Prof. Jacobson explains ObamaCare II in two words: Balloon Mortgage.

There are no market mechanisms to encourage consumers to price shop or to introduce price competition into the health care industry.

To the contrary, the plan continues the trend towards divorcing consumers from price decisions as to services and products; there also is no incentive to decrease demand because a large percentage of the population will receive government subsidies.

Yet because of the new insurance price control mechanism, the private insurance system will not be allowed to recoup the costs of such coverage.

This is a balloon which must burst, and it will several years down the road.

The result of the burst will be a collapse of the private insurance sector, and a government unable to pick up the pieces without severely rationed care (even if coverage remains expansive in theory, the care will not be available).

UPDATE: More here:

A mere three days before President Obama's supposedly bipartisan health-care summit, the White House yesterday released a new blueprint that Democrats say they will ram through Congress with or without Republican support. So after election defeats in Virginia, New Jersey and even Massachusetts, and amid overwhelming public opposition, Democrats have decided to give the voters what they don't want anyway.

Ah, the glory of "progressive" governance and democratic consent.