Investors Business Daily Op-Ed: “Monetary Policy: It was a foregone conclusion that the Fed would raise rates by a quarter point this week. No surprise there. What was a surprise was the sudden hawkish tone. Are they trying to tamp down enthusiasm after Donald Trump’s election?
It sure looks that way. Instead of just two rate hikes next year, which was the Fed’s own expectation just last September, its forecasts now look for three rate hikes.”
Opinion: During the election season with Hillary in a comfortable lead, Mrs. Yellen was a full-fledged dove keeping interest rates at near zero, calling for rate rises only when the data showed strength.
Yesterday we saw a hawkish Fed despite the fact that inflation is still not near targets and GDP growth is projected to be an anemic 1.8% for the next year, and 26 million people are looking for work.
Hell hath no fury …
On May 16, 2016, presumptive Republican presidential nominee, Donald Trump, said he would “most likely” replace Federal Reserve Chairwoman Janet Yellen if elected president.
It is no secret that the Fed Chairwoman is a believer in Keynesian economics, a polar opposite of Trump. The Wall Street Journal explains Keynes’ theories:
“In Keynesian models, government spending stimulates even if totally wasted. Pay people to dig ditches and fill them up again. By Keynesian logic, fraud is good; thieves have notoriously high marginal propensities to consume.”
Keynesian economics was developed by John Maynard Keynes, a British economist who died in 1946. Democrats like Jimmy Carter, Bill and Hillary Clinton, Barack Obama, Ben Bernanke and Janet Yellen worship at the altar of Keynes.
Yellen, who is typical of 92% of Obama appointees who never held a job in the private sector, is in charge of the biggest economy in the world.
The New American: “On Monday, October 3, former President Bill Clinton, in a series of unexpected and perhaps unscripted comments while stumping on behalf of his wife’s presidential campaign in Flint, Michigan, took the political world by surprise when he singled out ObamaCare for scathing criticism.
“You’ve got this crazy system where all of a sudden, 25 million more people have health care, and then the people who are out there busting it, sometimes 60 hours a week, wind up with their premiums doubled and their coverage cut in half and it’s the craziest thing in the world,” Clinton told a crowd of supporters.
But overall, Clinton concluded, ObamaCare is hurting the very people it was intended to help”.
Opinion: The writer was being kind. I have always believed that Obamacare was a hoax from day one. We were told that we could keep our doctor, keep our health plan, and that the cost would go down.
That was a bold-faced lie and the president knew it.
So why did he do it? First since the Dem’s had control of both the Senate and House, Obama knew that he could pass the bill with no Republican votes.
Second, I believe it was designed to fail in 2017 so that his predecessor would be able to pass single payer or Medicare for all, which Senator Obama openly admitted was his goal in 2003.
The problem for Democrats is that the premium increases came in just two weeks before the election, which I am sure was a mistake in early planning.
When someone writes a book on this election, ‘yuge’ Obamacare premium increases will no doubt be blamed as a major factor leading to a Trump victory.
Breitbart: “WASHINGTON (AP) — Donald Trump was elected America’s 45th president Tuesday, an astonishing victory for a celebrity businessman and political novice who capitalized on voters’ economic anxieties, took advantage of racial tensions and overcame a string of sexual assault allegations on his way to the White House. His triumph over Hillary Clinton will end[...]
NPR: “Last month, officials announced health care costs under the Affordable Care Act are expected to rise 22 percent. “Open enrollment for insurance under Obamacare began this past week. That’s after the administration announced that the cost of health care under the Affordable Care Act is expected to rise an average of 22 percent in[...]
Investors Business Daily Op-Ed: “A new survey shows that fewer doctors are participating in ObamaCare plans this year than had been in the past. This should not be a surprise to anyone. An IBD/TIPP poll taken in 2009 warned that this would happen if Obama Care became law. The more recent survey was taken by SERMO,[...]
Washington Post: “The FBI will investigate whether additional classified material is contained in emails sent using Hillary Clinton’s private email server while she was secretary of state, FBI Director James Comey informed congressional leaders Friday. The announcement appears to restart the FBI’s probe of Clinton’s server, less than two weeks before the presidential election, an[...]