Obamacare is a legislative prodigy. Even prior to its implementation it has achieved tremendous economic destruction. Holman Jenkins captures one aspect of the destruction in his weekend Wall Street Journal column “Rewriting the Lehman postmortem.” If the headline put readers off, they missed this:
Today some complain of a “rich man’s recovery,” but isn’t this exactly the recovery our policies have selected for? The rich derive their incomes disproportionately from assets, and the Fed’s explicit contribution has been to boost asset prices. The middle class derives its income mainly from jobs, but jobs have been willingly sacrificed to Washington’s other agendas. Example: a health-care law that punishes companies for hiring more than 49 workers or employing them for more than 29 hours a week.
Whole thing (including more on monetary policy and the financial crisis) here.