Medicare Cuts Threaten 766K Healthcare Jobs, Groups Say
"We are coupling our concern with the yearly issue of the potential 27% cut in the sustainable growth rate," he says. "This adds another level of uncertainty for physicians so we want them to know about it and what we are doing on it."
Caroline Steinberg, vice president for trends analysis with the American Hospital Association, says the jobs report demonstrates the importance of the healthcare sector to the economic well-being of the nation. The report estimates that nearly 500,000 jobs will be lost in the first year of the sequester.
"Few people really recognize the impact of healthcare on the economy," Steinberg says. "Healthcare is really an economic mainstay and healthcare job growth has remained strong throughout the economic downturn. It's a message that people need to hear what is often missed in the larger debate."
"With healthcare services the spending often stays in the community," Steinberg says. "When you spend a dollar on healthcare, 60% of that dollar is going to go to creating jobs at that hospital in the community. If you spend a dollar a Wal-mart a lot of that money is going to go to China because a lot of the products are made in other countries. That is why healthcare has a pretty high multiplier relative to other industries."
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