Daily Ticker

Obamacare: Worst Law Passed in Four Decades Must Be Stopped, Says Stockman

A backlog of Americans tried to get onto the Obamacare exchanges that went live on Tuesday, amid delays and glitches (and high demand/traffic) with the marketplaces.

Meanwhile, a shutdown continues as the GOP tries to defund, delay, or otherwise defang the law.

Related: Obamacare Could Mean Steep Rate Hikes in These Four States

David Stockman, former director of the Office of Management and Budget in the Reagan Administration, former member of Congress, and author of “The Great Deformation,” essentially says: bring it on. This, despite Obamacare being the law, passed in 2010 by a president who was re-elected in 2012 (while the candidate who ran on repealing it was defeated), and which has been upheld by the Supreme Court.

So why should it be repealed?

“It is the worst law ever passed in the last four decades by the federal government,” Stockman argues in the video above. “It is a massive entitlement to end all entitlements. It is going to cause a fiscal hemorrhage that is not even yet anticipated. It will tie up one-sixth of GDP in the most monstrous, massive, bureaucratic snarl that you can’t imagine. So therefore this needs to be stopped before it becomes operational.”

Related: Obamacare Could Mean Lower Rates in These Three States

Healthcare consultants like Jon Kingsdale -- who helped set up some of the state exchanges -- say these online Obamacare insurance “stores” will affect only the 5% to 10% of Americans who are uninsured (where they can now shop for insurance with transparency). Americans who purchase insurance this way qualify for government subsidies so that monthly premiums are not more than 9.5% of their income.

But Stockman expects these numbers to spike, speculating that more companies will follow the lead of GE (GE) and Walgreen (WAG) who have announced they will move employee or retiree healthcare benefits to private exchanges.

Once millions of additional Americans are “dumped” onto Obamacare exchanges, Stockman expects the cost to the government of subsidizing (with tax credits) these Americans’ insurance to swell.

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