Keep an eye on consumer confidence now that President Obama has shattered what remained of the trust people could place in him. The cure all end all Obamacare was to be the panacea to rising health care costs, provide lower premiums, allow you to keep your plan, and keep your doctor all proved to be false.
People don’t run out and make a major purchase like a home when they have had their confidence in the leadership of their nation shaken, because it carries over into the “What else is government lying about?” category. My job? Unemployment? Inflation? Recovery?
With five million self insured already having their policies cancelled and another nine million coming President Obama took to the stage and used the magic wand, provided by the ACA legislation giving him unprecedented flexibility for implementation, attempted to make good on his false promises. It went over as well as a wife catching a cheating husband who claims he won’t do it again.
Continuing to make the claim from the podium Thursday that this only impacts 5% of the population when his very own administration reported in the National Registry in July of 2010 that 45% of big business, and 65% of small business employer paid plans would be cancelled too, represents either another lie or gross incompetence. Or perhaps as with Benghazi, stark indifference.
While the nation’s attention is consumed with this abject disaster called Obamacare, other departments of Obama’s leviathan government are preparing to hammer the private sector with more costs and further job losses.
The Tennessee Valley Authority just announced the shuttering of eight more coal fired power plants leading to more job losses at plants and mines, and driving up electric costs as supply is driven lower. Beyond those directly impacted with total loss of income, customers, both business and individual, will see higher prices lowering their disposable incomes. An essential element to a healthy housing market.
The Dodd Frank monster child, the Consumer Financial Protection Bureau is implementing new strict home purchase rules. This in a growth economy would hardly be noticed, but in this weak economy may have a bigger impact than intended by leviathans child.
In an email from a mortgage lender this week was this editorial note: “Qualifying for mortgages is still a challenge. And more regulations set to take effect after the first of the year are certain to cause more expense, add to time, and confusing paperwork to getting a loan. Another unintended regressive tax?”