On Dec. 23, the Bureau of Economic Affairs (BEA) issued their revised GDP numbers for the 3rd quarter of 2014. And while the overall aggregate of consumer spending was down for most of the reporting period, one revision in particular helped skyrocket GDP to a massive 5% increase, and the most for a single quarter in a decade.
The revision which helped create last quarters incredible growth was the forced mandatory costs incurred by the American people from the Affordable Care Act (Obamacare), which accounted for two-thirds of the entire boost in consumer spending. Consumer spending, as opposed to the recording of revenues from actual production and industry which used to be the primary components of economic growth in America, on average accounts for more than 70% of the entire Gross Domestic Product. And if you took out payments made by the American people towards mandatory government healthcare, GDP may have been in negative growth for last quarter, just as an Obamacare revision changed the first quarter's number from a negative to plus 4%.
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Over the past six months, government Public Service Announcement's (PSA's) and media pundits have been pushing Americans to sign up and purchase Obamacare before the end of the year deadline. Using a myriad of messages, such as telling citizens they will be stuck paying massive fines for not registering for nationalized healthcare, many Americans used large portions of their discretionary spending and savings to pay for services and insurance that on average is much higher than what they paid for prior to Obamacare's passage in Congress.
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