Chicago, Athens, and Jerusalem

After its passage by the House of Representatives Sunday night, President Obama signed the health care bill into law earlier today, declaring,

We have now just enshrined, as soon as I sign this bill, the core principle that everybody should have some basic security when it comes to their health care.

Meanwhile, fourteen states have filed suit in federal court to challenge the constitutionality of the new law, and the Republican National Committee has already raised over $1 million in donations by vowing to unseat congressional Democrats who voted for the bill, and to regain control of the House in the November elections.

Reuters has a good fact sheet on the provisions of the health care bill. Even more interesting are the predictions made by some of the leading lights of the economics blogosphere.

Bryan Caplan predicts that the health reform package will essentially not work, as families and firms game the system.

In contrast, Tyler Cowen predicts that the law, while working, will lead to a series of unintended consequences.

Megan McArdle offers eight predictions (more here) about how some of the putative goals of the new law will not be met.

Last but not least, Greg Mankiw muses on the trade-offs inherent in the health care legislation, and concludes,

My judgment is that this health bill adds significantly to our long-term fiscal problems.