Obama Bill: Socialized Medicine, Medicare Cuts, Increased Taxes

Without having read the 2409 pages of the "health" care bill, the House voted 219-210 to pass the Senate version Sunday night, and Obama signed it on Tuesday. Besides enacting a most dramatic and unprecedented diminution in the individual liberty of citizens, it mandates that all Americans buy a government-approved health care plan (individual and employer mandates)... According to the CBO, by 2016, the cheapest family health care plan that Americans will be required to buy under the law will cost $12,000 per year. The average family plan will cost $15,200. Here is the article.

Twelve New Taxes Under Obama: He promised during his Feb. 24, 2009 address to a joint session of Congress (and it was a repeated pledge of the campaign trail), “If your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not a single dime.” The truth: He just signed a mandate requiring a single person to pay 2.5 percent of their income if they make over $30,000 or $695 if less than $30,000, a fine should they not purchase health insurance. More here...

Of interest is this CBS - New York Times poll which shows that only 6% of Americans believe the stimulus package created jobs and are angry with Congress who happens to have only a 15% approval rating. And here, Pelosi's approval rating is 11 % while Reid stands at 8%. Yes, a whopping 8 percent approve of Harry Reid! Who would have guessed?

This morning's Wall Street Journal: ... ObamaCare only benefits a small number of people in the short run. Until the massive subsidies to insurance companies fully ramp up in 2017, this bill will be more pain than gain for most Americans.

For example, changes in insurance regulations in 2011 and two new mandates in 2014 that force everyone to buy insurance and require everyone to be charged a similar price regardless of age or health will cause insurance premiums to rise more than they would have otherwise. The 10 million people who have a health savings account will also be hurt starting in 2011. With each passing year after that, they will be able to put less away tax free for medical expenses.

ObamaCare cuts $1.8 billion in support for Medicare Advantage this October, another $5.8 billion in October 2011, and an additional $9.2 billion right before the 2012 presidential election. This will increase premiums and reduce benefits for the 4.5 million people in the program.

Drug companies will start raising prices to pay billions in new taxes they will have to pay starting next year. New taxes on medical devices and insurance companies will show up in higher prices and premiums before long.

Polls may show a temporary increase in the president's popularity, but underlying public opinion about this law is not likely to change just because the president hits the trail to sell it. After all, he made 58 speeches before the measure passed, including two in prime time...