The Health Care Reform Bill, if passed by the Senate and signed into law by President Obama, will send the country cascading into a Great Depression. The financial collapse will revival the bank collapse of the 1930s.
Many giant corporations, and the entire economy itself, teeter on the brink of a depression. Raising taxes now would have the same effect as the Revenue Act of 1932 did. This act, which doubled taxes, sent the country from a deep recession into the Great Depression of the 1930s. Consumer confidence dried up and didn’t return until World War II was in full swing. No one trusted the banks and the few that didn’t collapse had no money to lend.
The current Health Care Reform Bill will add $1.26 trillion in new spending, which will require new taxes to pay for it, and force the middle class taxpayer to pay for tens of millions of uninsured Americans. In addition to these taxes, the new health law would mandate coverage, even for the working poor who can’t afford it. This would eat up their savings and take money away from other things that it is needed for, including food, clothing, and providing for their children.
If the goal is to help those who don’t have coverage, then why not just open free clinics? Doctors could do pro bono work for the poor, without the treat of malpractice lawsuits. These two options would provide the poor with health care and cost very little.
The current Health Care Reform Bill constitutes the single largest attempt at socialism in this nation’s history. If we allow this bill to run it full course and become the law of land, it will create scores of new taxes that will cascade this nation into a financial nightmare.