By Michael J. Coren • Quartz
We’re supposedly living in the age of startups when people can create new businesses, enrich themselves, and employ their fellow Americans. That narrative, like much economic optimism these days, is now mostly a tale for coastal cities, and a tenuous one at best.
Fewer new businesses were created in the last five years in the US than any period since at least 1980, according to a new analysis (pdf) by the Economic Innovation Group (EIG), a bipartisan advocacy group founded by the Silicon Valley entrepreneur Sean Parker and others. Businesses that did form are also far more concentrated than ever before: just 20 counties accounted for half of the country’s total new businesses. All of them were in large metro areas.
“I am not the first president to take up this cause, but I am determined to be the last.” That was President Obama in a speech before Congress back in Sept. 2009, pitching the health reform plan he’d sign six months later.
It doesn’t look like he’s going to get his wish.
In the three-plus years since the ObamaCare exchanges opened, the law is teetering on the edge of the abyss. Enrollment is well below expectations, not enough young people are signing up, insurers are failing or dropping out of the program, and, by all appearances, premiums are set to spike even higher than last year.
Now a Kaiser Family Foundation survey released late last week shows that the public is far from satisfied with what Obama claimed was the be-all and end-all of reform. Continue reading
by Victor Davis Hanson • PJ Media
His hard-left politics have insidiously eroded the Democratic Party, which has lost both houses of Congress and the vast majority of the state legislatures, state elected offices, and governorships. Obama has redefined the black vote, as a necessary, no-margin-of-error 95% bloc majority to offset his similar creation of an increasingly monolithic 65% bloc white vote. We are no longer individual voters, but, in Chicago-politics style, merely faceless “Latinos,” “Asians,” “African-Americans,” “gays,” “women,” and now “whites.”
Obama issues a new initiative—and the nation snoozes. He wastes the day on the golf links—and the nation snoozes. He smear his critics, invites a rapper to the White House whose latest album cover has a dead white judge lying in front of the White House—and the nation snoozes. He cozies up to America’s enemies and snubs our friends—and the nation snoozes. For the nth time, he blusters about closing down Guantanamo—and the nation snoozes. He opens the border even wider to welcome in more illegal aliens and future constituents—and the nation snoozes. Lame duckestry means not even being able to wake up your opponents. Continue reading
America’s declining score in the index is closely related to rapidly rising government spending, subsidies, and bailouts.
by Anthony B. Kim • Daily Signal
According to the 2016 Index of Economic Freedom, an annual publication by The Heritage Foundation, America’s economic freedom has tumbled. With losses of economic freedom in eight of the past nine years, the U.S. has tied its worst score ever, wiping out a decade of progress.
The U.S. has fallen from the 6th freest economy in the world, when President Barack Obama took office, to 11th place in 2016. America’s declining score in the index is closely related to rapidly rising government spending, subsidies, and bailouts. Continue reading
by Philip Klein • Washington Examiner
On Thursday, the Department of Health and Human Services reported that fewer than 13 million individuals signed up for Obamacare plans for 2016. Though the administration is trying to argue that this 12.7 million number beat expectations, nobody is buying it.
HHS officials set an artificially low target of 10 million signups for the year – essentially flat from 2015 – so they would have something to beat.
“While exchange enrollment will meet the Administration’s modest 10 million person goal, it does appear that growth in this market has slowed,” Caroline Pearson, a senior vice president of healthcare advisory firm Avalere said in a statement. Continue reading
by Michael Pento • CNBC
The S&P 500 has begun 2016 with its worst performance ever. This has prompted Wall Street apologists to come out in full force and try to explain why the chaos in global currencies and equities will not be a repeat of 2008. Nor do they want investors to believe this environment is commensurate with the dot-com bubble bursting. They claim the current turmoil in China is not even comparable to the 1997 Asian debt crisis.
Indeed, the unscrupulous individuals that dominate financial institutions and governments seldom predict a down-tick on Wall Street, so don’t expect them to warn of the impending global recession and market mayhem.
But a recession has occurred in the U.S. about every five years, on average, since the end of WWII; and it has been seven years since the last one — we are overdue.
Most importantly, the average market drop during the peak to trough of the last 6 recessions has been 37 percent. That would take the S&P 500 down to 1,300; if this next recession were to be just of the average variety. Continue reading
Families are no longer fooled by ‘hope and change’ happy talk
By Stephen Moore • Washington Times
The stock market closed down for 2015 reversing one of the few positive accomplishments under the Barack Obama presidency. This has been a pretty prosperous time for the top two percent. For most Americans though — not so much.
A new report from Sentier Research based on Census data finds that median household income of $56,700 at the end of 2015 stood exactly where it was adjusted for inflation at the end of 2007.
That’s eight years of virtually zero income gain. And President Obama and his Washington political pundits wonder why voters are in such a cranky mood.
Last week the Joint Economic Committee of Congress issued a report on the Obama recovery loaded with even more dismal news. On almost every measure examined, the 2009-15 recovery since the recovery ended in June of 2009 has been the meekest in more than 50 years. Continue reading
By Edward Morrissey • The Fiscal Times
First, they argued that the United States had too many uninsured people, with estimates ranging from 30 million to 45 million.
Second, the rise in costs for health care outstripped inflation, and the market required an intervention that would bend the cost curve downward.
Third, Democrats claimed that insurance companies made too much profit and shorted most consumers on care, while those with generous health plans – so-called “Cadillac plans” – drove up utilization rates and costs for everyone else. Continue reading
by Betsy McCaughey • New York Post
How dare the Obama administration bail out insurance companies with our money in order to hide ObamaCare’s failures. Thursday, just hours after giant insurer UnitedHealthcare said it’s losing money selling ObamaCare plans and will likely exit the health exchanges next year, the Obama administration quietly promised to bail out insurers for their losses — using your money.
Nearly all insurers are bleeding red ink trying to sell the unworkable plans. Without a bailout, more insurers will abandon ObamaCare, pushing it closer to its demise. A bailout would benefit insurers and the Democratic Party, which is desperate to cover up the health law’s failure. Ironically Democrats (including Hillary Clinton and Bernie Sanders) bad-mouth bank bailouts but are all for insurance-company bailouts. Truth is, it’s a ripoff for taxpayers, who shouldn’t have to pay for this sleazy coverup. Continue reading
by Rick Manning • The Hill
Everyone knew that it was just a matter of time, but no one expected it to fail this fast. Yet, that is exactly what is happening, as bad news story after bad news story about the state of ObamaCare arrives on a seemingly weekly basis.
ObamaCare co-ops were supposed to provide lower cost health insurance alternatives because they weren’t driven by the profit motive. Now, just a couple of years after the Affordable Care Act (ACA) was implemented, 12 out of 23 co-ops have failed, costing taxpayers $1.2 billion in defaulted loan repayments. The failure rate even outstrips the Labor Department’s 2011 projections of 36 percent, and as The Carpenters used to sing, “We’ve Only Just Begun.” Continue reading
By Dave Boyer • The Washington Times
When President Obama signs into law the new two-year budget deal Monday, his action will bring into sharper focus a part of his legacy that he doesn’t like to talk about: He is the $20 trillion man.
Mr. Obama’s spending agreement with Congress will suspend the nation’s debt limit and allow the Treasury to borrow another $1.5 trillion or so by the end of his presidency in 2017. Added to the current total national debt of more than $18.15 trillion, the red ink will likely be crowding the $20 trillion mark right around the time Mr. Obama leaves the White House.
When Mr. Obama took over in January 2009, the total national debt stood at $10.6 trillion. That means the debt will have very nearly doubled during his eight years in office, and there is much more debt ahead with the abandonment of “sequestration” spending caps enacted in 2011. Continue reading
This article was published on March 20, 2012.
By Matt Cover • CNSNews.com
Although the national debt under President Barack Obama has increased $4 trillion since he took office in 2009, as a presidential candidate in 2008 Obama criticized then-President George W. Bush for adding $4 trillion to the national debt, saying it was “unpatriotic” and also “irresponsible” to saddle future generations with such a large national debt.
“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents — number 43 added $4 trillion dollars by his lonesome, so that we now have over $9 trillion dollars of debt that we are going to have to pay back — $30,000 for every man, woman and child,” Obama said on July 3, 2008, at a campaign event in Fargo, N.D.
“That’s irresponsible. It’s unpatriotic,” said candidate Obama.
Say jobs, economy not recovering as quickly as unemployment rate might suggest
by Ali Meyer • Washington Free Beacon
While the Federal Reserve claims that the United States is making progress towards its goal of maximum employment, some economists and policy experts disagree, citing poor labor participation rates and anemic wage growth to suggest that the economy is not recovering as quickly as the unemployment rate might suggest.
Fifty-six percent of economists polled by the Wall Street Journal, said that the United States would meet the Fed’s goal of “full employment” by 2016. In July, the Federal Open Market Committee said that there had been “cumulative progress” made toward this goal.
The Fed has maintained that it will not raise interest rates until the labor force reaches maximum employment and inflation hits 2 percent. Continue reading
80,000 or so Coloradans will need to find a new insurer for 2016.
by Associated Press • KRDO.com
Colorado HealthOP announced Friday that the state Division of Insurance has de-certified it as an eligible insurance company. That’s because the cooperative relied on federal support, and federal authorities announced last month they wouldn’t be able to pay most of what they owed in a program designed to help health insurance co-ops get established. Continue reading
We’ve lived through this over and over during the Obama presidency. Every time we see a hopeful sign that the economy’s shifting into a higher gear (a bullish 3.9% GDP growth in the second quarter, for example, after a near-recessionary 0.6% in the first), hiring slips back again into its slow-growth ditch.
No wonder voters are seething with anger. Continue reading