor of EconomicsAppalachian State UniversityAllan DeSerpaProfessor of EconomicsArizona State UniversityNancy RobertsProfessor of EconomicsArizona State UniversityClarence R. DeitschProfessor of Economics and Labor RelationsBall State UniversityCourtenay C. StoneProfessor of EconomicsBall State UniversityJohn Bethune, Ph. D.Kennedy Chair of BusinessBarton College
E. S. Savas, Ph.D.Presidential ProfessorSchool of Public AffairsBaruch College/CUNYDavid VanHooseProfessor of EconomicsBaylor UniversityKenneth V. GreeneDistinguished Professor of EconomicsBinghamton UniversityE. F. StephensonProfessor of EconomicsChair, Department of EconomicsBerry CollegeDavid E. SpencerProfessor of EconomicsBrigham Young UniversityMichael L. MarlowProfessor of EconomicsCal PolyDonald J. OswaldProfessor of Economics (Retired)California State University, BakersfieldCathleen J CoolidgeAssociate Professor of EconomicsCalifornia State University, ChicoCharles W. Baird Ph.D.Professor of Economics, EmeritusCalifornia State University, East BayAlan Rufus Waters, Ph.DProfessor Emeritus of International BusinessCalifornia State University, FresnoG. Michael Phillips, Ph.D.Professor of Finance, Real Estate, and InsuranceCalifornia State University, Northridge
Allan MeltzerProfessor of Political EconomyCarnegie Mellon UniversityYuri N. Maltsev, PhDProfessor of EconomicsCarthage CollegeJason E. TaylorProfessor of EconomicsCentral Michigan UniversityDr. Lawrence BrunnerAssociate Professor, EconomicsCentral Michigan UniversityArthur T. DenzauProfessor of EconomicsClaremont Graduate UniversityMarc D. WeidenmierWilliam F. Podlich Associate Professor of EconomicsResearch Associate, National Bureau of Economic Research (NBER)Claremont McKenna CollegeRobert TamuraProfessor of EconomicsClemson UniversityPhoebus J. DhrymesEdwin W. Rickert Professor of EconomicsColumbia UniversityCharles W. CalomirisHenry Kaufman Professor of Financial Institutions, Columbia Business SchoolColumbia UniversityRichard V. BurkhauserSarah Gibson Blanding Professor of Policy AnalysisCornell UniversityAntony DaviesAssociate Professor of EconomicsDuquesne UniversityRichard E. EricsonProfessor and Chair of EconomicsEast Carolina University
Minh Q. DaoProfessor of EconomicsEastern Illinois UniversityPaul H. RubinSamuel Candler Dobbs Professor of EconomicsEmory UniversityRichard F. MuthFuller E. Callaway Professor of Economics, EmeritusEmory UniversityRonnie DavisGraduate Faculty--EconomicsFlorida Institute of Technology and Averett UniversityHenry G. ManneDean EmeritusGeorge Mason University School of LawDr. Anthony B. SandersDistinguished Professor of FinanceGeorge Mason UniversityJames BurnhamDistinguished Service ProfessorDuquesne UniversityFormer Staff Director, President's Council of Economic AdvisersDouglas, C. FrechtlingProfessor of Tourism StudiesGeorge Washington UniversityRichard J. SweeneyProfessor of International FinanceMcDonough School of BusinessGeorgetown UniversityW. Ken FarrChair & Professor of Economics, Department of Economics & FinanceGeorgia College & State UniversityChristine RiesProfessor of EconomicsGeorgia Institute of Technology
Gerald GayProfessor of FinanceGeorgia State UniversityFormer Chief Economist, Commodity Futures Trading CommissionChristopher R. InamaSenior Adjunct ProfessorGolden Gate UniversityCharles N. Steele, Ph.D.Associate ProfessorHillsdale CollegeGary WolframProfessor of EconomicsHillsdale CollegeIvan Pongracic, Jr.Associate ProfessorHillsdale CollegeNikolai G. Wenzel, Ph.D.Assistant Professor of EconomicsHillsdale CollegeJohn LunnRobert W. Haack Professor of EconomicsHope CollegeJohn A. TatomDirector of Research, Networks Financial InstituteScott College of Business, Indiana State UniversityTom LehmanProfessor of EconomicsIndiana Wesleyan UniversityRichard J. CebulaDavis College of BusinessWalker/Wells Fargo Endowed Chair in FinanceJacksonville UniversityTimothy MathewsAssistant Professor of EconomicsKennesaw State University
W. Mark CrainWilliam E. Simon Professor of Political EconomyLafayette CollegeNicole V. CrainProfessor of EconomicsLafayette CollegeJames L. HuffmanErskine Wood Sr. Professor of LawLewis & Clark Law SchoolRichard J Grant, Ph.D.Professor of Finance & Economics, College of Business,Lipscomb UniversityDon M. ChanceJames C. Flores Endowed Chair of MBA Studies and Professor of FinanceLouisiana State UniversityW. Douglas McMillinMack Hornbeak Endowed Professor in EconomicsLouisiana State UniversityOtis W. GilleyDistinguished Professor of EconomicsLouisiana Tech UniversityFrank Spreng, Ph.D.Professor of Economics and Director of the MBA ProgramMcKendree UniversityJohn P. CochranDean, School of BusinessProfessor of EconomicsMetropolitan State College of DenverWilliam R. HartProfessor of EconomicsMiami University (Oxford, OH)F. Owen IrvineProfessor of EconomicsMichigan State UniversityMichael C. DavisAssociate Professor of EconomicsMissouri University of Science and Technology
Richard E. La Near, Ph.D.Professor of Economics and FinanceEmeritus J.R. Kuhn Professor of FinanceMissouri Southern State UniversityStephen A. Tolbert, Jr.Lecturer, EconomicsMontgomery County Community CollegeMicha GisserProfessor Emeritus of EconomicsUniversity of New MexicoJames B. RamseyProfessor, Department of EconomicsNew York UniversityR. Morris CoatsProfessor of EconomicsNicholls State UniversityBarry K. GoodwinWilliam Neal Reynolds Distinguished Professor EconomicsNorth Carolina State UniversityJohn SeaterProfessor of EconomicsNorth Carolina State UniversityMichael WohlgenantWilliam Neal Reynolds Distinguished ProfessorNorth Carolina State UniversityGerald R. Jensen, PhD, CFAProfessor of FinanceNorthern Illinois UniversityJoseph M. Jadlow, Ph.D.Professor of EconomicsOklahoma State UniversityDouglas K. AdieProfessor of EconomicsOhio UniversityRichard VedderDistinguished Professor of Economics, Ohio UniversityAdjunct Scholar, American Enterprise Institute
Paul EvansProfessor of EconomicsOhio State UniversityFrank WykoffEldon Smith Professor of Economics, EmeritusPomona CollegeDavid A. BratProfessor and Chair, Department of Economics and BusinessRandolph-Macon CollegeFred E. FoldvaryDirector, Civil Society InstituteSanta Clara UniversityDavid R. HendersonResearch Fellow, Hoover InstitutionStanford UniversityDino FalaschettiGleed Endowed Chair, Seattle UniversityAssociate Professor of Law and Economics, Florida State UniversityNorman Lefton, PhDAdjunct Associate Professor at the School of BusinessSouthern Illinois University, EdwardsvilleLawrence J. Belcher, Ph.D.Professor of FinanceStetson UniversityDavid G. TuerckProfessor of EconomicsSuffolk UniversityEdgar K. BrowningProfessor of EconomicsTexas A&M UniversityFrank EganAssociate Professor of EconomicsTrinity CollegeDorla A. Evans, Ph.D.Professor of Finance, Department of Accounting and FinanceUniversity of Alabama in Huntsville
Larry L. RossProfessor of EconomicsUniversity of Alaska AnchorageLawrence SouthwickUniversity Research Scholar, Finance and Managerial Economics DepartmentUniversity at BuffaloLeon WeggeProfessor of Economics EmeritusUniversity of California, DavisAvanidhar SubrahmanyamGoldyne and Irwin Hearsh Chair in Finance, Anderson School of ManagementUniversity of California, Los Angeles (UCLA)Lee E. OhanianProfessor of EconomicsUniversity of California, Los Angeles (UCLA)Richard RollProfessor of Finance, Anderson School of ManagementUniversity of California, Los Angeles (UCLA)Professor Richard L. SmithPhilip L. Boyd Chair and Professor of FinanceUniversity of California, RiversideA. Edward Day, Ph.D.Associate Professor of Economics (retired)University of Central FloridaSteven N. KaplanNeubauer Family Professor of Entrepreneurship and Finance, Booth School of BusinessUniversity of ChicagoEugen F. FamaRobert R. McCormick Distinguished Service Professor of Finance, Booth School of BusinessUniversity of ChicagoRobert E. Lucas, Jr.John Dewey Distinguished Service Professor of Economics, Department of EconomicsUniversity of ChicagoBarry W. PoulsonProfessor of Economics (retired)University of Colorado at Boulder
Jane H. LillydahlProfessor Emerita, Department of EconomicsUniversity of Colorado at BoulderSanjai BhagatProfessor of FinanceUniversity of Colorado at BoulderMichael CosgroveProfessor, University of DallasPrinciple, EconoclastEleanor D. CraigAssociate Chair & Professor of EconomicsUniversity of DelawareRichard AgnelloAssociate Professor of EconomicsUniversity of DelawareStacie E. BeckAssociate Professor of EconomicsUniversity of DelawareJames B. O’NeillProfessor of EconomicsDirector, Center for Economic Education and EntrepreneurshipUniversity of DelawareC. Thomas Howard, Ph.D.Professor, Reiman School of FinanceUniversity of DenverRonald W. WardEmeritus ProfessorUniversity of FloridaJeffrey H. DorfmanProfessor, Department of Agricultural and Applied EconomicsThe University of GeorgiaJames MoncurProfessor Emeritus of EconomicsUniversity of Hawaii at ManoaPaul R. GregoryCullen Professor of EconomicsUniversity of Houston
Roy J. RuffinM.D. Anderson Professor of EconomicsUniversity of HoustonR. Ashley LymanProfessor Emeritus of Economics and StatisticsUniversity of IdahoPeter F. ColwellProfessor Emeritus, Department of FinanceUniversity of Illinois at Urbana-ChampaignWilliam P. AlbrechtProfessor of EconomicsUniversity of IowaMichael R. MontgomeryAssociate Professor of EconomicsUniversity of MaineJon ReismanAssociate Professor of Economics and Public PolicyUniversity of Maine at MachiasRichard E. JustDistinguished University ProfessorUniversity of Maryland – College ParkRonald. L. Promboin, Ph.D.Adjunct ProfessorUniversity of Maryland – University CollegeColdwell Daniel, IIIProfessor EmeritusUniversity of MemphisMichael ConnollyProfessor of Economics, University of MiamiProfessor of Finance, Hunan UniversityChristopher Douglas, Ph.D.Assistant Professor of EconomicsUniversity of Michigan-FlintMark J. Perry, Ph.D.Visiting Scholar at the American Enterprise Institute (AEI)Professor of Finance and Business EconomicsUniversity of Michigan-Flint
Stephen Parente, Ph.D.Minnesota Insurance Industry Professor of Healthcare FinanceDirector, Medical Industry Leadership Institute (MILI)University of MinnesotaWilliam F. Shughart IIF.A.P. Barnard Distinguished Professor of EconomicsThe University of MississippiJoseph HaslagProfessor and Kenneth Lay Chair in EconomicsUniversity of Missouri-ColumbiaSusan FeigenbaumProfessor of EconomicsUniversity of Missouri at St. LouisArthur M. Diamond, Jr.Professor of EconomicsUniversity of Nebraska at OmahaRobert E. ChatfieldProfessor of FinanceUniversity of Nevada – Las Vegas (UNLV)Evangelos Otto SimosProfessor of Economics, University of New HampshireEditor, Journal of Business ForecastingChief Economist, e-forecasting.comJim F. CouchProfessor of EconomicsUniversity of North AlabamaAlan C. ShapiroIvadelle and Theodore Johnson Professor of Banking and Finance EmeritusMarshall School of BusinessUniversity of Southern CaliforniaJoel W. Hay, PhDProfessor, Schaeffer Center for Health Policy and EconomicsUniversity of Southern CaliforniaJohn G. MatsusakaProfessor of Finance and Business EconomicsCharles F. Sexton Chair in American EnterpriseUniversity of Southern California
Joseph ZoricAssociate Professor of Economics and MBA DirectorFranciscan University of SteubenvilleRoger MeinersProfessor of EconomicsUniversity of Texas at ArlingtonBarry J. Seldon, Ph.D.Professor of Economics and Political EconomyUniversity of Texas at DallasNathan J. AshbyAssistant Professor of EconomicsUniversity of Texas at El PasoTimothy P. Roth, PhDA.B. Templeton Professor and Chairman, Department of Economics and FinanceUniversity of Texas at El PasoRobert CollingeProfessor of EconomicsUniversity of Texas at San AntonioJohn E. MurrayProfessor, Department of EconomicsUniversity of ToledoAuthor, Origins of American Health InsuranceRichard T. SeldenCarter Glass Professor of Economics EmeritusThe University of VirginiaDavid L. Kendall, Ph.D.Professor of Economics and FinanceChair, Department of Business and EconomicsUniversity of Virginia's College at WiseLuke M. FroebAssociate Professor of Entrepreneurship and Free EnterpriseVanderbilt UniversityLarry Van HornAssociate Professor of Healthcare ManagementExecutive Director of Health Affairs, Owen Graduate School of ManagementVanderbilt University
Floyd H. Duncan, Ph.D.Roberts Professor of Free Enterprise EconomicsChairman, Department of Economics and BusinessVirginia Military InstituteRobert J. RossanaProfessor of EconomicsWayne State UniversityGlenn MacDonaldDistinguished Professor of Economics and StrategySenior Associate Dean, Olin School of BusinessWashington University in St. LouisWilliam N. Trumbull, Ph.D.Professor of EconomicsWest Virginia UniversityRobert D. SeeleyAssociate Professor of EconomicsWilkes UniversityDr. Jim ClarkAssociate DeanAssociate Professor of EconomicsWichita State UniversityJohn McArthurProfessor and Chair of EconomicsWofford CollegeLawrence W. Lovik, Ph.D.Senior FellowAlabama Policy InstituteMichael RamletCoordinator – Operation Healthcare ChoiceAmerican Action ForumAparna MathurResident ScholarAmerican Enterprise InstitutePhilip I. LevyResident ScholarAmerican Enterprise Institute
Judy SheltonSenior Fellow and Co-Director of the Sound Money ProjectAtlas Economic Research FoundationWarren CoatsMonetary Policy Advisory, Central Banks of Afghanistan, Iraq, Kazakhstan, Kenya, and ZimbabweCurrency Director, Cayman Island Monetary AuthorityGrace-Marie TurnerPresidentGalen InstituteRichard W. Rahn,ChairmanInstitute for Global Economic GrowthMerrill MatthewsResident ScholarInstitute for Policy InnovationJohn W. DiamondEdward A. and Hermena Hancock Kelly Fellow in Public FinanceJames A. Baker III Institute for Public PolicyChief Executive Officer, Tax Policy Advisors, LLCMike SchuylerSenior EconomistInstitute for Research on the Economics of Taxation (IRET)Paul Howard, Ph.DSenior ScholarManhattan InstituteDaniel R. FeenbergResearch AssociateNational Bureau of Economic Research (NBER)John C. GoodmanPresident, CEO and Kellye Wright FellowNational Center for Policy AnalysisBenjamin ZycherSenior FellowPacific Research InstituteJohn R. Graham,Director, Health Care StudiesPacific Research Institute
Carlos BonillaPartner, Airline ForecastsFormer Special Assistant for Economic Policy, President George W. BushRobert GenetskiPresidentclassicalprinciples.comJames F. SmithChief EconomistEconForecaster.comDorsey D. Farr, Ph.D., CFACo-FounderFrench Wolf & FarrR. David RansonPresident and Director of ResearchH. C. Wainwright & Co. Economics Inc.Donald L. LuskinChief Investment OfficerTrendMacroRobert D. NiehausPresident and Principal EconomistRobert D. Niehaus, Inc.
Speaker of the House Senate Majority Leader Washington, DC 20515 Washington, DC 20515 . Stanford University Former Chairman, White House Council of Economic Advisers (CEA) . Suffolk University .
