Filed under: Economy | Tags: big government, Capitalism, Free Markets, Obama Administration
The revised figures for the first quarter show that the American economy shrank by 0.7 percent — January through March. The administration did not, however try to blame it on Bush, they blamed it on the harsh winter. It was a brutal winter on the east coast and in the Midwest. It is the third quarter in which the economy has actually contracted (the other two were the first quarters of 2011 and 2014).
This has been the slowest, most sluggish recovery since World War II. The strong dollar has meant that American exports are down. but other economies are not healthy either, including China’s. The Obama administration’s big-government, big-deficit, big waste and big-regulation policies are not a recipe for growth or recovery.
A new study finds that overhead costs are exploding under ObamaCare. Another promise up in smoke. The Health Affairs Blog published a study based on numbers from the Centers for Medicare and Medicaid Services, the agency that runs ObamaCare and found that ObamaCare increased health care costs by $17 billion last year, and by 2020 will add a total of more than $270 billion.Twenty-two percent of all new spending is going to overhead, paperwork, not patient care.
The United States spends more on regulation than ever before. The amount spent has increased significantly as has the number of people who are employed to write and enforce the increasing number of government regulations. In 1990, total spending on regulatory activity was $20.6 billion. This year it will clock in at $60.1 billion, a 192% increase. The National Association of Manufacturers estimates that in 2012 the total cost of federal regulations was just over $2 trillion — 13 5 of that year’s GDP.
Is this unruly Americans who need more careful control? Not likely. It is an administration that sees power and control as a goal. Not a climate in which free enterprise can prosper.
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