The Obama administration’s legacy will be one of inefficiency and unintended consequences. This month’s blog will be a potpourri and summation of the administration’s blunders. Let’s start with an overview and look at the government debt. Under this administration, the debt started at $8 trillion and by the time he leaves office, it will be in excess of $19 trillion. Never has so much been spent, to target so few that has affected so many in an adverse manner
Let’s start at the beginning with the failed stimulus that contributed $1 trillion to the debt. Part of this stimulus was the extension of unemployment benefits to 99 weeks, and increased the benefit and provided 65% of their medical insurance premiums. If the government is supporting you, why would you want to work? The result was the long term unemployment rate (being unemployed for more than 26 weeks) soared. AT one point, it was approaching 50% of all those who were unemployed, twice that of any other recession. What else also contributed to the deficit that year and overall US debt was the failed (miserably I may add) Cash for Clunkers program. The intent of this program was to increase vehicle sales, prop up the faltering American auto industry and make the nation's car and truck fleet marginally more efficient. It did anything but. Of the 690,000 cars purchased
Only 125,000 of the sales were incremental, i.e., 565,000 would have been sold regardless of the program. The cost to taxpayers $4,000/vehicle. Part of the program was taking the clunker off the road (destroying it) abd as a result, the price of used cars increased 16.5% within two years because of the diminished supply (Edmunds.com).
Only 125,000 of the sales were incremental, i.e., 565,000 would have been sold regardless of the program. The cost to taxpayers $4,000/vehicle. Part of the program was taking the clunker off the road (destroying it) abd as a result, the price of used cars increased 16.5% within two years because of the diminished supply (Edmunds.com).
Let's now look at the EPA and how they have been given a free hand with little/no oversight, and they have literally run amok. We have (had) more than 500 coal fired electric generation plants. As a result of the EPA, more than 34,705 Mega watts of electricity have been taken offline, close to 100 closures. There are about 200 employees/plant which means that 20,000 families have lost a wage earner. In addition, the amount of electricity that has been generated by coal has decreased from 50% to 38%, which means unemployed coal miners from the Appalachia region of the US, one of the poorest sections. The US miners union estimates that 75,000 jobs will be lost. I know what some of you are thinking, global warming; my feelings on that are well documented (below and October 2013 blog).
My all time favorite Obama unintended consequence is his stance on gun control and intent to take guns off the streets which also failed miserably. As a result of the fear he generated amongst gun owners, they ran to their gun stores and there was literally a run on guns and ammunition. As a result, gun ownership is at an all time high, the stock prices of Smith & Wesson and Sturm Ruger (Colt is privately held) tripled and oh yes, no legislation was passed. I know what some of you are thinking, crime and murders must be rampant. Hardly, we are at 20 year lows
Last, but certainly not least, is the Affordable Care Act. I can go on and on about this so I'm just going to bullet.
- Nancy Pelosi stated, "We have to pass the Act so we know what's in it". The act is 2700 pages long with 4500 provisisons
- It is anything but affordable, the administration estimated a cost of $860 billion over 10 years, we are close to $3 trillion
- it was suppose to cover 32 million uninsured Americans, only 7.5 are insured
- Millionaires are getting subsidies
- people who are being subsidized are being taxed
- food stamp usage has increased
- initially, 20% of all the business exemptions from Obamacare were from Nancy Pelosi's district
- it has driven up the cost of healthcare
- it has driven up the amount of deductibles
- it has increased premiums
- medicare taxes have increased
- taxes on medical products have increased
JUST SHOOT ME!
- Nancy Pelosi stated, "We have to pass the Act so we know what's in it". The act is 2700 pages long with 4500 provisisons
- It is anything but affordable, the administration estimated a cost of $860 billion over 10 years, we are close to $3 trillion
- it was suppose to cover 32 million uninsured Americans, only 7.5 are insured
- Millionaires are getting subsidies
- people who are being subsidized are being taxed
- food stamp usage has increased
- initially, 20% of all the business exemptions from Obamacare were from Nancy Pelosi's district
- it has driven up the cost of healthcare
- it has driven up the amount of deductibles
- it has increased premiums
- medicare taxes have increased
- taxes on medical products have increased
JUST SHOOT ME!
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