NEW YORK (TheStreet) -- The U.S. economy is gaining strength. But the Obamacare train wreck, festering problems in faraway China and uncertain leadership at the Federal Reserve could still derail the recovery. No small courage will be required to finally restore American prosperity.
President Obama is imposing the Affordable Care Act on a justifiably unwilling citizenry. The botched rollout is laying bare the incompetence of the Washington bureaucracy. But that is not the worst of it.
As I see it, many young Americans have decided that Obamacare health insurance is too expensive for their needs. Insurers face financial ruin paying claims to a less healthy population of policyholders than anticipated. I predict they will charge higher rates in 2015 and may require a bailout.
Don't count on Republicans winning the Senate and putting Obamacare out of its misery -- the electorate may prove too cynical. My take on the 2013 Virginia gubernatorial election is that voters, angry about Obamacare, blamed Democrat Terry McAuliffe. Yet he managed a narrow victory, in my opinion because he promised free health care to up to 400,000 citizens by expanding Medicaid
Lest jobs creation and growth be handicapped by an excessively expensive and bureaucratic health care system, "makers" may simply have to tell the "takers" enough is enough, march on Washington and demand radical changes. Don't productive Americans deserve a civil rights movement too?