Why TrumpCare Won’t Work, Either – Ep. 233

The Peter Schiff Show Podcast

It looks like the Republicans on Capitol Hill, with the blessing of Donald Trump, are trying to repeal one big healthcare program and replace it with another big government entitlement They're calling it TrumpCare First they were calling it ObamaCare Lght, but now they're embracing the term, "TrumpCare" Whatever it is, it is not going to work It's just going to be another disaster wrapped up in a different package But before I get into explaining this, I want to talk a little bit about the GDP numbers and the Atlanta Fed In my last podcast, I mentioned that even though the Fed was getting closer to the point at which it was going to raise interest rates again Even though it was talking tough on raising rates, the GDP estimates were collapsing Well, they collapsed again today Now the same Atlanta Fed that was at 1.8% for Q1 GDP is now at 1.3% as of today When we began the month of February - February 1st - they were looking for 3.4% GDP for the first quarter If you go back and listen to my podcast, at the time I recorded it I said, they're kidding. They've got to be crazy - there's no way we're going to get 3.4% They're going to have to come down, and that's all they've done And now we're at 1.3% and falling Now maybe part of that is because we got the worst trade deficit today in 5 years Although, I think the numbers were highly anticipated so I don't know why that would have come as a surprise And we got Consumer Credit for December and it was a huge drop in the increase of credit card debt Meaning that consumers took on a lot less credit card debt than Wall Street expected Now that's a good thing I don't like it when Americans go deeper into debt to buy stuff You've got a bubble economy that's 7%, people buying stuff they can't afford And when they finally stop going deeper into debt you've got a problem If that's where you're getting your GDP