One of the biggest bond traders in the country and a “big data” expert told Breitbart News Executive Chairman Stephen K. Bannon that the “nightmare” called Obamacare is going to destroy the Democrats in 2014.
Chriss Street posits that despite predicting a “shock on the upside” for economic growth of 3-4% for America, Obamacare is the most divisive issue in America since the Vietnam War and will destroy the Democrats. Appearing on Breitbart News Sunday on Sirius XM Patriot channel 125, Street said that so far only five million people have been negatively affected by the onerous new healthcare law. He added, “Wait until 270 million people spend a year of anxiety” living under Obamacare. Street pointed out that Obamacare has increased the average healthcare premium by 41% and is still running seriously “upside down” in paying for itself.
For Obamacare to be “actuarially sound,” Street explains that one will need to apply the 41% increase in cost, plus another 35% increase. Consequently, according to the Wall Street expert, Americans will voice their dissatisfaction at the polls in 2014, and it will be devastating for the Democrats.
Street also told Bannon that the “game changer” for increased growth for the American economy is fracking. Fracking has driven down the cost of energy in America to the point that Chinese manufacturers “can give away their labor” and still not be competitive with the U.S. manufacturers.
Bannon noted that fracking was something the Obama administration has “fought tooth and nail against” and that, ironically, it may be his salvation. Street disagreed because the deleterious effects of Obamacare on personal pocketbooks will trump anything positive about the economy.
When Bannon added that “fracking is a huge unreported story,” Street responded that fracking is actually driving down energy costs in the United States, so low that now manufacturing from overseas is no longer competitive. Street further asserted, “What we’re really talking about in industrial America is natural gas.”
According to Street, America needs to spend six trillion dollars to build a natural gas distribution system across the United States. He noted that 67% of the fracking opportunity is in the Monterey Shale in Northern California. “That natural gas is down about 4,000 feet, and it’s never been touched because of the cost, and fracking makes the cost competitive, and now California has just passed a fracking law,” he added. The good news, he continued, is that the “comparative costs of natural gas at the current price are $4 a cubic feet in the U.S., $10 in Europe, and $12 in China, and $17 in Japan. And our prices are going to go down.”