He is still on his European vacation.
If this is now declared a tax by the Supreme Court, we now have an unlimited taxing authority…not just through front door taxes but through back door taxes.
Getting past the constitutionality, I have much bigger issues. This is simply taking trillions of dollars more out of the hard-earned hands of the economy and into the hands of bureaucrats to dole that money out. This will have a huge negative effect over time on the economy and as I have said for the past few years, humongous deficits have to be paid back…and they are paid back by the real economy…in other words, you and I.
To think anyone in their right mind believes this won’t further the bankrupting of this country…is beyond all logic. There has never ever ever ever been a government program that didn’t cost trillions more than stated. The people who sold this, lied to everyone about cost. Already, they have admitted it is now double the original.
Gary will have further comments on the healthcare ruling and the effects on markets and the economy later tonight.