Loading ...*From The King Report last night…
Due to ObamaCare, healthcare spending surged 20.7% q/q in Q3. This generated a 5% jump in Q3 GDP.
Most pundits, economists and financial media types ignored the unpleasant and contradictory facts in the GDP report – namely the declines in disposable income and corporate profits.
Personal Consumption increased to 3.2% q/q from 2.2% due to ObamaCare. This contributed 2.21 percentage points to the 4.96% GDP reading.
Healthcare spending increased 36.1% q/q in Q1, 17.5% in Q2 and 20.7% in Q3. Without ObamaCare, US GDP would be much lower. http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
Also contributing to GDP growth is the new ‘intellectual property’ metric, which was added this year to boost anemic GDP growth. Also, do not underestimate the impact of campaign spending on GDP in Q3.