Yesterday The Washington Free Beacon reported:
The International Monetary Fund downgraded the economic growth outlook for the United States to 1.6 percent in 2016, which is the largest one-year drop seen for an advanced economy, according to the Fund’s World Economic Outlook report.
The report states that the United States grew at a rate of 2.6 percent in 2015 and is projected to slow to 1.6 percent in 2016, a decline of 38 percent.
The article further reports:
Weaker-than-expected growth in the United States is one of the reasons why the International Monetary Fund cut its global growth projections. The group projected that global growth would slow to 3.1 percent in 2016 after growing 3.2 percent in 2015, citing the U.S. growth forecast as well as the Brexit vote.
“Economic growth in recent years has fallen short of expectations in both advanced and emerging market economies,” the report says. “As the world economy moves further away from the global financial crisis, the factors affecting global economic performance are becoming more complex. They reflect a combination of global forces—demographic trends, a persistent decline in productivity growth, the adjustment to lower commodity prices—and shocks driven by domestic and regional factors.”
Let’s look at how government policy can impact economic growth. The first problem is over-regulation. That is a problem in all industries, but in particular in the energy sector. How many coal mines, coal companies, or coal-powered electric plants has the Obama Administration put out of business? What happens to the cost of electricity for the average family as cheaper methods of generating electricity are shut down? As the cost of electricity rises, how does that impact the disposable income of Americans and the willingness of companies to do business here. Let’s also look at the healthcare industry. ObamaCare is dying a slow, painful death. Insurance premiums for some Americans are rising rapidly, and the government is fining other Americans who can’t afford health insurance. Meanwhile, some of the reimbursement rates are so low, some doctors are refusing certain patients.
What impact has the Obama Administration had on the cost of doing business in America? Will those policies change under Hillary Clinton? This may be an ‘if you like your job, you can keep it’ moment in America. Your vote may actually determine whether or not you are gainfully employed after January.