If there's one thing Obamacare's supporters and opponents can agree on, it's that Obamacare is unprecedented. Never before did the federal government require every American to buy a commercial product. Never before did it attempt to use its spending powers to coerce states into implementing a federal program. And never before did it so fundamentally rewrite the rules of such a major economic industry – one that makes up about a seventh of the national economy.
With Obamacare, the federal government decided it would run not just a business but also an entire industry of businesses. Imagine if the government decided it didn't like how airline companies were running their business, so it started to require bureaucrats to choose flight routes and ticket prices. They would decide how much airlines could spend on everything from fuel to peanuts. They would use money from some fliers to pay for the travel of over fliers. And they would sell tickets on a government-run "exchange" that looks a lot like Orbitz or Expedia – except it takes days, weeks, or months to buy a ticket.
There were more than a few of us who believed the federal government was incapable of running one-seventh of the economy. This was the same government, after all, that couldn't get water to thirsty Katrina victims and that couldn't process the benefits claims of war heroes in under a year. President Obama had never run anything larger than a Senate office. Kathleen Sebelius had never seen any success that was not taxpayer funded. It didn't take a Nobel Prize to realize they weren't going to run a health care business as well as professional health care businessmen and businesswomen. more >>
"If you like your health insurance, you can keep it. Period." Those words will haunt Barack Obama through the remainder of his term, and probably achieve eternal life in books of memorable quotations.
Obama's words will levy even more contemporary embarrassment and political immortality than George H.W. Bush's "Read my lips. No new taxes," or Bill Clinton's "I did not have sexual relations with that woman." (Bush probably believed his "no new taxes" pledge when he said it, but he reversed his policy so soon that it sounded like a lie.)
Obama's famous line is worse than those of the others because it was a gross lie about something that matters to millions of Americans and costs them lots of money. His line is also unforgettable because he repeated it so many times (37 times according to PolitiFact), and because his staff knew it was a lie when they put it on the teleprompter and notepad for Obama to read. more >>
The Dodd–Frank Wall Street Reform and Consumer Protection Act, sarcastically known as Dodd-Frankery and Dodd-Frankenstein, was passed into law in response to the financial crisis and recession of 2008. It contains the most drastic changes to financial regulations since the regulatory reform after the Great Depression. Proposed by Obama in 2009 and signed into law in 2010, the Democratic bill was the handiwork of former Financial Services Committee Chairman Barney Frank (D-Mass.) in the House and former Banking Committee Chairman Chris Dodd (D-Conn.) in the Senate. It was supposedly going to stop banks from making loans to risky buyers who could not pay them back, reducing foreclosures. It was also supposed to change the rules so banks could no longer receive taxpayer-funded bailouts due to their poor business practices.
It hasn't worked out the way its Democrat proponents claimed. This is because the people who got us into this mess are the same ones who drafted the law. Dodd-Frank contains more of the same things that precipitated the financial crisis; government meddling in the mortgage business and financial markets. Lobbyists for special interests carved out loopholes, resulting in merely different lists of winners and losers. As one author in U.S. News & World Report observed, "These exemptions are less about protecting unsophisticated borrowers than about protecting the taxpayer-guaranteed business models of favored entities." Hedge funds and some other firms lost big; they are now required to fill out a 192-page form that has been estimated to cost each firm $100,000-$150,000.
Speaking of winners or losers, most outrageously, Dodd-Frank didn't bother to reform Fannie Mae or Freddie Mac, the biggest culprits for handing out mortgages to high-risk borrowers who should never have qualified for them. They received the largest bailouts of all financial institutions in 2008. more >>
President Barack Obama's so-called "fix" to the problem of Americans losing their current health insurance is more like a political stunt than an actual fix to the problem.
Obama's Thursday speech was an attempt to address the controversy over his broken promise: If you like your current health care plan you can keep it, he has said repeatedly. Insurance companies, though, have been sending cancellation notices to millions of Americans whose policies do not comply with the Affordable Care Act's, or Obamacare's, coverage mandates.
Instead of canceling those plans, Obama said, insurance companies can extend those plans through 2014, thus giving another year before Obama's promise will be broken. more >>
Rumor has it that President Obama's Affordable Care Act, also known as Obamacare, may have cost students at Maryland's Bowie State University their healthcare coverage. However, the University denies any connection between the two.
According to college news site Campus Reform, "the official website for Bowie State, a Maryland public school less than an hour's drive from Washington D.C., explains that Obamacare's new regulations would force the cost of the insurance to rise from $50 to $900 a semester." This price increase, the report argues, led the university to decide not to provide student coverage any longer.
Cassandra Robinson, director of University Relations & Marketing at Bowie State, said Campus Reform got the story all wrong, in an interview with The Christian Post on Friday. While she acknowledged that "the healthcare act makes the policies that we have been able to provide earlier no longer an option," Robinson claimed that the university had been considering more expensive plans before Obamacare came into effect. more >>
WASHINGTON – More Christians were killed in Northern Nigeria last year than in the rest of the world combined, according to the head of a human rights organization.
Ann Buwalda, executive director of the Jubilee Campaign, told The Christian Post on Thursday that an estimated 1,200 Christians were killed for their faith in Northern Nigeria.
"We documented 1,200 Nigerian Christians in the North of Nigeria who were killed, some by Boko Haram, some by Fulani herdsmen. These two types of attacks are persistent within several of the Northern Nigerian states," said Buwalda, who participated on a panel on Christian persecution in Nigeria. more >>