1) Yesterday we discussed the reality that even though Obama and his supporters would like us to think that the economy is doing well, we showed with a series of real numbers how that is not the case. With first quarter GDP shrinking, 45 million Americans still needing food assistance every month, low or no wage growth, etc., the economic numbers and reality show a very weak, under performing economy.
And new numbers from the University of Michigan's famous index of consumer sentiment adds to that proof of a low performing economy. During the month of July the index value dropped from 96.1 in June to 93.3 in July. Experts had predicted that the index would be basically unchanged in July, surprising them also. The Greek financial crisis and the economic slide in China were most often cited by survey respondents as the reason for their growing pessimism.
Just another nail in the theory that we have always subscribed to: Washington politicians have no idea how to manage a growing and vibrant economy.
2) We have often decried the reality that Washington politicians are very good at handing out taxpayer wealth to companies and individuals who do not deserve such wealth. Those individuals and companies should be using their own wealth or their stockholders' wealth to fiannce their operations and take the financial risk associated with their operations.
Which makes the following story from the June 12, 2015 issue of The Week magazine, based on an article from the LA Times, most appropriate. Billionaire Elon Musk has three companies that he has put together: Tesla Motors, SolarCity, and SpaceX.
Together, the American taxpayer, courtesy of the Washington political class, has funded and underwrote those operations to the tune of $4.9 billion via grants, tax breaks, and environmental credits. Additionally, SpaceX has received $5.5 billion in government contracts from NASA and the Air Force.
The obvious question is if these are such good ideas and Musk is so rich, why isn't he funding these operations out of his own checkbook and the checkbooks of his backers, why are the American taxpayers funding these business risks for him? Government and politicians should not be in the business of picking winners and losers in a free market, that is the job of the market and those that compete in that market.
Those billions of dollars benefited virtually no one who helped fund them, the American taxpayer, and benefited only the insiders and favored few who were involved with those businesses.
3) Frequent readers of this blog know that we have shown dozens and dozens of time how Obama Care is the worst piece of legislation ever passed. It tries, and fails, to solve a public health issue with a lame, unwieldy and expensive insurance solution. Past proof of our assertion on this legislation can be viewed by entering the phrase, "unfolding disaster that is Obama Care" in the search box above.
More proof that Obama Care totally missed the mark was presented in an article on Alzheimer's disease in the May 29, 2015 issue of The Week magazine. The numbers from that article are truly frightening:
- 5.3 million Americans currently suffer from Alzheimer's disease.
- Those 5.3 million sufferers consumer almost 18 billion hours a year in unpaid care from friends and family.
- However, with 76 million Baby Boomers entering their golden years, that affliction number is likely to go as high as 13.8 million in the coming decades.
- Treatment costs for those almost 14 million Alzheimer's patients could get as high as $1.1 TRILLION annually and consume over 30% of Medicare's annual budget.
- Such a wave of will swamp nursing homes and the country's ability to pay for and care for the millions more of Alzheimer's patients in the coming years.
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