President Obama’s ‘Money Pits’
President Obama’s two main initiatives to restructure and revive the American economy have quickly turned out to be nothing more than money traps that ultimately have done nothing but line the pockets of his political cronies.
First. Obamacare, or the Affordable Care Act, was supposed to insure the uninsured, and at an estimated cost of over one trillion dollars. The act is based on Dr. Ezekiel Emanuel’s “Complete Lives System” of rationing, costs, and the patient’s “level of productivity in the society”. Keynesian economist Paul Krugman hails the Independent Payment Advisory Board (IPBA) as the “biggest savings” to Obamacare.
The Obamacare website is getting all the attention, mainly because it was supposed to cost US$93 million to set up and then grew to US$630 million a month before its rollout; it’s now topped US$1 billion. CGI Federal, a Canadian-based firm whose top executive, Toni Townes-Whitley, was classmates with Michelle Obama at Princeton, won the no-bid contract to build the website.
The takeover of one-sixth of the economy by the federal government has been a boom for President Obama’s cronies and political allies, but misery for those millions that have lost their health care insurance. Obamacare will remain a thorny issue for the Democrats in 2014, and the once -touted Obama legacy of Obamacare could cost the Democrats the Senate in next year’s election.
Second, Green Energy. President Obama wants to pour more money into renewable energy, knowing the billions that have been wasted in the last five years. The truth is that there haven’t been any green, or very few other jobs in the almost five-year, six-trillion-dollar Obama recovery.
The Labor Participation Rate may hit a new historical low in the new year, because the emergency unemployment benefits will run out. President Obama’s claim that “You didn’t build that” is true after all.
Yes Mr. President, you built Obamacare, and Green Energy, with very little success.