Connect with us
Pawleys Front Porch

Biz

More Proof Obamacare Sucked Up All Those “Gas Savings”

Published

on

THE PROOF IS IN THE (GROSS DOMESTIC) PUDDING … 

|| By FITSNEWS ||  We’ve written previously on Americans’ gas “savings” getting sucked up by Obamacare.  And on the general hike in health care costs resulting from this socialized medicine monstrosity (to say nothing of taxpayer costs).

In fact years ago, we warned that U.S. president Barack Obama‘s law was going to be disastrous for the American economy – and we were right (see HEREHERE 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 – yet when his first term ended, there had been a $2,400 increase  in insurance costs.

In other words, his promise was about as accurate the oft-repeated “if you like your health care plan, you can keep it” line … yet he got elected anyway.

Why?  Well, one reason is the “Republican” he ran against was also a socialized medicine supporter.

Anyway …

We now return you to the fundamental premise: Which is that Obamacare is bleeding America dry.  Don’t believe us?  Take a look at the following GDP charts provided by our friends at Zero Hedge.

First we have Q3 (July, August and September, 2014) …

(Click to enlarge)

Final Q3 GDP contribution_2

(Chart: Via)

Readers will recall economist were ebullient when the government estimated third quarter growth at a whopping five percent.  Turns out without the “Obamacare surge,” it would have been more like a two percent hike.

And here’s Q4 (October, November and December 2014) … which we now know saw the greatest quarterly outlay on health care expenses in recorded history.

(Click to enlarge)

Obamacare Q4 GDp_1

(Chart: Via)

Indeed, health care spending accounted for a whopping forty percent of fourth quarter GDP growth …

“Now we have solved the mystery of why US households did not spend all those billions in ‘dropping gas price’ windfalls – the answer is that they did in fact spend all this money. On Obamacare,” Zero Hedge noted.

***

Comments