Obama Care 10

http://www.investors.com/NewsAndAnalysis/Article.aspx?id=528099

Enacting A Lie

Posted 03/22/2010 06:53 PM ET

Health Overhaul: Sunday’s vote exposed the ugly truth that ObamaCare is not really about health care at all. It’s all about who pays for it and who controls it — in effect a massive wealth-redistribution scheme.

Those who believe this will lead to some medical nirvana will likely be disappointed. Fact is, this poorly designed monstrosity will lead to lower-quality care, higher costs, fewer practicing physicians, higher taxes and fewer jobs.

We’ve done more than 150 editorials in the past year or so documenting these problems. Democrats surely understand them. Yet, despite a recent CNN poll showing that 59% of Americans oppose ObamaCare, Congress approved it anyway.

Why? Because it’s not really about health care. It’s the largest wealth grab in American history, masquerading as health care ”reform,” another step in the socialization of Americans’ income in the name of ”fairness” and ”spread(ing) the wealth around,” as Obama himself has put it.

That’s why we call the program a lie.

The idea behind all this, simply put, is control. This is a vast expansion of government that will require as much as $3 trillion in added spending over a decade. All claims of deficit neutrality are a joke.

This is socialization through the tax code. That $3 trillion has to be paid for. As we showed last week, the health care bill levies $569.2 billion in new taxes over the next 10 years alone.

At the same time, as noted by Douglas Holtz-Eakin, former head of the Congressional Budget Office, it will increase U.S. budget deficits by $562 billion.

Who’ll pay all these taxes? Those deemed ”rich” by Democrats, and businesses. Specifically, the bulk of the money comes from a special 3.8% Medicare tax on 5 million people earning more than $200,000 a year. That tax is imposed on capital gains, dividends, rents, royalties and interest — that is, investment income.

Obama already has proposed boosting these taxes in his budget. So the top tax take on dividends and cap gains will rise to 23.8% from 15%, an increase of nearly 59%, while top rates on interest and rents will soar from 15% to nearly 44%, a 193% jump.

About 50% of this higher-taxed group reports small business or partnership income. So don’t be fooled: These aren’t taxes on the ”rich,” but on small businesses and jobs.

In ObamaCare, the taxes will be ruinous. Unlike real insurance, where individuals pay to cover their risks, this program covers everyone — including 32 million uninsured — and pays for it by a ”mandate” ( read: ”tax” ) and by taking money from other people to subsidize those who can’t pay. And this just scratches the surface of the new taxes — we literally don’t have room to list them here.

Hmm. Taking money from one group, and giving it to another. That’s called welfare — or, perhaps, health-fare. It’s not insurance.

Once the new program is finished wrecking what remains of the private health insurance industry — as it ultimately will — we’ll be stuck with the government declaring that ”the market doesn’t work” and forcing all of us into a single-payer government plan.

That’s what those Democrats who back ”Medicare for all” want — to kill what’s left of the private market for health care, which has created the best medical system on earth, and use ”reform” to expand an already-bankrupt Medicare system.

The math behind this is ugly. Medicare’s long-term liabilities now total $89 trillion, according to the Government Accountability Office. Based on projected deficits, the just-passed health reform will take that to $136 trillion.

It will take a lot more than the ”rich,” as defined today, to make up such unfathomable tax shortfalls. That’s when they’ll come for the rest of us — poor, middle-class and rich alike — and we all will be paying vastly higher taxes for vastly inferior medical care.

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