Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24
How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - 17th Feb 24
Why Rising Shipping Costs Won't Cause Inflation - 17th Feb 24
Intensive 6 Week Stock Market Elliott Wave Training Course - 17th Feb 24
INFLATION and the Stock Market Trend - 17th Feb 24
GameStop (GME): 88% Shellacking Yet No Lesson Learned - 17th Feb 24
Nick Millican Explains Real Estate Investment in a Changing World - 17th Feb 24
US Stock Market Addicted to Deficit Spending - 7th Feb 24
Stocks Bull Market Commands It All For Now - 7th Feb 24
Financial Markets Narrative Nonsense - 7th Feb 24
Gold Price Long-Term Outlook Could Not Look Better - 7th Feb 24
Stock Market QE4EVER - 7th Feb 24
Learn How to Accumulate and Distribute (Trim) Stock Positions to Maximise Profits - Investing 101 - 5th Feb 24
US Exponential Budget Deficit - 5th Feb 24
Gold Tipping Points That Investors Shouldn’t Miss - 5th Feb 24
Banking Crisis Quietly Brewing - 5th Feb 24
Stock Market Major Market lows by Calendar Month - 4th Feb 24
Gold Price’s Rally is Normal, but Is It Really Bullish? - 4th Feb 24
More Problems in US Regional Banking System: Where There's Fire There's Smoke - 4th Feb 24
New Hints of US Election Year Market Interventions & Turmoil - 4th Feb 24
Watch Consumer Spending to Know When the Fed Will Cut Interest Rates - 4th Feb 24
STOCK MARKET DISCOUNTING EVENTS BIG PICTURE - 31st Jan 24
Blue Skies Ahead As Stock Market Is Expected To Continue Much Higher - 31st Jan 24
What the Stock Market "Fear Index" VIX May Be Signaling - 31st Jan 24
Stock Market Trend Forecast Review - 31st Jan 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

GOP Leadership Betrays Trump Voters on Obamacare & Debt

Politics / US Politics Jul 25, 2017 - 12:51 PM GMT

By: MoneyMetals

Politics

The single-digit approval rating of Congress means precious few people still expect much from the politicians running Washington DC.

Expectations should now ratchet even lower as representatives once again demonstrate just how far their words are from their deeds.

We’ll start with healthcare. The U.S. Senate failed in yet another effort to repeal and replace Obamacare. The prospects for reform any time soon are approaching zero.


Voters opposed to the skyrocketing premiums, the ballooning federal expenditures and the huge expansion in government control associated with the Affordable Care Act are bewildered.

The program is an obvious train wreck. Republicans in Congress spent years telling everyone willing to listen that repeal was a top priority. Donald Trump was elected, in part, because of his promise to kill Obamacare.

Based on the rhetoric, Obamacare should have been dead a month after Trump took office. Now it looks like President Trump may throw in the towel and simply let the program collapse under its own weight.

"I think we're probably in that position where we'll let Obamacare fail. We're not going to own it. I'm not going to own it. I can tell you, the Republicans are not going to own it,” he said.

We can’t agree with that last bit. Republicans are definitely responsible for their broken promises to voters. It certainly isn’t the first time limited government advocates have been betrayed by Republican leadership.

But it is among the most blatant.

Meanwhile, Mitch McConnell and the rest of the RINOs in charge are getting ready to fold on another high-profile issue.

Sen. McConnell is leading the push for another massive hike in the $19.8 trillion debt ceiling.

Voters will get another lesson on political deceit as Republicans, who howled in outrage under Democratic control, reveal they, too, support unlimited federal borrowing.

McConnell said he would like to hike the debt ceiling before the August recess. When pressed on whether they would seek to tie any increase in the borrowing limit to spending cuts, he was ambivalent. "We'll see, but the debt ceiling must be raised," he told reporters.

Trump is going to need a lot more cooperation from Congress to deliver other key items from his agenda. Tax reform, for example, looks to be another uphill battle unless Trump finds a way to hold the Republican leadership accountable.

In any event, it is not hard to see why the value of the Federal Reserve Note is suffering. The full faith and credit of the U.S. government is the only thing backing our currency. It has been a long time since Congress did anything to inspire confidence.

By Clint Siegner

MoneyMetals.com

Clint Siegner is a Director at Money Metals Exchange, perhaps the nation's fastest-growing dealer of low-premium precious metals coins, rounds, and bars. Siegner, a graduate of Linfield College in Oregon, puts his experience in business management along with his passion for personal liberty, limited government, and honest money into the development of Money Metals' brand and reach. This includes writing extensively on the bullion markets and their intersection with policy and world affairs.

© 2017 Clint Siegner - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in