Read the Affordable Care Act: it’s a legislative nightmare.
Remember that what we call Obamacare was a concept first proposed by the conservative Heritage Foundation. At one point, Newt Gingrich was one of its biggest fans.
The original idea was to require every person to have health insurance. This way the cost of healthcare could be spread across a larger group and everyone would pay less.
Nothing in the ACA reins in costs. There is nothing to require pharmaceutical makes to equalize prices internationally, ending the subsidy that the U.S. pays for most of the rest of the planet. There was no effort made to address the problem of frivolous lawsuits that cost millions if not billions of dollars to cover malpractice insurance and the cost of defensive medicine as healthcare providers cover their butts with medically unnecessary tests.
Incidentally, I am not pointing fingers only at Biden and the Democrats. Trump promised to bring the drug companies into line when he was campaigning in 2016. He met with the companies not long after taking office and turned out to be just another gutless wonder. Expecting lawmakers to restrict lawyers is more wishful thinking at it’s worst.
Federal motor fuel taxes haven’t been increased since 1993. Not only is the revenue completely inadequate for its primary purpose, it’s a source of revenue that would be fairly dependable. A road use tax levied on conventional, diesel, and alternatively powered vehicles would be even more dependable as the country eventually shifts to electrified mobility.
Bernie Sanders’ financial transaction tax would be a nightmare for day traders but an independent group crunched the numbers and it could bring in nearly two trillion dollars in a ten year period. This dwarfs the potential extra revenue from “taxing the rich” even if the rich pay it, which they won’t.
A couple of years ago, it was estimated that U.S. companies had socked away about two trillion dollars in tax havens to avoid paying the 35% corporate tax in the U.S. That’s $700 billion right there.
The Democrats’ plans rely far too much on things that have already been shown to be problematical at the least. In fact, their plans are essentially rehashes of schemes that have come before. Spoiler alert: they didn’t work then, either. They’re as bad as Reagan’s “Star Wars” boondoggle.
I remain unimpressed.