WASHINGTON (CNN) — In the eyes of White House officials, it’s just one of the untold upsides of Obamacare: The Affordable Care Act is already saving Americans money — they just don’t know it.
In a report released Wednesday by Jason Furman, the president’s new Chairman of the White House Council of Economic Advisers, the Obama administration claims health care spending grew at a pace of 1.3% per year between 2010 and 2013, the lowest rate on record since 1965.
The administration attributes the downward trend to cost savings produced by the Affordable Care Act’s reforms on Medicare overpayments and hospital spending.
That decrease in spending, Furman told reporters during an off-camera briefing, will ease cost burdens on employers, eventually resulting in new hiring in the coming years. Furman’s report predicted the Affordable Care Act would create 250,000 to 400,000 jobs per year by the second half of this decade.
Asked about the recent surge in Americans seeing cancellations of their existing health care plans under Obamacare that will force some consumers to purchase more expensive coverage, Furman indicated the overall impact on the economy would be negligible.
Acknowledging the less flattering Obamacare headlines in the news in recent weeks, Furman noted the overall trend in lower health care costs may be difficult for some Americans to see at the moment. “That will save families money. That will help the budget. That will create jobs,” Furman said.