The good news is that they won’t be increasing your taxes!
The bad news is that they will be levying penalties and fees that will indirectly affect the market in a big way. From a Congressional Budget Office letter to the Honorable Max Baucus, October 30th, 2009:
“…but that would reduce budget deficits by about $167 billion over the next 10 years. Most of that amount would result from penalty payments by employers and uninsured individuals and from new fees imposed on providers of health insurance and on manufacturers and importers of brand-name drugs and certain medical devices.”
The result? Remember the rule: “Tax what you want less of”. Taking the above into account:
- Less employment
- Forced participation by people that don’t want health insurance (or are not eligible)
- Uncompetitive price for private health insurance (who can compete with government when they can fine the competition and print or borrow all the capital they need?) driving private insurance out of business
- Higher (not lower) prices for name-brand drugs
- Higher costs for “certain medical devices” making those devices too costly to purchase – restricting availability
If you know anything about business, you know that costs are passed directly to the consumer. The business can’t absorb a loss and stay in business for very long. Therefore, under ObamaCare, costs are passed to the State, and if the State won’t pay, you’ll have rationing.