Tags: Obamacare | economy | recovery | healthcare

Why Obamacare Won't Kill the Economy

By Wednesday, 02 October 2013 07:55 AM Current | Bio | Archive

Congratulations, America. The government is finally off your back. Your favorite agency's skeleton crew will return your call as soon as possible.

Obamacare launched as scheduled despite efforts to defund it. Opponents say the law would kill our economic recovery.

I agree Obamacare is far from ideal. It won't solve our healthcare challenges and will likely create new ones. Is the program so terrible it will demolish the U.S. economy? Maybe. But on our present course, there will be no U.S. economy left when Obamacare reaches cruising altitude.

Obamacare might hurt the economy, but I can name three other problems that are already hurting it.

First, five years after the 2008 financial crisis almost brought down the entire banking system, the "too big to fail" banks are bigger and more insanely leveraged than ever.

Thanks to inaction by our elected leaders, Wall Street has every incentive to keep rolling the dice: "Heads we win, tails the taxpayers bail us out."

Now would be a great time for Congress to stop the next crisis before it starts. At the very least, they can decide how to handle the next bank implosion. We know it will happen eventually. If we wait until bankers scream, "The sky is falling," Congress will obediently hand over trillions of your dollars. Get ready for "TARP: The Sequel."

Second, our intelligence agencies are compiling dossiers on American citizens, reading our mail and trampling what little remains of our Fourth Amendment rights. A secret court that secretly approves secret requests for secret investigations is not what Thomas Jefferson had in mind.

The snooping's economic threat is even worse. The government-sanctioned lies and corporate immunity deals threaten the foundation of the financial system. The rest of the world correctly refuses to trust American technology and tech companies. The U.S. economy's crown jewels will be talcum powder long before the Obamacare death panels come knocking.

Third, both sides of the "welfare-warfare state" Ron Paul decried are in excellent health. Actual poor people are a minor expense. The big money goes to disadvantaged oil companies, family agribusiness conglomerates and those free lunches the drug reps deliver to your physician while you wait your turn.

That's not all. The "national defense" establishment spends staggering amounts of money protecting us from non-existent threats. The few legitimate threats would evaporate if we simply minded our own business and let other countries mind theirs. There is no need to spend American money and sacrifice American lives in 100+ other nations.

The Pentagon and State Department are creating enemies faster than the troops can kill them, driving energy prices higher and racking up astronomical debt in the process. Now would be a great time to stop this madness.

I would happily support closing the government and defaulting on the debt — IF doing so would protect us from these much greater threats. Obamacare, while problematic, is far down the priority list.

If Obamacare kills our economy, it will be because we let it distract us from other clear and present dangers. So don't get mad about Obamacare. Get mad about something that matters. On the scale of economic threats, Obamacare is small potatoes.

© 2021 Newsmax Finance. All rights reserved.

1Like our page
Congratulations, America. The government is finally off your back. Your favorite agency's skeleton crew will return your call as soon as possible.
Wednesday, 02 October 2013 07:55 AM
Newsmax Media, Inc.
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved