Steve Wynn: Deficit Spending and Obamacare “Degrading” American Paychecks

The last presidential debate has finally seemed to succeed in pushing economic issues past personal attacks and into the foreground of media discourse. In a Fox interview on Thursday, casino entrepreneur Steve Wynn took the opportunity to express how deficit spending and Obamacare are adding to the sense of “frustration, anger and confusion” currently felt within American culture and politics.

As a successful casino developer for many decades, Wynn has certainly experienced his share of the economic consequences from failed monetary policies, government regulation, and over-spending for his employees. The interview starts at 1:07.

Notable quotes from Steve Wynn

On government deficit spending:

“We take in $3.1 trillion and we spend $3.7 trillion. And that $600 billion deficit is at the rate of $50 billion a month. Our government is printing money and it’s degrading the paychecks and the living standard of every person in America. It’s the cause of so much frustration, anger, and confusion.”

On the presidential debates:

“I know that both Hillary and Donald could take a much more healthy bite at these problems if it weren’t for the nature of this campaign this year. I never thought I’d see anything quite like what we’re having this year. When I watch the debate, I’m like most Americans; I’m scratching my head a lot of times at the negative energy of both sides and wishing it were otherwise.”

On Nevada’s past presidential selections:

“We go both ways in this state. We have a tremendous Hispanic population. Nearly 20% of the voters … in Nevada are Latino, so that will play into it. The African American vote is about 5% in Nevada. This is a state with a lot of union employees. My own, for example, and the other resort hotels are highly unionized. We have working people here.”

On Obamacare:

“But I can tell you, after speaking to my 12 or 13,000 employees, that there is tremendous confusion and dissatisfaction with the cost of healthcare; all of my employees increased healthcare costs in spite of the fact the company picked up most of the increases, but yet they have the exact same policy that they had before. They paid more money but did not get more coverage. And I discussed that with Harry [Reid] and other people that would listen because we’ve been healthcare providers for over 45 years. When your prices go up and the product isn’t any better you sort of wonder whether you got a new deal or not.”

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!