CREATIVE DESTRUCTION: Obamacare versus artists, writers, musicians, actors, et al.

Nancy Pelosi waxed rhapsodic in 2010 as she imagined the benefits of Obamacare: “Think of an economy where people could be an artist or a photographer or a writer without worrying about keeping their day job in order to have health insurance.”

Well, that was the economy we used to have. But as Obamacare begins to kick in, artists, photographers, writers, and other members of the “creative class” who have access to health insurance programs through numerous professional organizations will lose that coverage.

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I'm just dying to call her a 'stupid bitch' but, you know what? She's not stupid, she's just a liar.

Creative destruction at risk

...as a general matter, the rest of the world will be hit harder than the U.S. Indeed, the U.S. retains a great advantage over the rest of the world -- its belief in "creative destruction." As long as the U.S. retains this belief, it will be the leader in innovation, which Ferguson sees as the key to recovery and long term prosperity. However, the push towards regulation and bailouts suggests a loss of faith in "creative destructive." In reality, though, it's wrong in general to blame the current difficulties on lack of regulation. In the 1970s, the last period of serious economic distress, the U.S. economy was heavily regulated, and regulation contributed in some instances to the current situation.

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