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July 19, 2009
A thorough, rational, reasoned debunking of national health care
This Investors Business Daily editorial was sorely needed; a one stop shop of debunking the myths being spread by Obama and the Democrats about health care reform.
Start with the question, "Is reform needed at all?" The editorial destroys common "statistics" used by Democrats to show how badly our system needs reforming.
• Health care reform will save money.
Few of the plans now coming out of Congress will save anything, says the CBO's current chief, Douglas Elmendorf. In fact, he says, they'll lead to substantially higher costs in the future - costs that will be "unsustainable."
As it is, estimates for reforming health care range from $1 trillion to $3.6 trillion. Much will be spent on subsidies to make a so-called public option more attractive to consumers than private plans.
To pay for it, the president has suggested about $600 billion in new taxes, meaning that $500 billion to $2.1 trillion in new health care spending over the next decade will be unfunded. This could push up the nation's already soaring deficit, expected to reach $10 trillion through 2019 without health care reform. Massive new tax hikes will probably be needed to close the gap.
• Only the rich will pay for reform.
The 5.4% surtax on millionaires the president is pushing gets all the attention, but everyone down to $280,000 in income will pay more. Doesn't that still leave out the middle class and poor? Sorry. Workers who decline to take part will pay a tax of up to 2% of earnings. And small-businesses must pony up 8% of their payrolls.
The poor and middle class must pay in other ways, without knowing it. The biggest hit will be on small businesses, which, due to new payroll taxes, will be less likely to hire workers. Today's 9.5% jobless rate may become a permanent feature of our economy - just as it is in Europe, where nationalized health care is common.
Read the whole thing. It's great ammunition to use in arguments with people who think Obamacare is necessary.
Hat Tip: Ed Lasky