There’s a great post up on Zero Hedge exposing the myth that lower gas prices will stimulate consumer spending (news flash: they haven’t). But if Americans aren’t spending the estimated $300 they will save at the pump next year on new get-ups and gadgets … where’s it going?
The answer? Obamacare. You know: The law that was passed because you’re stupid.
Years ago, we warned that U.S. president Barack Obama‘s socialized medicine monstrosity was going to be disastrous for the American economy – and we were right (see HERE, HERE and HERE). As a candidate in 2008, Obama projected annual savings of $2,500 per family by the end of his first term in office – only to close out his first four years with a $2,400 increase in insurance costs.
In other words, his campaign promise was about as accurate the oft-repeated “if you like your health care plan, you can keep it” promise.
The latest evidence of Obamacare’s harmful impact on our economy? A study released by The Commonwealth Fund … which found that “premiums for family coverage increased 73 percent over the past decade.” The study also found “employees’ contributions to their premiums climbed by 93 percent over that time frame.”