A "tidal wave" of new laws and regulations coming out of Washington will undermine economic growth and reduce the quality of life for the next generation of Americans, according to former Sen. Judd Gregg.
In an op-ed piece for The Hill
the New Hampshire Republican says many policies are well-intentioned, yet the cumulative effect of the "long and pervasive" list of initiatives, starting with Obamacare, threatens America's future.
"It is fairly obvious that as Obamacare kicks into action, economic activity in many areas will be stalled," writes Gregg, a former chairman of the Senate Budget Committee.
He said small businesses fearing the cost of the new law will not hire permanent employees, while people currently under employer healthcare plans could end up losing coverage and being forced into health exchanges. Individuals purchasing their own insurance could see their premiums skyrocket, he said.
"Obamacare overall springs from an appropriate desire to see all Americans have health insurance. But its specifics were thought up and are being executed by an elite in Washington that does not believe in markets. The result for most Americans will be fewer options and higher costs. Their standard of living will suffer," Gregg writes.
In addition, Gregg says, the administration's energy policy is misguided. Its preoccupation with carbon reduction, he contends, will force America to continue its reliance on foreign sources of energy, thereby undermining the economy.
He lists an increasingly redistributive tax system, a "massive" regulatory expansion in banking, and an anti-competitive educational policy as factors contributing to the nation's declining standard of living.
"Taken singularly, these initiatives pouring out of Washington might be survivable. The economy might be able to absorb them and the inherent ingenuity of the American people might be able to overwhelm them," he says. "But they are not coming at us individually. They are coming at us like a tidal wave, and the result is as predictable as is the fact that Washington does not even see this effect, much less have concerns about it.
"For most Americans, this excess of well-intentioned government is going to cause the standard of living to go down."
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