ECO 200 Lecture Notes - Lecture 14: Crony Capitalism, Currency Intervention, Patient Protection And Affordable Care Act
Document Summary
Average gdp growth rate 2%, never had growth above 3% Middle class disappearing, globalization, automation / manufacturing jobs lost. Tax hikes: capital gains and dividend taxes up. Obamacare: individual mandate, higher taxes, higher cost to firm, health care exchanges are government run healthcare, job killer from 2013 to 2017 health insurance premiums doubled. Obama g up american recovery and reinvestment act : crony capitalism, billions of dollars to left wing interest groups , invested in electric car companies that went bankrupt. 1 % of the money went to shovel ready infrastructure. Debt increased from trillion to trillion. The unemployment rate fell during the obama years but much of that was due to discouraged workers dropping out of the labor force. The new jobs were not good paying jobs. Obama failed to get americans off welfare into work. The benefits for not working were raised and the cost of working, investing and operating a business rose.
