By MONEY MORNING STAFF REPORTS
It’s fair to say Peter Schiff despises Obamacare.
“If current trends continue, the rollout [of Obamacare] may go down as the worst major product launch in history,” Schiff writes in his latest Euro Pacific Capital newsletter.
Schiff believes that even if the Obamacare website starts working, it won’t fix Obamacare.
“Given the government's enormous resources, it's safe to say that the site itself will ultimately be fixed,” says Schiff. “But when it is finally up and running, the plan's many deeper, and more intractable, flaws will come into focus. That's when the fun will really begin.”
He adds that “republicans should destroy this monster that threatens us all.”
“The real shock of Obamacare is not the unbelievable ineptitude in which it was launched, but the naiveté in which it was designed,” says Schiff.
Schiff warns, “The fact that Obamacare does nothing to rein in costs while providing an open-ended insurance subsidy may be good news for hospitals and insurance companies, but it's bad news for taxpayers, on whom this increased burden will ultimately fall.”
Obamacare was supposed to make affordable healthcare available for all.
Yet, not only will healthcare costs rise, but Obamacare could actually increase the amount of uninsured Americans.
That’s because millions who have insurance have been told that they will lose their plan, even though President Obama promised “if you like your plan, you can keep it.”
And that’s just one of the many lies Americans are finding out about Obamacare.
“Put simply the program is built on a mountain of false assumptions and is covered by a terrain of unanticipated incentives. Any cleared-eyed observer should conclude that it is perfectly designed to raise the costs of care and wreck the federal budget.” says Schiff. “However, like just about every other complicated problem that bedevils the nation, the public has become far too caught up in the politics and has ignored the horrific details.”
The silver lining, according to Schiff, is that Obamacare could unravel before it does any long-term damage.
“Unlike other major entitlements, like Social Security and Medicare, that took years to produce red ink that was far in excess of original assumptions, the financial shortfalls in Obamacare should show up very quickly.”
With the implementation of Obamacare quickly approaching, Americans are asking what they can do to prepare for all the new costs and rules.
One expert, Betsy McCaughey, former Lieutenant Governor of New York and constitutional scholar with a Ph.D. from Columbia University, recently wrote a best-selling book showing Americans how they can survive Obamacare.
McCaughey is one of the only people in the country -- including members of Congress - who has actually read the entire 2,572 page law.
Her book, titled Beating Obamacare: Your Handbook for Surviving the New Health Care Law breaks down the complicated bill into 168 pages of actionable advice.
The book, written in an easy going, easy to read style, shows some startling facts about Obamacare not seen in the mainstream press.
For example, she points to a little known passage in the bill that shows how you could get slapped with a $2,000 fine for not having health insurance - even if you do actually have it.
She also goes into detail explaining how one third of all U.S. employers could stop offering health insurance to their workers.
In one chapter, she shows how ordinary Americans will get stuck paying for substance abuse coverage even if they never touched a drink or drug in their life.
She warns seniors to get some of those types of procedures done now before Obamacare goes into full effect.
In addition, many will find it difficult to keep their medical records private, according to McCaughey.
"The law will compel Americans to share with millions of strangers who are not physicians confidential private and personal medical history information they do not wish to share."