Repealing Obamacare needed to restore economic growth

Mike Cosgrove:

One has to congratulate President Obama and his advisers on their success. Rahm Emanuel's quip about "never let a crisis go to waste" in late 2008 was a prelude to the administration's attack on U.S. economic growth.

In perspective, Obama mounted an attack on the pillars of U.S. economy — growth, wealth creation and personal responsibility — that amounted to a shock-and-awe economic attack.

It took Obama less than 18 months to transform a historically vibrant U.S. economy to one that has been paralyzed by his shock-and-awe economic policies. The U.S. economy has little or no private-sector job growth, nearly 10% unemployment, a high rate of underemployment, no wealth creation and a heavy dose of government control.

This administration has been relentless in its push to transform an economy that was based on growth, wealth creation and personal responsibility to one characterized by wealth-sharing, government control and slow growth. Obama succeeded in what he wanted for the U.S. economy.

Obama signed the crown jewel of his U.S. economic transformation — the Patient Protection and Affordable Care Act — on March 23 of this year. ObamaCare amounts to, over time, a takeover of the health care industry — 17% of the economy. It is a wealth-sharing policy that increases costs and taxes on the private sector.

ObamaCare is phased in over the next four years, but taxpayers and businesspeople responded immediately to the higher costs and taxes as if ObamaCare were already fully implemented.

The cost of ObamaCare is a high rate of unemployment and underemployment. Taxpayers are saving more of their disposable income as their stream of disposable income is permanently impaired. Businesses selling products and services to customers within the U.S. are concerned about slow growth and higher costs, so they don't hire.

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There is more.

It is hard to overstate how destructive the Democrats' health care monstrosity has been. The good news that has come out of it passage is the reaction of voters who have found Democrats repugnant in large numbers. A new Republican majority will need to stop the funding of the law and prepare to repeal it after the 2012 election when Obama is replaced.