‘It’s a disaster’: Chase Bank chief economist tears Trumpcare to pieces on CNN
Chase Bank chief economist Anthony Chan likes some aspects of the Republicans’ proposed Obamacare replacement legislation — but not enough of them to prevent the bill from being what he calls “a disaster.”
Appearing on CNN Tuesday morning, Chan debated conservative economist Stephen Moore about the merits of Trumpcare, and he concluded that the Republicans’ plan will be a catastrophe for many people who rely on both Medicaid and the Obamacare exchanges to get health insurance.
“I think there’s some good aspects, I was very impressed with the [cost] savings… but over the near term, it’s a disaster,” he said. “We absolutely need to have more people insured, not less people insured, and this program doesn’t do that over the near term.”
Chan then went on to note that the projected cost savings in the plan come from slashing funding for programs that benefit low-income Americans.
“We’re going to save more than $800 billion through this plan, and how are we going to do that?” he asked rhetorically. “By reducing our expenditures through Medicaid! That is not the way to increase the number of people enrolled.”
Chan also suggested that the projected $300 billion saved through the passage of Trumpcare could be used to spend more money on helping people get coverage, instead of funding tax cuts for rich people.
Watch the whole segment below.