Doomsday Arrives

So, in the end, Stupak folded and now we have another gigantic entitlement that we cannot afford. And for what? An executive order that mimmicked the language in the bill that he originally opposed. And more importantly, an executive order that will do nothing to affect the legislation as Stupak understands, as does anyone who has a cursory understanding of the checks and balances system. (http://blogs.wsj.com/washwire/2010/03/21/gop-abortion-deal-wont-trump-the-law/) So, thanks to spineless Stupak and his stooges, we are left with a bill that will result in much higher taxes, slower economic growth and worse medical care. How will this affect you? If the reconciliation bill is passed, within the next six months, if you make over $200,000, you will pay another 3.8% in Medicare taxes. You will also enjoy an increase from 35% to 39.6% in your income tax rate. Raising taxes in a recession will slow or prevent recovery, but the Hill doesn't care. The bill also creates a 3.8% tax on interest and dividend income above certain levels beginning in 2013. However, those are the provisions in the reconciliation bill, which has not passed yet. The original Senate bill does not contain this almost 10% tax increase on productive working individuals. Instead, it contains middle-class insurance subsidies that are less costly and does not contain the new 3.8% payroll tax. So, what happens if the reconciliation bill goes down as it is destined to do since the GOP can stick amendments in it to cause certain defeat? We're stuck with the original bill, which was passed yesterday. What does that mean? "Big Labor and its Democratic clients would be forced to swallow a larger excise tax on high-cost insurance plans, and it would also forestall the private student-loan takeover that Democrats included as a sweetener. In other words, they'd be forced to eat the sausage they themselves made as they have abused Congressional procedure to push ObamaCare into law." This is a near certainty, as even though the Democrats can pass the reconcilation bill with only 50 votes in the Senate, once poison pill amendments enter in, some will be forced to vote against the bill. Regardless of the outcome of the reconciliation bill, this is a truly sad and scary day in America. The voters understand that our government is spending us into unsustainable levels of debt and taking over every area of business and our lives. I wish they'd known this was exactly what Obama intended when they voted for him in 2008. The only consolation, however small, will be November, when the GOP takes back the House and Senate. Of course, they won't be able to repeal this monstrosity until 2014 before the benefits kick in, when they have a senate supermajority and a Republican president. I know it's a long shot, but it's all I've got.