Thursday, October 28, 2010

Socialism Defined ::: Obamacare discourages work, CBO admits; Will likely shrink economy

Even the Congressional Budget Office, which allowed supporters of Obamacare to hide its costs through gimmicks and dodges, admitted last “Friday that Obamacare includes work disincentives likely to shrink the amount of labor used in the economy.” For example, it effectively creates a 35,618 percent marginal tax rate for one hypothetical 62-year-old whose income rises by $22, by triggering the sudden loss of $7,836 in government tax credits (as Ted Frank explains below).


As noted earlier, the healthcare law imposes manymiddle-class tax increases, such as on cosmetic surgery and medical devices, and it increases taxes in future years on investors. Obamacare will also reduce lifesavingmedicalinnovation, break many campaign promises, and increase state budget deficits. It is driving up health insurance premiums, and it imposes restrictions that failed when tried at the state level. It ignores advice from doctors and federal experts, and lessons from countries with universal health care, about how to reduce costs.

Obamacare discourages work, CBO admits; Will likely shrink economy - Washington DC SCOTUS |

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