Story here from Business Week. (H/T ECM)

Excerpt:

The Massachusetts treasurer said Tuesday that Congress will “threaten to wipe out the American economy within four years” if it adopts a health care overhaul modeled after the Bay State’s.

Treasurer Timothy Cahill — a former Democrat running as an independent for governor — said the 2006 law has succeeded only because of huge subsidies and favorable regulatory changes from the federal government.

[…]Cahill said he’s called for the state to abandon its plan, and for the federal government not to match it.

He also gave reporters a copy of a state ledger sheet showing the state’s Medicaid program ballooning from $7.5 billion to a projected $9.2 billion since the health care law was adopted. Of the 407,000 newly insured, only 32 percent paid for insurance wholly on their own.

The remaining received partial or total taxpayer subsidies.

[…]Cahill [pointed] out the Obama administration is asking the House and Senate to approve a national plan that includes an “individual mandate,” similar to Massachusetts’, and an entity designed to match buyers with private health insurance plans.

Cahill said the Massachusetts equivalent, the Health Care Connector, had helped only 5 percent of those who bought private insurance without any type of government assistance.

While the Massachusetts program has increased access to health insurance, he said it hasn’t cut underlying cost increases, steering more people to a broken system.

“If President (Barack) Obama and the Democrats repeat the mistake of the health insurance reform adopted here in Massachusetts on a national level, they will threaten to wipe out the American economy within four years,” the treasurer said.

Let’s learn from the mistakes of others who tried to do what Obama is doing.