Obamacare rises from the grave yet again. This is like a B-movie horror flick where the beast cannot be killed - at least until November. Obama seems utterly determined to destroy his party - fine by me, as long as he doesn't destroy health care and our economy along the way. Unfortunately, those are two real possiblities. Here are the short facts on the new Obamacare.
- It retains the Senate Bill with some important additions:
- Obama would add more taxes including a 2.9% capital gains tax increase and a doubling of the Medicare Payroll tax for high income earners.
- The Union fix is still there, but now it has been extended to everyone so that the hefty tax on cadillac health plans will kick in about 2018.
- After all Obama's talk that the laws regarding federal funding for abortion should remain the same, we now get to pay for abortions with our tax dollars.
- Taking a page from Hugo Chavez, we get a new bureacratic office, a federal Health Insurance Rate Authority, to effect national price controls on the cost of health care insurance. Price controls lead inevitably to either higher rates as they stifle competition or they end in scarcity. The justification for this are that the evil insurance companies are scamming us - with the most recent example being the 39% increase in premiums by Anthem in California. The problems - there is "virtually no competition in California when it comes to individual health insurance policies. Anthem pretty much has the market sewn up." Further, healthy people are dropping from the insurance rolls because of the horrid California economy, leaving only those with significant problems in the insurance pools. Take a look at Hugo's economy and you can get a good feel for the effect of price controls.
- Obama has tinkered enough with the Senate bill - and done so with sufficient inattention to detail - that the CBO now says that cannot score Obama's bill.
- AP adds the following:
The plan [includes additional] fees on drug companies and other health industry firms. . . .
Like the House and Senate bills, the plan would require most Americans to carry health insurance coverage, with federal subsidies to help many afford the premiums. Insurance companies would be barred from denying coverage to people with medical problems or charging them more.
Bottom line, I didn't think it possible, but Obama has taken the a nightmare of a bill and actually succeeded in making it worse. Again I ask, why in God's name are Republican's going to meet with Obama on this issue on Thursday. Not since Custer decided to meet for a pow wow at Little Big Horn has there been a decision this idiotic. (Note: Custer did not accept an invitation, I just said that for dramatic effect.)