by Peter Schiff
The Supreme Court decision is devastating for the economy and individual liberty. Apart from creating an all powerful federal government, changing substantially what it means to be an American, the law will send health care costs soaring, further undermining our economy. It will destroy jobs, impoverish millions, and lead to much higher inflation and lower living standards.
It will give Romney a club to use against Obama during the election. Obama will have a lot of explaining to do as he strongly stated during the debate to pass the bill that the individual mandate is not a tax. The Supreme Court just said it was.
In his majority opinion Justice Roberts specifically said the government does not have the authority, under the Commerce Clause, to compel Americans to buy a product. He then said it has unlimited power to tax people who do not buy products the government wants them to buy. This is a distinction without a difference. Based on this ruling, here are examples of what the government can now do:
Tax you for going to church. Tax you for not going to church. Tax you for protesting. Tax you for not protesting. Tax you for expressing a controversial opinion. Tax you for joining or not joining a particular organization. Tax you for writing something controversial. Tax you for speaking or writing critically of government. Basically, there is nothing the government can’t do, so long as it does it as a tax.
Peter Schiff is president of Euro Pacific Capital and author of The Little Book of Bull Moves in Bear Markets and Crash Proof: How to Profit from the Coming Economic Collapse. His latest book is The Real Crash: America’s Coming Bankruptcy, How to Save Yourself and Your Country.