Obamacare Outlaws Private Insurance

Surprise!

Investors Business Daily discovered an interesting clause on Page 16 of the Obamacare healthcare legislation; as summarized by Ed Morrissey at Hot Air:

"You can, as Obama promised, keep your current coverage — as long as it remains available. However, if your employer stops offering health-care benefits, or if you buy it privately and your insurer cancels your plan, you can’t just pick up another private plan. Enrollments will be closed as of the first day the bill becomes law.

"That will have the effect of forcing millions of people into the public plan whether they want it or not. Even worse, if insurers get barred from attracting new customers -- which this clause outlaws -- then they will eventually see their rolls drained, thanks to the natural flow of the market as employers drop plans and skip the expense of offering medical insurance. It won’t take long at all for insurers to exit the market and leave the field for just the public plan, which will automatically get the customers of each individual insurer as they close up shop.

"Does this bill outlaw private insurance? Literally, no, but in practical terms, it makes it an endangered species and creates an American single-payer system by default."

And take a look at the costs. High earners in New York City, for example, will find themselves approaching a 60% tax bill.

When over half -- and climbing towards two-thirds -- of someone's earnings are confiscated, I don't believe there can be any argument: that's socialism.

And it's going to continue killing the economy.

Previously: "One of the Worst Mistakes in the History of the Republic."

Update: Karl at Patterico's Pontifications writes "Obamacare: The Mask is Off."