Over the past several years, it has become apparent that unsustainable government growth and gross overspending were the cause of our recession and created a steep path leading toward the economic collapse in Greece and throughout Europe. This week one of the most relevant examples of government overreach was held up by a 5-4 decision in the Supreme Court.
This massive government expansion, known as Obamacare, was labeled as a tax by the Supreme Court because of its cost to the U.S. and all of our taxpayers. The law contains at least 20 new taxes totaling more than half a trillion dollars.
The U.S. Energy and Commerce Committee found that Obamacare will cost state taxpayers at least $118.04 billion over the next decade, and the last thing Americans need right now is another tax! Every day that passes until its eventual repeal will deal a damaging blow to our fragile economy.
Tax increases, mandates, regulation and vast expansion of government power will smother economic growth and punish those who innovate, create jobs and pay employees well. Up to 80 percent of small businesses will be forced to increase their costs to adopt the government-determined healthcare plan. This could result in many companies having to cut wages and lay off employees.
Obamacare will have an especially damaging impact in Minnesota, a world-renowned center of the medical device industry. Our great medical device companies will receive a significant tax increase, stifling their ability to grow and create new jobs for Minnesotans who are out of work. With over 165,000 Minnesotans still unemployed, we simply cannot afford to prop up this massive government overreach.
I am very disappointed with the actions taken by our President and Supreme Court in a time when our fragile economy simply cannot bear the weight of any new taxes. For Americans and Minnesotans to recover and begin working and thriving once again, the government must learn to live within its means and quit smothering the private sector.
Rep. Sondra Erickson