Video: Hold Onto Your Wallets: The Middle Class Will Be Paying For ObamaCare

Hold onto your wallets. The Wall Street Journal's Senior Economics Writer, Stephen Moore, just told Fox and Friends that most of the costs for ObamaCare will actually fall on the middle class. If you're making less than $120,000, that means you.

According to Moore, while the "penalty" for not obtaining government-approved health insurance will start out modestly at approximately $285.00 per year for a family; under the legislation, that "penalty" will skyrocket to approximately $2,000.00 for a family and $695.00 for an individual by 2016.

As for the future, the sky is the limit. And, if you believe that you're safe from this "penalty" because you're covered by a health insurance plan at work, think again. What Moore does not mention in this video is that most employers will probably drop those plans once ObamaCare is implemented. According to a report from the House Ways and Means Committee, 71 of the nation’s top 100 companies said it would be far more economical to drop their health care plans and simply pay the penalty for not complying with the ObamaCare employer insurance mandate. So much for Obama's promise that you'll be able to keep your health care plan if you like your health care plan. Kiss it goodbye. In short, under ObamaCare, you'll still have a choice. You can choose the "government plan" or you can choose to pay the "penalty," and if you're thinking that it's hard to get your insurance carrier to pay legitimate claims now, just wait until the government runs the show.