How ObamaCare Will Reduce America’s Wealth
Despite being rich themselves, the progressive statists in control of the government have a good reason for their open hostility toward the wealthy. Wealth makes people less dependent on government and gives them the leverage to resist coercion. This is one reason political freedom and large middle classes always go together; they support each other. When government is prevented from looting and interfering, the private sector is able to generate a large amount of wealth; when there is a large amount of wealth in the private sector, government is restrained.
In contrast, when there is only enough wealth for a few, those few run the government to advance their own interests, creating a vicious cycle that prevents wealth from being generated. This was once known as feudalism; now it is called socialism or Hope & Change.
The solution to a wealthy and therefore insufficiently malleable population is obvious: reduce wealth. Wealth is not only acquired but created through employment. Therefore, employment must be reduced. This fundamental principle underlies most if not all of Obama’s domestic policies.
From this point of the view, Democrat hacks are correct that ObamaCare is actually a smashing success:
A historically high number of people will be locked out of the workforce by 2021, according to a report by the Congressional Budget Office released Tuesday.
President Barack Obama’s signature health-care law will contribute to this phenomenon, the CBO said, citing new estimates that the Affordable Care Act will cause a larger-than-expected reduction in working hours–eliminating the equivalent of about 2.3 million workers in 2021.
From there, it will get worse.
“CBO estimates that the ACA will reduce the total number of hours worked, on net, by about 1.5 to 2 percent during the period from 2017 to 2024, almost entirely because workers will choose to supply less labor–given the new taxes and other incentives they will face and the financial benefits some will receive,” said the report.
Don’t think of these as perverse incentives. They make perfect sense, considering the motivations of the autocrats who impose them.
“The reduction in CBO’s projections of hours worked represents a decline in the number of full-time-equivalent workers of about 2.0 million in 2017, rising to about 2.5 million in 2024,” it added.
Our socialist rulers aren’t just redividing the pie. They are shrinking it. Imagine how much wealth 2.5 million workers produce each year. America will be at least that much poorer, thanks to this malevolent power grab.
You don’t need to be a math wizard to figure out that redistributing what’s left will not leave people better off on the whole than if the government had been restrained within its constitutional bounds and ObamaCare had never been inflicted.
On tips from Laurie and Bob Roberts. Cross-posted at Moonbattery.