The President and his supporters like to pretend that anything short of Obama’s controls over the economy is tantamount to no government regulation at all. “We can’t go back” the President has said, suggesting that before he became our ruler, banks and insurance companies and oil corporations were completely unregulated.
This, of course, is false. Our economy is heavily regulated, and while some regulations are necessary and helpful, others are not. Federal law, for example, forbids health insurance providers from competing with each other across state lines; it forbids oil corporations from developing petroleum energy throughout much of the U.S.; and federal banking policy – much of which emanated from Fannie Mae and Freddie Mac – incentivized reckless borrowing and lending during the last decade.
But one of the most costly and destructive realities of the Obama economy is the incalculable amount of taxpayer money that is being spent, and ultimately wasted, on things that benefit only the President and his supporters. Take for example, the President’s signature healthcare reform law (“Obamacare” if you will).
Early in his term, President Obama sold his plan with glowing promises. “If you like your Doctor, you can keep your Doctor,” the President told us, and “this will bend the healthcare cost curve downward.”
Yet just last week, President Obama’s Secretary of Health and Human Services Kathleen Sebelius reluctantly admitted in a Senate hearing that the funding mechanisms for government provide healthcare are collapsing, the costs of administering Obamacare are spiraling out of control, and since the law came in to existence the price of private insurance has skyrocketed, causing a few million Americans to lose their coverage. Obamacare has been horrible for everyday Americans, yet Mr. Obama enjoys the status of being the President to finally “reform” healthcare, and some 1600 other people enjoy the new government employment positions that the programs have necessitated.
A similar scenario has unfolded with the President’s “green energy” efforts. Consider that since taking office in January of 2009, President Obama provided General Motors with more bailout funds (beyond the amounts that President Bush had handed-over to them in 2008); forced the resignation of former General Motors C.E.O. Rick Wagoner and handpicked his successor; mandated that G.M. step up production of the hybrid electric Chevy Volt; then offered government-funded subsidies to get people to buy the cars.
Despite all this, the Volt has sold so poorly that G.M. has called a five week production hiatus to allow “excess inventories” to get bought. Once again, everyday Americans suffer the consequences of government control and planning, yet President Obama wears the “green” badge with pride.
The President’s mandates and controls are still hampering private businesses, while future generations of tax revenue are being spent on his selfish pleasures. We desperately need of relief from his stranglehold – and we can only wait so long.
Austin Hill is an Author, Consultant, and Host of "Austin Hill's Big World of Small Business," a syndicated talk show about small business ownership and entrepreneurship. He is Co-Author of the new release "The Virtues Of Capitalism: A Moral Case For Free Markets." , Author of "White House Confidential: The Little Book Of Weird Presidential History," and a frequent guest host for Washington, DC's 105.9 WMAL Talk Radio.