I like how clearly Karl Rove sums up the economic pain the Democrats’ proposed health care plan will impose on the economy as a whole and on individual Americans:
For starters, the bill is a lot more expensive than advertised. The Congressional Budget Office (CBO) pegs its cost at $1.055 trillion over 10 years, not the $894 billion Mrs. Pelosi claims. Politico reports that “the legislation is projected to create deficits over the second five years” by front-loading revenue and benefit cuts and back-loading costs. The real cost, according to a Republican House Budget Committee report, could be $2.4 trillion for its first decade of operation.
In its first 10 years, the bill calls for $572 billion in new taxes (including a 5.4% income surtax on anyone making more than $500,000 a year), and $426 billion in Medicare and Medicaid cuts, which will hurt seniors and the poor and could lead to rationing of care.
The Congressional Joint Committee on Taxation reported recently that the House’s legislation will whack small businesses because they would pay $153.5 billion of the surtax. Small businesses unable to provide health coverage to their workers would also pay up to 8% in new payroll taxes. This would cost them $135 billion more over the next decade, thereby diminishing their ability to create jobs.
In the House bill there is a $2 billion tax on those who already have health insurance, $20 billion in taxes on medical devices, $8 billion in taxes on anyone who buys over-the-counter drugs with money from their health-savings accounts, and $140 billion in higher taxes on drugs.
Mrs. Pelosi’s bill will drive up premiums. A family of four with an income of $78,000 would pay $13,800 for insurance a year by 2016, according to CBO. Their tab would average $11,000 without the bill.
Every American would be required to buy health insurance or be fined up to 2.5% of their income.
There’s even more, which you can read here.