Wednesday, October 14, 2009

The Wall Street Journal Blasts Obama

Nice article over at the WSJ online. Here is the link and a sample of some rather damning facts about Obamacare.

Wall Street Journal Opinion Writer Slaps Obamacare.

Here is a sample of the facts unearthed from this abomination:

"Most astounding of all is what this Congress is willing to do to struggling middle-class families. The bill would impose nearly $400 billion in new taxes and fees. Nearly 90% of that burden will be shouldered by those making $200,000 or less.

It might not appear that way at first, because the dollars are collected via a 40% tax on sales by insurers of "Cadillac" policies, fees on health insurers, drug companies and device manufacturers, and an assortment of odds and ends.

But the economics are clear. These costs will be passed on to consumers by either directly raising insurance premiums, or by fueling higher health-care costs that inevitably lead to higher premiums. Consumers will pay the excise tax on high-cost plans. The Joint Committee on Taxation indicates that 87% of the burden would fall on Americans making less than $200,000, and more than half on those earning under $100,000.

Industry fees are even worse because Democrats chose to make these fees nondeductible. This means that insurance companies will have to raise premiums significantly just to break even. American families will bear a burden even greater than the $130 billion in fees that the bill intends to collect. According to my analysis, premiums will rise by as much as $200 billion over the next 10 years—and 90% will again fall on the middle class.

Senate Democrats are also erecting new barriers to middle-class ascent. A family of four making $54,000 would pay $4,800 for health insurance, with the remainder coming from subsidies. If they work harder and raise their income to $66,000, their cost of insurance rises by $2,800. In other words, earning another $12,000 raises their bill by $2,800—a marginal tax rate of 23%. Double-digit increases in effective tax rates will have detrimental effects on the incentives of millions of Americans."

The article was written by Douglas Holtz-Eakin, a former member of the Congressional Budget Office.

The artice totally exposes the Obamateur as a liar, in his new taxes, and that is what they are, impact those making less than $200,000 a year. The very group that Obamateur claimed would be untouched is going to be footing the bill for this disastrous experiment in socialism.

Hope and change you can trust in.

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