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Tag Archive: Congressional Budget Office


CBO Triples Estimate Of Obamacare Work Force Cuts To 2.3 Million

CBO Labor Force

 

” Obamacare is now expected to take 2.3 million full-time workers out of the labor market through 2021 while insuring 2 million fewer Americans in 2014 than expected, the Congressional Budget Office said Tuesday.

  The overall result of Affordable Care Act regulation will be a 1.5 percent to 2 percent reduction in the numbers of hours worked between 2017 and 2024, the CBO concluded in its 2014 Budget and Economic Outlook.

  The updated numbers are nearly triple the 2011 estimate, which found that Obamacare would push just 800,000 people would leave the work force.”

 

The story continues at The Daily Caller 

 

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Forbes: White House Predicted in 2010 That 93 Million Would Lose Their Health Plans Under ObamaCare

 

 

” To counter accusations that the President lied when he repeatedly told Americans they can keep their health insurance plans if they liked them, the administration has claimed that he was referring to the millions of people covered by their employers.

An article from Forbes Thursday thoroughly refutes this claiming that Obama officials back in 2010 predicted that 93 million Americans would have their plans cancelled as a result of ObamaCare including a vast amount of those with employer-sponsored plans:

If you read the Affordable Care Act when it was passed, you knew that it was dishonest for President Obama to claim that “if you like your plan, you can keep your plan,” as he did—and continues to do—on countless occasions. And we now know that the administration knew this all along. It turns out that in an obscure report buried in a June 2010 edition of the Federal Register, administration officials predicted massive disruption of the private insurance market

“The Departments’ mid-range estimate is that 66 percent of small employer plans and 45 percent of large employer plans will relinquish their grandfather status by the end of 2013,” wrote the administration on page 34552. All in all, more than half of employer-sponsored plans will lose their “grandfather status” and get canceled. According to the Congressional Budget Office, 156 million Americans—more than half the population—was covered by employer-sponsored insurance in 2013.

 

What this means is that not only did Obama lie when he repeatedly told Americans that they can keep their plans if they like them, he also lied in Boston on Wednesday when he said he was referring to the majority of Americans covered by their employers. “

Illustration by Steve Kelley

 

 

 

 

 

They Screwed Up The Shutdown, But Republicans Are Right To Insist That Any Increased Borrowing Today Should Require Spending less In The Future

 

 

 

 

 

” Can anyone other than doctrinaire Democrats and members of his immediate family keep a straight face when President Barack Obama insists that he is “prepared to negotiate on anything” while simultaneously saying that “until we make sure that Congress allows Treasury to pay for things that Congress itself already authorized, we are not going to engage in a series of negotiations”?

Reining in the national debt is not an accounting fetish, especially when we’re talking about being in the hole to the tune of 100 percent of GDP when it comes both to debt held by the public and intra-governmental IOUs. Sustained and massive levels of debt foist obligations on future generations via future taxes and inflated currency; they also correlate with slower average economic growth. Indeed, even critics of the influential “debt overhang” thesis propounded by Carmen Reinhart, Kenneth Rogoff, and Vincent Reinhart grant that “the average real GDP growth rate for countries carrying a public-debt-to-GDP ratio of over 90 percent is…2.2 percent,” an amount actually below what Reinhart, Rogoff, and Reinhart found in a 2012 paper detailing debt’s correlation with reduced growth. Debt has a habit of spiraling out of control and thus “fragilizing systems,” as Nassim Taleb puts it. When an increasing amount of your income is going to pay down loans taken out by your dead grandparents for stuff that was gone before you were born, you’ve got less cash for your own future.

 

 

 

 

 

 

 

 

 

Beyond CBO’s Baseline Debt Projections

 

 

” The Congressional Budget Office (CBO) recently released updated projections of the United States’ long-term budget outlook that confirm that we’ll be drowning in debt over the next couple of decades. This chart examines CBO’s extended debt projections, which are estimates beyond the 10-year period covered by its regular baseline projections. This provides a more realistic picture of our fiscal outlook since it accounts for the harmful effects of debt on the economy, as well as lower levels of savings and revenue. 

Accounting for these long-run economic changes, or what CBO’s calls “economic feedback,” and more realistic assumptions regarding the continuation of certain fiscal policies set to expire, the federal debt held by the public under CBO’s alternative scenario would reach about 190 percent of GDP by 2038. Under the alternative scenario, debt reaches 100 percent of GDP in 2028—ten years earlier than the widely reported 2038 date under the extended baseline scenario.”

 

No need to go to Greece folks , Greece is coming here .

 

 

 

 

 

 

 

 

 

Paul’s Budget Kills Departments of Commerce, Education, Housing, and Energy

 

 

 

” Sen. Rand Paul (R-Ky.) today introduced a budget he says will balance the budget in five years with $2.3 trillion in tax cuts.

Paul’s “Platform to Revitalize America” brings spending below the historical average of 19.1 percent of GDP in the first year and spends $9.6 trillion less over the next 10 years based on the current Congressional Budget Office baseline. It achieves a $17 billion surplus in FY2018 and reforms entitlement programs — Medicare recipients, for example, would receive the same healthcare plan as members of Congress.

It replenishes $126 billion to the Defense Department stripped in sequestration and puts an annual cap on foreign aid at $5 billion. The plan also repeals ObamaCare and Dodd Frank.

Paul’s budget kills four government agencies: the departments of Commerce, Education, Housing and Urban Development, and Energy. It also privatizes the Transportation Security Administration.”

 

 

 

Congressional Report: Obamacare Leads to Skyrocketing Premiums, 200 Percent Possible

 

 

 

” An exhaustive study by three congressional committees delivers startling news about the dire effects of Obamacare: President Barack Obama’s signature legislation could increase health insurance premiums by over 200 percent and render insurance coverage unaffordable for millions of Americans.

Broadly, the new report declares that Obamacare “breaks its core promise” to make healthcare coverage affordable.

The report, “The Price of Obamacare’s Broken Promises,” was prepared by the House Committee on Energy and Commerce, Majority Staff; Senate Committee on Finance, Minority Staff; and Senate Committee on Health, Education, Labor and Pensions, Minority Staff.

“Studies and analyses from the Congressional Budget Office, independent actuaries, state insurance commissioners, health plans, benefit consultants, and others have reached the same conclusion: Obamacare will significantly increase premiums,” the congressional report states.

“Some estimates show some Americans facing startling premium increases of 203 percent because of the law.”

Illustration by Rick McKee

 

 

 

Video: Every Senate Budget Committee Democrat Votes ‘No’ on Balancing the Budget

 

 

 

” Their own plan doesn’t even come close to balancing, of course, and they’re not interested in other ideas to get there.  The first Republican amendment they torpedoed yesterday called for increasing federal spending at a clip of “only” 3.4 percent per year over the next decade, rather than the major acceleration that Democrats have advanced.  The second proposed making it more procedurally difficult to pass a budget that does not balance with ten years.  Watch as each Democrat-aligned committee member votes in lockstep against these provisions.  Make no mistake, they are explicitly rejecting a balanced federal budget (the roll call begins at the 1:15 mark):

 

 

 

 

As a point of fact, Johnson and Sessions are correct on these counts.  The Hill and other news organizations have confirmed that Democrats’ budget numbers registerat most $800 billion in deficit reductions over ten years, even setting aside its accelerated spending course.  Their exploitation of the unrealistic CBO baseline — which we explained yesterday — renders a number of their “cut” claims even more dubious.  Especially dishonest was Murray’s statement (not included the shortened version of the video), er, “in rebut” to Sessions’ amendment, in which she claimed that the new budget, plus previous savings, add up to the Simpson-Bowles recommended level of $4 trillion in deficit relief.  Between phony gimmicks and double-counting, she’s not even in the ballpark of $4 trillion, which is probably why Sessions felt compelled to use words like “lie” throughout the hearing.  I’ll leave you with liberal commentator Ezra Klein expressing…some skepticism over the Democrats’ first budgetary offering since 2009:

 

 

 

HT/Weasel Zippers

 

 

 

 

 

 

 

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Photo: 20,000 Pages of Obamacare Regulations

 

 

 

 

” Late last week, Obamacare regulators added more than 800 pages to an ever-growing document that will govern your healthcare.  The bureaucrats’ work product now prints out to 20,000 pages — nearly eight times the length of the infamous original bill:

That tower is already taller than Kobe Bryant (see update), and much of the law hasn’t even gone into effect yet.  According to the Government Accountability Office, Obamacare is projected to add $6.2 trillion to the nation’s long-term deficits, despite presidential assurances that it wouldn’t add a “single dime” to our red ink:

 

 

Not one dime , but 58 trillion dimes … Good grief 

 

 

See also :

 

Applying for benefits under President Barack Obama’s health care overhaul could be as daunting as doing your taxes.

 

 

 

And we wouldn’t want Fido to feel left out : 

 

Obamacare May Bite You At The Vet’s Office

 

 

 

The Effects Of Sequestration On Federal Spending

 

 

 

 

” While the sequester is widely advertised as cutting spending over a ten year period, there is no actual reduction in overall spending levels. Rather, the sequester slows the overall growth in spending slightly between 2013 and 2023, with spending increasing by $2.40 trillion during that time period. Spending grows 51 percent, or $1.81 trillion, with sequestration between 2013 and 2021, the period when automatic spending procedures are to be enforced.”

 

 

 

8 Things You Can Do to Pick Up the Slack of Sequestered Government

 

 

” So we’re a couple days into the sequester; how is everyone holding out? You may seem fine now, but let’s not underestimate the devastating effects of having marginally smaller government. In fact, to keep order in this country, maybe we can all pick up some of the slack of our 2% smaller government.”

 

THINGS YOU CAN DO TO HELP REPLACE GOVERNMENT

* If anyone needs something from you, make him wait in a line.

Visit IMAO for the other seven recommendations and be sure to check out the additional suggestions in the comments section .

CBO: TAX REVENUE HITS ALL-TIME HIGH

 

 

” While President Obama claimed repeatedly during both the fiscal cliff and the sequestration debate that America’s problem lay just as much on the tax revenue side as it did on the government spending side, new statistics show what a lie that is. According to the Congressional Budget Office, federal tax revenue will hit $2.7 trillion in 2013, the highest number ever.

Liberals will hang their hat on the fact that tax revenue totals 16.9 percent of GDP this year, as opposed to 18.5 percent in 2007, but that is because people earn less taxable income during recessions.”

 

 

 

 

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Breitbart – One Voice Silenced, Millions Awakened

 

 

 

CALLING THE LIAR ‘N THIEF’S BLUFF: RAND PAUL RIDES TO THE FIGHT!
” Introduces a New Sequester Bill– Read it here. He will prove that Oblamer is all “show” and no “go”…The list is simple, uncomplicated and easy to absorb, even for the liberals and Marxists.
From the article, linked below:
Not only is Senator Rand Paul (R., Ky.) calling out the Obama administration’s “dishonest” doom-mongering on the sequester, he also put forward his own plan, released today, to replace the impending cuts with alternative savings, and to do so “without layoffs,” according to a release from the senator’s office.
Paul’s bill would reduce federal spending by more than $85 billion annually by directing the government to:
Stop Hiring New Federal Employees ($6.5 billion per year)More than 60,000 people left the federal workforce in 2011. This provision would end the practice of hiring new employees to replace them.
Bring Federal-Employee Pay in Line with Private Jobs ($32 billion per year)The Congressional Budget Office estimates that federal-employee compensation is 16 percent higher compared with the private sector. This provision would reduce federal salaries to a more commensurate level.
Reduce Federal-Employee Travel by 25 Percent ($2.25 billion per year)The federal government spends about $9 billion on travel, according to the General Services Administration, which ironically was the center of a recent scandal for its exorbitant spending on travel and conference costs. Paul bill’s would rein in such expenses.
Focus Military Research on Military Needs ($6 billion per year)Paul’s office cites research from Senator Tom Coburn (R., Okla.), which found that the Defense Department spent $6 billion on research that had little or nothing to do with military needs.
Require Competitive Bidding for Government Contracts ($19 billion per year)This provision would repeal prevailing-wage requirements under which employees are often paid higher wages to work on federal projects, and end the practice of awarding federal contracts without a competitive bidding process to ensure the government is contracting work at the lowest price possible.
Cut 50 Percent of Foreign Aid ($20 billion per year)It is consistently one of the only portions of the budget Americans actually want to cut.”
http://www.nationalreview.com/corner/341366/rand-paul-introduces-sequester-bill-andrew-stiles

Shocker: Universal Orlando To Drop Part Time Health Coverage Because of ObamaCare

 

 

 

” President Obama confidently stated in 2009, “If you like your health care plan, you can keep your health care plan,” …unless you are one of the 7 million people the non-partisan Congressional Budget Office is estimating that will lose their employment based health insurance. Fail.

Need some more concrete evidence? Check this out:

Universal Orlando plans to stop offering medical insurance to part-time employees beginning next year, a move the resort says has been forced by the federal government’s health-care overhaul.”

CBO Director on How Absolutely Gigantic The Deficit Will Be Over the Next Decade

 

CBO 7Trillion Deficit

 

 

 

” What’s that Liberals? You don’t want to let some Republican politician tell you how bad the budget looks? Okay, then let the non-partisan Congressional Budget Office Director tell you.”

 

Seven TRILLION dollars in additional debt over the next decade !

Food Stamp Rolls in America Now Surpass the Population of Spain

 

 

 

” Since taking office in 2009, food stamp rolls under President Barack Obama have risen to more than 47 million people in America, exceeding the population of Spain.

When Obama entered office in January 2009 there were 31,939,110Americans receiving food stamps.  As of November 2012—the most recent data available—there were 47,692,896 Americans enrolled, an increase of 49.3 percent.

Furthermore, between January 2009 and November 2012 the food stamp program added approximately an average 11,269 recipients per day.”

 

 

See Also …

 

Food Stamp Nation – WSJ.com

USA becomes Food Stamp Nation but is it sustainable? | Reuters

Food Stamp Nation – FrontPage Magazine —

 

   The above links date from the past few months as each month brings a new record in the percentage of families newly dependent on government handouts . The ZeroHedge link below is from yesterday and is offered as a companion piece to the featured story .

 

 

Households On Foodstamps Rise To New Record

 

” While hardly presented by the mainstream media with the same panache dedicated to the monthly ARIMA-X-12 seasonally-adjusted, climate-affected, goal-seek devised non-farm payroll data, the three month delayed Foodstamp number is according to many a far greater attestation to the “effectiveness” of the Obama administration to turn the economy around.

 

Here is the “money” quote , pun intended … 

 

” The cost to the government to keep these 23 million households content and not rising up? $281.21 per month per household.”

 

    Well , you say , it’s a mere $281 a month , which was our initial thought as well but if you do the math , the number , constantly on the rise mind you , is significant . We’ll save you the trouble of digging your cell phone out of your pocket to get to your calculator app and tell you that $281.21 times 23,000,000 households adds up to a whopping $6,467,830,000 per month in SNAP payments alone . That’s right … nearly six and one half BILLION dollars per month in benefits .

   Here is a page directly from the Congressional Budget Office with projections for the next ten years . Note that they show a peak enrollment in 2014 with a steady downward trend from then to 2022 thus reducing benefit outlays( theoretically) , yet administrative costs never falter on their journey skyward . Why is that ?

 

 

SNAP Costs:Enrollment

Click The Graphic For The Full Sized PDF At The CBO

 

 

 

   The page below corroborates the endless upward growth in administrative costs of the SNAP program in somewhat greater detail .

 

 

 

SNAP Admin Costs CBO Projections

Click The Graphic For The Full Sized PDF At The CBO

 

 

 

 

With ‘Deals’ Like Fiscal Cliff, Who Needs Societal Collapse?

 

 

 

 

” No epiphanies in Washington: the Congressional Budget Office estimates that the latest triumphant deal includes $2 billion of cuts for fiscal year 2013. Wow! That’s what the government of the United States borrows every 10 hours and 38 minutes. Spending two months negotiating 10 hours of savings is like driving to a supermarket three states away to save a nickel on your grocery bill.

A space alien on Planet Zongo whose cable package includes “Meet The Press” could watch 10 minutes of these pseudo-cliffhangers and figure out how they always end, every time: Spending goes up, and the revenue gap widens.

This latest painstakingly negotiated bipartisan deal to restore fiscal responsibility actually includes a third of a trillion dollars in new spending. A third of a trillion! $330,000,000,000! Fancy that! In most countries, a third of a trillion would be a lot of money. But in the U.S. it’s chump change so footling it’s barely mentioned in the news reports “

 

 

 

Illustration By Eric Allie