* 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 Our Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related