Consequencies of Obama care

Mathew Continetti:

The liberal line is that President Obama has secured his place in history by signing into law the Patient Protection and Affordable Care Act of 2010. And secured it he has. Henceforth Obama will be remembered as the man who accelerated America’s mad dash toward bankruptcy. He will be remembered as the leader who promoted a culture of dependency. He will be remembered as the figure who sacrificed a dream of national unity upon the altar of big government liberalism. It’s true: Obama is now a president of consequence. And almost all of those consequences are bad.

The fiscal picture was bleak before Obama made it worse. Government debt is 60 percent of the gross domestic product and climbing. The deficit is projected to remain above 4 percent of GDP for the next decade. The week before the president signed his health care reform into law, Moody’s warned that America’s AAA bond rating may be downgraded. The day before the signing ceremony, the nation learned that Warren Buffett is a safer investment than U.S. treasuries. One needn’t look across the Atlantic, where a penniless Greece is a supplicant to the IMF, to see our future. Look to California, where the economy is crippled by high taxes, high spending, and burdensome debt.

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There is much more.

The economic consequences of this monstrosity are a disaster. Do you want to bet that the CBO estimate did not include increased cost of the Medicare drug benefit because companies would no longer be paying retiree drug costs. That is the likely effect of taking away a subsidy which encouraged them not to dump their drug benefit. Many are already disclosing huge charges as a result of this legislation. This is just one disaster with many more to come if it is not repealed.

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