Obama will not say Affordable Care Act is faulty
Editor, the Advocate:
I believe the Affordable Care Act was the worst major legislation ever conceived in terms of cost, timing, lack of transparency, the contents and make of the bill and its disastrous effect on the economy. Obama and the Democratic-controlled congress passed this bill during the worst recession in recent history and with a record national debt. Supportable and verifiable funding for the bill was insufficient and done with "smoke and mirrors."
Recent government studies indicate program cost will be in the trillions. So where will money originate to run the program? Government is already borrowing almost 40 percent of the money needed to cover budget deficits; therefore, increased borrowing is not feasible. Taxes on the rich were already raised, and additional tax increases will only slow economic growth. All major welfare programs are in financial difficulty, and the government must allocate billions of additional funds to keep them afloat.
Even with all these financing obstacles, Obama refuses to face the fact that his "house of cards" policies are caving in. He acts like there is no funding problem and the national debt is not a serious near-term threat. He still wants to continue his domestic spending initiatives while refusing to make "major" spending cuts in welfare programs.
Obama's main ally in propping up the weak economy is the Federal Reserve. They are infusing $85 billion per month of newly printed money into the economy through the purchase of U.S. Treasury Bonds. This policy keeps interest and inflation rates "artificially" low. I believe their policy of printing large amounts of new money is operating in "uncharted waters," and if miscalculations are made, there could be an economic disaster in terms of dollar devaluation and skyrocketing inflation. Their policy is counterproductive to economic recovery, and it is time to let the free market system operate by systematically reducing artificial controls. Many seniors/retirees have been unable to achieve reasonable returns on their savings accounts and/or CDs as interest rates have been near zero. Many abandoning these relatively safe investments have entered a very risky stock market.
Allen J. Novosad, Edna