Wall Street Adviser Marotta: US Headed For European-Style Slide

Friday, 27 Dec 2013 03:45 PM

By Bill Hoffmann

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The United States may soon follow in the footsteps of Europe and slide into a long-lasting economic slump, with the Affordable Care Act partly to blame, says David Marotta, a Wall Street adviser and president of Marotta Wealth Management.

"The general decline of the economy is probably not going to result in a precipitous crash," Marotta told "The Steve Malzberg Show" on Newsmax TV.

"It will probably result in a long-term decline like a European malaise."

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Marotta believes the healthcare law's shifting of more financial responsibility to young people to pay for older Americans who need more services is a substantial problem.

"To burden the youth with the aging boomers' healthcare is unfortunately driving a lot of despair into young people who supported this administration," he said.

"If you have a youth that's being burdened with taxes and is having a hard time getting a job, then you get the kind of social unrest that we've seen in Europe, in Greece, and in France and in other countries where the youth are just saying, look, we want something to be done."

He says unrest is already occurring in cities like Detroit, the former automobile capital of the world that recently declared bankruptcy.

"There's not a whole lot of civility [in Detroit] because there's not a whole lot of social services of what is essential for government to do to just keep everything in place," Marotta said.

He believes the nation must keep a close eye on "trickle-down taxation."

"When that tax hits a small business owner, they will put it on employees and they will put it on consumers because they can't just pay it themselves and continue to run their businesses," he said.

"And when you put it on employees and consumers, you end up not taxing the productive, necessarily, but you end up taxing the middle class and the lower class as well.

"Obamacare is certainly the worst legislation in the last 75 years. It was a bad idea, poorly implemented, and it is one of the factors that is supposed to make business better, that's really made business a lot worse."


See the “Steve Malzberg Show” on Newsmax TV each weekday live by clicking here now.

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