The Laughs on Them

Obama's healthcare legislation means, amongst other things, that the U.S. healthcare market for pharmceuticals and medical devices will be smaller than it otherwise would have been.

Because the U.S. market is such a large part of the global healthcare market, this means drug and device companies will have less incentives to develop new products.

For years, advocates in other countries where socialized medicine exists have hoped that America would also adopt socialized healthcare out of intellectual solidarity.

But in reality, those nations have benefited greatly from the larger global market America's healthcare system provides - benefiting greatly the socialized healthcare systems of other countries. Moreover, many travel to the United States to get medical treatment. Canadians, who otherwise are subject to government-created wait lists, often come to the United States to get more timely care. That safety valve will begin to diminish.

Other nations may rue the day they got what they wished for with America adopting socialized medicine.