Sixty years ago, today – July 30, 1965 – President Lyndon Johnson signed the law that created Medicare and Medicaid. For more than half a century, these programs have made Americans healthier, saved lives, and provided families greater health security, especially as people age, face disability or hard times. Medicare and Medicaid have also been cornerstones of our health care system, holding costs lower than commercial health insurance and providing vital funds that provide people access to needed care, especially in rural areas.

Yet, this is a bittersweet milestone. These programs will be cut by nearly $1 trillion in the One Big Beautiful Bill Act, which President Trump recently signed into law. As a physician and a state treasurer, I am deeply concerned about the ugly health and economic consequences the law will have on families and communities across the nation – including businesses.

Make no mistake: The devastating cuts that the administration and Congress have made to Medicaid and Medicare will undermine the health and well-being of nearly all Americans, not just the nearly 20 million children and adults who will lose coverage. These cuts to care will raise the cost of health premiums, deductibles, and copays for everyone, including business owners. They will push more people into financial instability. They will kill jobs, reduce productivity, and harm the American economy.

As a physician, I know that Medicaid works. Research shows that Medicaid coverage improves health, saves lives, and is a cost-effective investment that is cheaper than other ways to extend life expectancy.

I’ve seen Medicaid’s value first-hand. I remember a formerly uninsured father of five who worked multiple jobs to support his family and finally got a checkup after he gained coverage in Oregon. We caught a potentially fatal heart condition that we could treat with an intervention, medication, and monitoring. Without the care his coverage provided he was at risk of dying early and suddenly, leaving his family without a father and a breadwinner.

As Treasurer, I know the financial stakes are high for everyone, including employers. This bill will raise the cost of living and of doing business in Oregon and every other state.

Medicaid cuts will make health care less affordable for everyone. These cuts will force states to reduce provider rates. In turn, providers would look to make up some of these losses through the rates they negotiate with commercial insurers, who will in turn pass these expenses on to businesses. That means more expensive premium costs and costlier deductibles and copays for everyone with insurance.

Studies also show that people who lose Medicaid take on added personal debt and face higher rates of debt collection, eviction, and bankruptcy. These staggering blows to family finances will further weaken already deflated consumer confidence.

Data also show that 500 or more people are likely to die in Oregon each year due to lack of health care, as a result the One Big Beautiful Bill Act.

Today, 97% of Oregonians are insured, the highest percentage of Oregonians with health coverage in state history (more than a decade ago, nearly 1 in 5 Oregonians lacked health coverage). Medicaid expansion and the stability of Medicare have helped make that happen. The One Big Beautiful Bill Act will undermine this achievement and erode our health care system.

Gutting health care and putting at risk the physical, mental and financial well-being of millions of American families to fund tax cuts that will primarily benefit the wealthiest in our nation is contrary to my values – and to the values of large majorities of Oregonians and Americans.

The sixtieth anniversary of Medicare and Medicaid is a time for celebration. It’s also a time to mourn the lives and prosperity that will be lost due to the attacks on these programs and to renew our commitment to fight for affordable and accessible health care for every person in our country and in our state.