by Michael A. Robinson
Dear American Wealth Underground Reader,
I can honestly say you heard it here first. Of course, I am writing about the thrilling – and common sense – decision by a Florida federal judge to strike down ObamaCare as unconstitutional. Clearly, this is a momentous decision in favor of American liberties that protect us from an overzealous federal government. And, why is this important for investors? Because without constitutional restraints, a federal government drunk on its own power can do virtually whatever it wants to with your wealth. After all, it took a total rout of the Democratic party last November to get Congress to extend the Bush tax cuts and temporarily fix the alternative minimum tax that threatened to pose a financial strain on millions of American families. This ruling should serve as a wake-up call to all fiscal liberals and to President Obama in particular. Oh yeah, and their media lapdogs.
Unfortunately, I seriously doubt that will occur. Indeed, when I predicted last March that ObamaCare would be declared unconstitutional fiscal liberals snickered. Of course, they did. They've shown total disrespect for the bedrock of our freedoms – the U.S. Constitution. If that weren't true, then why did former House Speaker Nancy Pelosi and her cadre of limousine liberals shove healthcare reform down our throats along strictly partisan lines? I have said from the beginning this ill-considered, poorly written, bureaucracy-building law cannot stand. Consider that no law of this scope or magnitude has ever passed without bipartisan support. As financial failures go it's hard to top Lyndon Johnson's Great Society program. But at least it had strong Republican support. Do Americans really want to be governed by a federal phalanx created through legislation no member of Congress actually read? Trust me on this folks, any law that's 2,500 pages long and that was adopted unread has lots of hidden booby
If you support ObamaCare, stop and ask yourself this question: ‘If Republicans gain a supermajority of Congress next year should they be allowed to force all adults to buy and carry a Smith & Wesson revolver’? Why not? They certainly could argue that self-protection enhances interstate commerce by cutting down on crime. Now we find Mr. Obama laying 5-4 odds his signature "achievement" will survive scrutiny by the U.S. Supreme Court, which will almost certainly take up the matter. Mr. Obama is betting he can convince Justice Anthony Kennedy, who is often the high court's swing vote, to side with the president's poor legal reasoning. We know this is true because the Obama administration immediately said it would continue to implement the healthcare reforms despite the fact the federal judge struck down the entire program.
The time has come for Mr. Obama to shed his arrogance and abandon his liberal idealism so the nation can move forward. Will America really be well served for two more years of political wrangling over a deeply unpopular law? The U.S. House has voted to repeal ObamaCare. More than two-dozen states sued and beat the pants off the president in court. Senate Republicans show no signs of backing down from their attempts at repeal, the first round of which was scheduled to occur around deadline today. They seem like a pretty determined bunch to me. I predict they will continue slipping repeal amendments into as many bills as possible for at least the next two years. Meantime, the Obama administration is quietly letting dozens of employers opt out of the healthcare program. And, why, you might ask?
Because, ironically, the president's opponents are correct: ObamaCare is simply too expensive and has too much red tape. Let me close by with another prediction. The Supreme Court will eventually take up ObamaCare and will strike it down by a 5-4 vote. And for a very simple reason: It really is unconstitutional.
Michael A. Robinson
Editor, American Wealth Underground