Monday, March 11, 2013

I hate to say I told you so, but...

The "Beige Book," the report of the Board of Governors of the Federal Reserve System on current economic conditions, confirms a lot of what Republicans and other opponents predicted about Obamacare. The Governors report economic trends from their various Districts around the country, usually centered around a large city such as Kansas City, San Francisco, Minneapolis, etc.

From the section "Consumer Spending and Tourism" -- "Many District contacts commented on the expired payroll tax holiday and the Affordable Care Act as having restrained sales growth." 

From the section "Labor" -- "Employers across the District continued to cite the Affordable Care Act and its unknown impacts as reasons for planned layoffs and reluctance to hire more staff."

From the section "Nonfinancial Services" -- "Some contacts noted concern that client companies are hiring the absolute minimum to get by due to uncertainty about the Affordable Care Act."

Remember how before the Obamacare legislation was passed, Democrats mocked opponents' predictions as "doom and gloom?" When you add the slowdown in consumer spending and business hiring to the already-more-expensive-than-Democrats-promised cost of Obamacare, it's not much of a leap to believe 1) Obamacare is going to cripple the American economy; and 2) The quality of our health care is just as likely to decline as it is to improve. So far Democrats have proven clueless in their predictions about its effects.

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