On March 23, 2010, the Patient Protection and Affordable Care Act was signed into law by President Obama. Since then, opponents have devoted incredible time, energy, and resources to challenge the law in the courts, in the halls of Congress, and in the court of public opinion.
All of this comes at a time when the U.S. economy is as fragile as it has been since the 1940s and when fiscal policy matters more to the lives of everyday Americans and businesses than it has in a generation. But instead of providing much needed support to the economic recovery, the political powers that be have pushed the fiscal situation beyond the cliff.
According to Motley Fool contributor Jay Jenkins, without the support of pro growth fiscal policy -- or any fiscal policy at all now that the government has shut down -- the economy is now relying solely on monetary policy for support, making the Federal Reserve the most powerful body in the world.
In the video below, Jay explains the current situation, tracing how the gridlock over Obamacare has left the Federal Reserve standing alone, the only remaining ally for a sustained recovery into 2014.
The U.S. government has piled on more than $10 trillion of new debt since 2000. Annual deficits topped $1 trillion after the financial crisis. Millions of Americans have asked: What the heck is going on? The Motley Fool's new free report, "Everything You Need to Know About the National Debt," walks you through with step-by-step explanations about how the government spends your money, where it gets tax revenue from, the future of spending, and what a $16 trillion debt means for our future. Click here to read the full report!