Double dip recession my royal backside, we are heading into the Obama DEPRESSION!
Congress and the administration made a major economic policy error when they passed the health care “reform” bill. That bill created huge uncertainty about future health care costs for business, which has essentially caused a hiring freeze in all but the biggest and most profitable corporations. The democrats couldn’t have written a more economically destructive piece of legislation and then passed it at the worst possible time, just as the economy is struggling to emerge from a recession.
I heard an interview with a Fortune 500 CEO who had lunch with Obama and told him that the health care bill was going to damage our economy. The CEO said Obama’s reaction was essentially to tell the CEO that he was lying about the economic impact of this legislation. That response from Obama shows that the White House and democrat congressional leaders have no understanding of how government regulations and taxation affect the private sector. They think the private sector just keeps rolling along and hiring lots of people regardless of government policies, and that is just not true. Government policy has a big impact on private sector hiring and economic growth. Government policy is the main reason why socialist Europe is in such a mess right now and why we’re having a real struggle to get out of this recession.
We’re approaching a turning point soon where the economy is either going to continue to grow slowly or it’s going to fall back into a double-dip recession. Economic indicators are mixed and inconclusive lately, but a strong recovery is looking increasingly unlikely.