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Keyword: cbo

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  • CBO: Feds Taxing More, Spending More, Running Bigger Deficit in 2015

    04/14/2015 12:04:58 AM PDT · by Olog-hai · 2 replies
    Cybercast News Service ^ | April 13, 2015 - 1:21 PM | Terence P. Jeffrey
    The federal government taxed away more money, spent more money and ran a bigger deficit in the first half of fiscal 2015 than it did in the first half of fiscal 2014, according to the Congressional Budget Office. “The federal government ran a budget deficit of $430 billion for the first half of fiscal year 2015, CBO estimates—$17 billion more than the shortfall recorded in the same span last year,” the CBO said in its Monthly Budget Review for March 2015, which was published April 8. “Both revenues and outlays were about 7 percent higher than the amounts recorded in...
  • Obama amnesty would actually save Feds $7.5 billion: CBO study

    01/30/2015 1:45:57 PM PST · by SeekAndFind · 67 replies
    Washington Times ^ | 01/30/2015 | By Stephen Dinan
    Halting President Obama’s deportation amnesty will end up hurting Uncle Sam’s bottom line, the Congressional Budget Office said Thursday in a new report that is bound to cause more problems for Republicans trying to block the White House’s executive action. While keeping illegal immigrants in the shadows would save the government billions on spending, it would also mean billions in taxes that never get paid, leaving the federal budget a total of $7.5 billion worse over the next decade than it would be if Mr. Obama’s amnesties take effect as scheduled, the CBO said. House Republicans have passed a bill...
  • 10 times more Americans than estimated will lose employer-based health insurance under Obamacare

    01/28/2015 6:29:56 AM PST · by SeekAndFind · 13 replies
    American Thinker ^ | 01/28/2015 | Rick Moran
    The latest data on Obamacare analyzed by the Congressional Budget Office shows that 10 million Americans are likely to lose their employer-based insurance by 2021 as companies dump their workers onto the Obamacare exchanges. That's 10 times the number originally projected by the CBO. About 1 of every 16 workers will be affected. The latest CBO report has not garnered a lot of attention, even though it contains the modestly good news that Obamacare is not costing as much as the CBO thought it would in 2010. That said, another reason the left and the administration may not be touting...
  • Obamacare program costs $50,000 in taxpayer money for every American who gets health insurance

    01/27/2015 1:09:35 PM PST · by SeekAndFind · 32 replies
    Daily Mail ^ | 01/27/2015 | By DAVID MARTOSKO, US POLITICAL EDITOR
    * Stunning figure comes from Congressional Budget Office report that revised cost estimates for the next 10 years * Government will spend $1.993 TRILLION over a decade and take in $643 BILLION in new taxes, penalties and fees related to Obamacare * The $1.35 trillion net cost will result in 'between 24 million and 27 million' fewer Americans being uninsured – a $50,000 price tag per person at best * The law will still leave 'between 29 million and 31 million' nonelderly Americans without medical insurance * Numbers assume Obamacare insurance exchange enrollment will double between now and 2025 It...
  • Obamacare program costs $50,000 in taxpayer money for every American who gets health insurance...

    01/26/2015 3:17:28 PM PST · by Libloather · 14 replies
    Daily Mail ^ | 1/26/15 | David Martosko
    Obamacare program costs $50,000 in taxpayer money for every American who gets health insurance, says bombshell budget report It will cost the federal government – taxpayers, that is – $50,000 for every person who gets health insurance under the Obamacare law, the Congressional Budget Office revealed on Monday. The number comes from figures buried in a 15-page section of the nonpartisan organization's new ten-year budget outlook. The best-case scenario described by the CBO would result in 'between 24 million and 27 million' fewer Americans being uninsured in 2025, compared to the year before the Affordable Care Act took effect. Pulling...
  • CBO: Deficits To Explode As Obama Leaves Office

    01/26/2015 2:40:13 PM PST · by jazusamo · 42 replies
    Townhall.com ^ | January 26, 2015 | Conn Carroll
    Federal deficits may have been falling since the end of the recent recession, but thanks to spending increases in major health care programs, including Obamacare, deficits are set to explode in 2017, according to a new report by the Congressional Budget Office. Thanks to the recent recession and President Obama's trillion dollar stimulus, the federal budget deficit reached an all time $1.4 trillion high in 2009. Then, as the economy slowly improved and Obama's stimulus trickled to end, the deficit began to fall. According to the CBO, the deficit will continue to fall to $467 billion in 2016. Immediately...
  • CBO: Saving Unborn Babies From Abortion Will Increase the Budget Deficit

    01/20/2015 6:39:17 PM PST · by Morgana · 29 replies
    blaze.com ^ | Jan. 20, 2015 | Pete Kasperowicz
    The Congressional Budget Office says legislation the House will pass this week to ban abortions after 20 weeks of pregnancy would lead to an increase in the budget deficit of at least $235 million over the next decade, and perhaps as much as half a billion dollars. The CBO released a report Tuesday for the Pain-Capable Unborn Child Protection Act, H.R. 36, which the House will consider on Thursday. That bill aims to ban abortions after 20 weeks, and is based on evidence that a fetus can feel pain once it reaches that age. CBO’s report assumes that if the...
  • Why the Left is Hyperventilating Over Dynamic Scoring

    01/14/2015 5:51:13 AM PST · by lifeofgrace · 7 replies
    Charting Course ^ | 1/14/2015 | Steve Berman
    The Left is so used to controlling information that they believe it to be their birthright.  For nearly 100 years, they’ve assumed the mantle of impartiality simply to cover their own failed policy aspirations.  Now they are all going bat-guano crazy because the Republican majority in Congress wants to make a small dent in the gleaming fact-fogging machine the Left has built, by directing the Congressional Budget Office to use “dynamic scoring”.  Yawn. A quick explanation:  if you raise or lower taxes, what will be the effect on consumer and business behavior?  Will businesses hire more and produce more if...
  • $1.9 trillion: The cost of government regulation in 2015

    01/13/2015 8:00:27 PM PST · by SeekAndFind · 2 replies
    Hotair ^ | 01/13/2015 | Kevin Glass
    President Obama hasn’t given much credence to the idea that America is suffering from overregulation, and his policies have proven that. Late last year, he debuted a new EPA rule that has been called “the most expensive regulation ever.” “Economically significant” regulations have exploded in the Obama era. The Competitive Enterprise Institute’s Wayne Crews has done exhaustive work cataloging regulation in America, and his new report on regulation for 2015, Tip of the Costberg, is an eye-opener.Crews estimates that regulation will cost the American economy $1.882 trillion in 2015. This is a staggering figure and, as you might have...
  • All of #GruberGate, Explained in 2 minutes

    11/18/2014 4:47:57 PM PST · by Cincinatus' Wife · 6 replies
    Red State ^ | November 18, 2014 | Leon H. Wolf (Diary)
    Our own Ben Howe made this video for the folks at American Commitment that explains the entire #GruberGate kerfuffle in 2 minutes. The video is damning and really explains what ought to be page A1 material on every newspaper in the whole country. Check it out:
  • Republicans Should Respond To GruberGate By Cleaning House At CBO

    11/19/2014 8:57:53 AM PST · by PROCON · 10 replies
    thefederalist.com ^ | Nov. 19, 2014 | Ben Domenech
    What a week this has been for Jonathan Gruber, as a deluge of videos have illustrated his many varied public comments on the deceptions of Obamacare. Here’s an excellent supercut from Phil Kerpen of the various comments from political supporters of Obamacare denying Gruber’s existence and relevance to the creation of Obamacare.----------- ----------Even as a handful of officials admit Gruber’s critical role in creating Obamacare’s framework and more, some on the left are still trying to deny his various manic and stupefying statements admitting his role in creating the legislation’s smoke and mirrors structure. It’s hard for this role to...
  • Academic Built Case for Mandate in Health Care Law (yes, mo' Gruber)

    11/18/2014 8:27:40 AM PST · by Riflema · 10 replies
    New York Times ^ | 3/18/12 | Catherine Rampell
    ..."He also serves on the Massachusetts board that oversees the state’s new health care exchanges. Along with these credentials, Mr. Gruber’s position as an adviser to the influential Congressional Budget Office also left him perfectly positioned to advise the White House on health reform. “The most important arbiter of everything was the C.B.O.,” said Neera Tanden, who was a senior adviser for health reform at the Department of Health and Human Services. ...
  • The CBO Effectively Used Gruber’s Model to Score Obamacare

    11/16/2014 9:58:00 AM PST · by Cincinatus' Wife · 37 replies
    Weekley Standard ^ | November 16, 2014 | JEFFREY H. ANDERSON
    Two well-placed sources on Capitol Hill say that the Congressional Budget Office effectively used Jonathan Gruber’s model to score Obamacare. That model favors government mandates over market competition and claims that essentially the only way to achieve a large reduction in the number of uninsured Americans is to impose an Obamacare-like individual mandate. Moreover, because the model that the CBO used in scoring Obamacare is the same one it uses today, any alternative to Obamacare that doesn’t include an individual mandate — which is to say, any conservative alternative — would be scored by the CBO as falling well short,...
  • Does Consulting Contract Explain Gruber’s False Claims About Senate Health Bill?

    01/11/2010 11:11:16 AM PST · by TexasCajun · 1 replies · 337+ views
    FireDogLake Blog ^ | January 8, 2010 8:12 am | Jon Walker
    MIT economist Jonathan Gruber has, for a long time, been the go-to guy for people who want to defend the Senate bill. (Today Sen. John Kerry has an article on the Huffington Post defending the excise tax in which he quotes only one economist, Jonathan Gruber.) Gruber does not just support the Senate bill, he defends the bill by making completely ridiculous, over-the-top claims about the bill, which border dangerously close to outright lies. For months, I have wondered why Gruber was committing what I considered economic malpractice with his untruthful statements. I previously thought that he was just a...
  • Obamacare architect blasted for ‘deliberate deception’

    11/11/2014 11:49:29 AM PST · by jonatron · 54 replies
    Boston Herald ^ | 11/11/2014 | Richard Weir
    “This bill was written in a tortured way to make sure CBO (Congressional Budget Office) did not score the mandate as taxes. If CBO scored the mandate as taxes, the bill dies. … So it’s written to do that,” Gruber said, suggesting “it would not have passed” if the law “made it explicit” that healthy people would “pay in” and the sick would get money. “Lack of transparency is a huge political advantage,” Gruber continued. “Call it the stupidity of the American voter or whatever, but basically that was really, really critical to get the thing to pass. I wish...
  • BAUCUS: CBO Claims of Lower Premiums Came from Gruber [2009 FLASHBACK]

    11/12/2014 3:54:09 AM PST · by Oldeconomybuyer · 26 replies
    C-SPAN ^ | December 9, 2009 | Sen. Max Baucus
    In addition to CBO, MIT's Jon Gruber has also done a study on premiums. And what does he conclude? He concludes, using Congressional Budget Office data, the Senate bill could mean people purchasing individual insurance would save every year $200 for single coverage and $500 for family coverage in 2009 dollars. Most people think he is one of the best outside experts. He has big computer models. He takes the CBO data and, in some respects, he has helped CBO by giving some information to CBO that it otherwise does not have. Mr. Gruber also points out that people with...
  • Jeanne Shaheen's Dishonest Claim That Obamacare Doesn't Cut Medicare

    11/13/2014 6:07:10 AM PST · by KeyLargo · 1 replies
    Forbes ^ | 10/22/2014 | Avik Roy
    Healthcare, Fiscal, and Tax 10/22/2014 Jeanne Shaheen's Dishonest Claim That Obamacare Doesn't Cut Medicare Avik Roy In last night’s U.S. Senate debate in New Hampshire between incumbent Jeanne Shaheen (D.) and challenger Scott Brown (R.), Shaheen uttered a flat-out, bald-faced lie: that Obamacare doesn’t cut Medicare spending to pay for its expansion of coverage to the uninsured. It’s a talking point that a number of Democratic Senate candidates—and their enablers in the lefty blogosphere—have been clinging to. And it’s embarrassingly dishonest. “I want to go back to Scott Brown’s suggestion that we’ve taken three-quarters of a trillion dollars out of...
  • The CBO has not actually scored ObamaCare’s deficit impact since 2012

    10/18/2014 1:23:04 PM PDT · by Sean_Anthony · 2 replies
    Canada Free Press ^ | 10/18/17 | Alan Joel
    ObamaCare is now projected to get $262 billion less in (non-coverage-related) revenue Hats off to The Weekly Standard for delving into the question of ObamaCare costs. The Senate Budget Committee (SBC) took the time to analyze the Congressional Budget Office (CBO) projections related to ObamaCare and this is what they found: **“The Congressional Budget Office (CBO) has not actually scored the deficit impact of ObamaCare since the summer of 2012”.
  • CBO: Cost of Obamacare Subsidy Will Increase 8-Fold in 10 Years

    09/15/2014 7:59:55 PM PDT · by Nachum · 20 replies
    cns news ^ | 9/15/14 | Terence P. Jeffrey
    (CNSNews.com) - The cost of the Obamacare subsidy that the U.S. Treasury will pay on behalf of people who earn under 400 percent of the federal poverty level and who buy a government-approved health-care plan on a government-run health-insurance exchange will increase by approximately 8-fold in its first ten years of operation, according to the latest budget estimate from the Congressional Budget Office. Medicaid spending will double in the first ten years of full implementation of Obamacare, according to the CBO estimates.
  • CBO revises estimate, warns U.S. economic growth will underwhelm in 2014

    08/27/2014 1:35:40 PM PDT · by SeekAndFind · 25 replies
    Hotair ^ | 08/27/2014 | Noah Rothman
    The Congressional Budget Office released a bit of a good news/bad news report on Wednesday regarding the state of the U.S. economy and federal budget. In the bad news column, CBO projected 2014’s GDP growth at just 1.5 percent. The report blamed this revision on “the surprising economic weakness in the first half of the year.” In early June, the International Monetary Fund projected the United States to grow by just 2 percent this year, revising its own estimate down from a previously anticipated 2.7 percent GDP expansion. This report is not likely to be warmly greeted by the...
  • National debt has doubled since financial crisis: Congressional Budget Office

    08/27/2014 9:24:30 AM PDT · by SeekAndFind · 11 replies
    Washington Examiner ^ | 08/27/2014 | BY JOSEPH LAWLER
    The federal debt this year will be double what it was before the financial crisis, Congress’ official budget scorekeeper projected Wednesday morning. The debt is on pace to reach 74 percent of the country’s economic output by the end of the year, double what it was in 2007 and the highest percentage since 1950, according to the Congressional Budget Office. In its update to its projections for the budget and economy, the agency slightly upped its estimate for the 2014 deficit, which it now expects to total $506 billion, a $170 billion decline from 2013. The federal debt this year...
  • CBO forecasts $506 billion budget deficit for 2014 (1.5% GDP)

    08/27/2014 7:41:15 AM PDT · by Oldeconomybuyer · 10 replies
    Market Watch ^ | August 27, 2014 | By Robert Schroeder
    The Congressional Budget Office on Wednesday raised its estimate of the federal government’s budget deficit for the current fiscal year as it slashed its growth forecast, and warned red ink was due to rise in coming years if Washington doesn’t change current laws. In an update of budget and economic projections for 2014 to 2024, the nonpartisan CBO said the U.S. government’s deficit for fiscal 2014 will be $506 billion, or 2.9% of gross domestic product. The new estimate is $14 billion more than the agency’s prior estimate for the year, issued in April. The agency lowered its projection of...
  • No Taxing Our Way Out of Looming Health Spending Crisis

    07/21/2014 10:55:41 AM PDT · by Kaslin · 5 replies
    Townhall.com ^ | July 21, 2014 | Mallory Carr
    The fiscal train wreck that Obamacare and other health care entitlements will inevitably cause is quickly approaching—and no amount of tax increases can save us from the crash. Although the “Eat the Rich” and “Tax the one percent” way of thinking is currently in vogue, these catchy sound-bites remain nothing more than pithy slogans. Not only can the “rich” not pay it off, but if Congress does not act, the rich, the middle class, and the poor together will not be able to cover the tab. Making matters worse, taxes are scheduled to increase significantly on earners in all income...
  • CBO projects massive deficits in coming years

    07/16/2014 7:22:52 AM PDT · by SeekAndFind · 14 replies
    American Thinker ^ | 07/16/2014 | Rick Moran
    The Congressional Budget Office has looked into its crystal ball and sees the deficit getting much worse in a few years, rising to 106% of GDP by 2039.The Obama administration has been celebrating a reduction in the budget deficit to $583 billion dollars for this fiscal year. I suppose that's better than trillion dollar deficits but I see no cause for triumphalism, especially when you consider the government is taking in a record amount of revenue. But CBO says that deficit reduction won't last and that we can expect rising deficits to begin again in a few years. Politico: In...
  • The Continuing Obamacare Nightmare

    06/10/2014 8:13:00 AM PDT · by Kaslin · 9 replies
    Townhall.com ^ | June 10, 2014 | David Limbaugh
    While President Obama diverts the nation's attention with his other myriad scandals, the Obamacare Express continues to careen off the rails, leaving a wide path of destruction and rendering its supporters defenseless. The latest outrage, in a yearslong string, is that at least 4 million of the 8 million total Obamacare sign-ups contain flawed applications, according to a report by House Republicans. But this isn't some arbitrarily divined number chosen by Republicans for political purposes. It is based on a chart prepared by federal Obamacare contractor Serco that shows more than 4 million application discrepancies as of May 27. These...
  • CBO Quietly Drops Forecast That Obamacare Will Cut the Deficit

    06/05/2014 12:20:32 PM PDT · by NormsRevenge · 16 replies
    Yahoo Finance ^ | 6/5/14 | Eric Pianin - The Fiscal Times
    One of the Obama administration's major selling points in passing the Affordable Care Act in 2010 was a Congressional Budget Office forecast that the controversial legislation would reduce the deficit by more than $120 billion over the coming decade. The CBO has consistently projected that President Obama's overhaul will reduce the deficit, and the agency estimated that the Republicans’ 2011 effort to repeal the legislation would increase deficits by $210 billion from 2010 to 2021. In April, the agency quietly signaled that it can no longer make that projection; that the law had been changed and delayed so much that...
  • CBO ON OBAMA BUDGET: HIGHER DEFICITS THAN CLAIMED

    04/17/2014 2:11:18 PM PDT · by Jim Robinson · 13 replies
    Breitbart ^ | April 17, 2014 | AP
    WASHINGTON (AP) — A report released Thursday by the nonpartisan Congressional Budget Office says President Barack Obama's budget request would mean significantly larger budget deficits than the White House claims. CBO says the budget plan proposed last month by Obama would produce deficits of $6.6 trillion over the next 10 years — $1.6 trillion more than the White House estimates. The main reason is that the White House has a rosier estimate of the economy's performance over the decade than CBO. That means the administration predicts higher tax revenues. The president's budget is just a proposal; it has gained little...
  • The CBO Gets It Very Wrong on ObamaCare

    04/16/2014 4:32:44 AM PDT · by IBD editorial writer · 17 replies
    Investor's Business Daily ^ | 04/15/2014 | IBD Staff
    Failure: ObamaCare fans are cheering the latest Congressional Budget Office report, which appears to show that it will cost less and cover more people than expected. But that's true only if you ignore reality. We don't always agree with the CBO, but we have long respected it as a credible source of budget numbers. Sure, its projections almost never turn out to be true. But simply too many variables are at play for anyone to guess such things perfectly, and it provides a more or less independent source of information on highly charged, partisan issues. But the CBO's latest report...
  • CBO: ObamaCare premiums and healthcare spending will rise by less than expected, because…

    04/15/2014 4:58:25 PM PDT · by SeekAndFind · 15 replies
    Hotair ^ | 04/15/2014 | Erika Johnsen
    The Congressional Budget Office released a report this morning that has received a lot of attention from ObamaCare’s many staunch media advocates because it essentially concludes that the cost of expanding coverage through the exchanges will be billions less than the CBO was predicting just a couple of months ago. That’s great news for the president’s crowning legislative achievement, right? Health-insurance premiums for plans sold on the Affordable Care Act’s exchanges will be lower than previously expected, according to a report released Monday by the Congressional Budget Office.The findings, by Congress’s nonpartisan spending analysts, result largely from the fact that...
  • CBO: Narrow Networks Lowered Premiums in 2014

    04/14/2014 6:21:26 PM PDT · by Nachum · 9 replies
    weekly standard ^ | 4/14/14 | JAY COST
    The Congressional Budget Office (CBO) lowered the projected cost of ObamaCare's health insurance benefits Monday by $104 billion over 10 years. The law's insurance coverage provisions will now cost close to $1.4 trillion between 2015 and 2024, about $100 billion less than previously estimated, the CBO said. What is driving the lowered estimate? According to the report released by CBO, it has primarily to do with lower-than-expected premiums for exchange policies. So, good news for the Obama administration? Not so fast. Per CBO: A crucial factor in the current revision was an analysis of the characteristics of plans offered through...
  • Journalists hide real numbers when reporting budget spin

    03/07/2014 3:45:30 AM PST · by afraidfortherepublic · 4 replies
    The Washington Examiner ^ | 3-6-14 | Scott Rasmussen
    The standard media coverage of President Obama's new budget claimed the proposals will cut $600 billion in spending over the next decade. It was just about impossible, though, to find any media story mentioning some basic numbers that belong in any story about a new federal budget. How much money is the federal government spending this year? How does that compare to what it spent last year, or expects to spend next year? Perhaps the reason for this failure is because the real numbers don't match up with the storyline. For example, in the current year, the federal government is...
  • CBO Repeatedly Confounded Liberals, Vindicated Conservatives in February

    03/06/2014 2:41:00 PM PST · by Kaslin · 4 replies
    Townhall.com ^ | March 6, 2014 | Akash Chougule
    February was not kind to supporters of the liberal agenda. In the span of four weeks, the nonpartisan Congressional Budget Office (CBO) released four separate reports, each concluding that misguided big government policies are hurting American businesses and families. CBO first reported in early February that President Obama’s healthcare law will drive millions out of full time work and push our ballooning national debt to $27 trillion dollars. A second report released by the CBO concluded that a mandated hike in the minimum wage to $10.10 would kill 500,000 jobs, mostly for low-wage workers. And a third report suggested that...
  • Minimum Wage Hike Support Falls On CBO Jobs Warning

    02/28/2014 8:03:57 AM PST · by IBD editorial writer · 9 replies
    Investor's Business Daily ^ | 02/27/2014 | John Merline
    Less than half the public support a sharp boost in the minimum wage when told that it could cost the economy half a million jobs, according to the latest IBD/TIPP Poll out Thursday. That comes amid reports that some Senate Democrats are backing away from President Obama´s push to boost the minimum wage by 39% over the next two years, to $10.10 an hour, after the Congressional Budget Office found that it would kill 500,000 jobs. Unlike other surveys, the IBD/TIPP Poll asked two questions about the minimum wage.
  • 5 Brutal Obamacare Facts From CBO’s Latest Economic Report

    02/24/2014 8:58:17 PM PST · by george76 · 7 replies
    media trackers ^ | February 04, 2014 | Sean Davis
    1) Obamacare Will Destroy 2.5 Million Jobs By 2024 ... 2) In 2024, There Will Still Be 31 Million People In The U.S. Without Health Insurance ... 3) Surprise! Millions Of People Who Liked Their Health Plan Will Lose Their Health Plan ... 5) Your Paycheck Will Be Smaller Thanks To Obamacare
  • Health care act no more a 'job killer' than Social Security or Medicare

    02/21/2014 4:33:38 AM PST · by TurboZamboni · 15 replies
    Pioneer Press ^ | 2-19-14 | Edward Lotterman
    The critics are right, however, that some people will choose to work less because they qualify for a tax-credit based subsidy. If not for this government program, they would have to work harder and employment numbers would be higher. So might total output or gross domestic product. This aspect of the Affordable Care Act distorts economic efficiency. But don't kid yourself that this is anything new. Social Security has the same effect. About 41 million people currently get Social Security retirement benefits. Many still do work, at least part-time. But most do not. If not for their monthly checks, which...
  • Obama: CBO Report Nonsense, Raising Minimum Wage Will "Create 140,000 Jobs"

    02/20/2014 5:48:34 PM PST · by therightliveswithus · 70 replies
    Pundit Press ^ | 2/20/14 | Aurelius
    President Obama, despite analysis and facts to the contrary, stated this week that the Congressional Budget Office's analysis on raising the minimum wage is wrong. Instead, the President pushed his own narrative, seemingly making up numbers out of thin air. In their analysis, released this month, the CBO found that raising the minimum wage to President Obama's proposed $10.10 would have catastrophic effects on employment rates. Quoting directly from the source, the CBO stated: According to CBO’s central estimate, implementing the $10.10 option would reduce employment by roughly 500,000 workers in the second half of 2016, relative to what would...
  • No Minimum-Wage Free Lunch: CBO says 500,000 jobs will be eliminated as minimum wage increases

    02/19/2014 5:35:07 AM PST · by SeekAndFind · 21 replies
    National Review ^ | 02/19/2014 | The Editors
    If there is a single lesson that the Obama administration is committed to not learning, it is that economics involves tradeoffs. A recent report from the Congressional Budget Office contains what the administration must surely receive as good news: Its plan to raise the minimum wage to the Democrats’ new target of $10.10 could lift as many as 900,000 Americans out of poverty. The bad news is that it would cast 500,000 American into unemployment by eliminating their jobs. In December, the president claimed that there is “no solid evidence” that raising the minimum wage costs jobs, an assessment that...
  • CBO: Raising the minimum wage to $10.10 an hour could eliminate 500,000 jobs by 2016

    02/18/2014 4:27:11 PM PST · by SeekAndFind · 6 replies
    Hotair ^ | 02/18/2014 | AllahPundit
    I’m treating it as good news. At least 500,000 people won’t have to worry about “job-lock” now.There’s no problem here that indefinite unemployment benefits can’t solve, my friends. Once fully implemented in the second half of 2016, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3 percent, CBO projects (see the table below). As with any such estimates, however, the actual losses could be smaller or larger; in CBO’s assessment, there is about a two-thirds chance that the effect would be in the range between a very slight reduction in employment and a reduction in employment...
  • Washington Hijinks

    02/14/2014 4:42:41 AM PST · by Kaslin · 1 replies
    Townhall.com ^ | February 14, 2014 | Erick Erickson
    With election season upon us and the Democrats' generic ballot numbers declining, President Obama has done the only thing he could do -- delay, again, the employer mandate in Obamacare. The new delay will run until 2016. The delay comes after a Congressional Budget Office report found anecdotal evidence of employers already shifting employees to part-time employment. The report also noted "(b)eginning in 2015, employers of 50 or more full-time equivalent workers that do not offer health insurance ... may respond to the employer penalty by seeking to reduce or limit their full-time staffing and to hire more part-time employees."...
  • Obama Spins Subsidies Both Ways

    02/13/2014 12:10:27 PM PST · by Kaslin · 1 replies
    Townhall.com ^ | February 13, 2014 | Peter Schiff
    In our current age of spin and counter-spin, there is no contortion too great for a politician to attempt. On occasion, however, the threads of one story become entangled with another in a manner that should deeply embarrass, if the media were sharp enough to catch it. This happened last week in response to the Congressional Budget Office's (CBO) bombshell report on how Obamacare incentives could reduce the size of the labor force by more than two million workers by 2017. While the report did not reflect the Republican spin (that the law will cause employers to kill jobs -...
  • $205 Trillion in Unfunded Liabilities

    02/13/2014 8:13:12 AM PST · by Rusty0604 · 30 replies
    Daily Reckoning ^ | 02/12/2014 | Gary North
    The nonpartisan Congressional Budget Office is acting in a bipartisan way to cover up the biggest single threat to the bipartisan political alliance that is stripping America of its wealth: the United States Congress. There is no question that the following policy is bipartisan. Democrats and Republicans in Congress are completely agreed that the following information should not get out to the American people, namely, that the present value of the United States government’s off-budget liabilities is over $200 trillion. The CBO has two sets of books. This is what any Ponzi scheme requires. It releases one set of books...
  • CBO Obamacare job loss worse than reported

    02/13/2014 6:03:42 AM PST · by SeekAndFind · 3 replies
    American Thinker ^ | 02/13/2014 | William Tate
    The Obama machine is scrambling to minimize damage inflicted by the Congressional Budget Office's report that Obamacare will have a negative impact on employment, delaying yet again parts of the employer mandate, and forcing employers to swear Orwellian oaths that they won't cut workers. But a full reading of the CBO report shows that job loss could be even worse than previously reported. The CBO report concludes that the equivalent of 2.5 million jobs will be lost due to Obamacare, primarily because of decisions made by workers. But, like Holmes's dog that didn't bark, the report may be even more...
  • Reporter to Carney: How Does Less People Working Due to Obamacare Not Hurt The Economy?

    02/06/2014 1:33:20 PM PST · by Sir Napsalot · 32 replies
    RCP Video ^ | 2-6-2014
    JAY CARNEY: First of all, let me just correct you. You asked about the deficit. As the CBO reported yesterday, consistent with what is reported in the past, the CBO projects that the Affordable Care Act will reduce the deficit by a trillion dollars. (snip) And I think one hugely significant one is the historic reduction in health care inflation that we've seen. We've had the slowest rate of health care cost growth in 50 years since the Affordable Care Act was passed, which directly contradict those who oppose the Affordable Care Act. ..... The CBO report says specifically, contrary...
  • Interest on our country's debt to nearly quadruple over decade - CBO

    02/12/2014 10:10:08 AM PST · by SeekAndFind · 16 replies
    CNN Money ^ | 02/05/2014 | By Jeanne Sahadi
    <p>For the next few years, deficits are looking pretty good. But the interest owed on the country's cumulative debt is set to nearly quadruple over the next decade.</p> <p>The Congressional Budget Office projects that interest will be $233 billion this year, or 1.3% as a share of the economy.</p>
  • CBO Director: ‘Large and Growing Federal Debt’ Could Produce ‘Fiscal Crisis’

    02/11/2014 8:08:24 PM PST · by Olog-hai · 31 replies
    Cybercast News Service ^ | February 11, 2014 - 12:26 PM | Susan Jones
    On the same day House Speaker John Boehner said he would bring a “clean” debt ceiling bill to the House floor—and join Democrats in voting for a 13-month extension of the debt limit—the head of the Congressional Budget Office declared that the “large and growing federal debt” could eventually increase the risk of a “fiscal crisis.” […] CBO estimates that federal debt held by the public will equal 74 percent of GDP at the end of this year and 79 percent in 2024 (the end of the current 10-year projection period). Such large and growing federal debt could have serious...
  • Rep. Keith Ellison on the CBO report: Hey, Americans work way more than people in other countries

    02/11/2014 6:52:56 AM PST · by SeekAndFind · 16 replies
    Hotair ^ | 02/11/2014 | Erika Johnsen
    Yes, I suppose it’s true that most of the rest of the world works a lot less than Americans do. Their GDPs-per-capita and/or their debt-to-GDP ratios generally tend to correlate accordingly, but whatever. Via RCP:CLICK ABOVE LINK FOR THE VIDEO What the Congressional Budget Office is saying is that we’re going to discourage kids having to have latchkeys. We’re going to have parents being able to come home, working reasonable hours. People are going to be able to retire. People might be able to actually cook dinner rather than have to order out and get some takeout. I mean, the...
  • Affordable Care Act -- Paying More to Work Less

    02/09/2014 2:06:51 PM PST · by Kaslin · 9 replies
    AP News via Townhall.com ^ | February 9, 2014 | Debra J. Saunders
    <p>In 2010, then-House Speaker Nancy Pelosi touted the Affordable Care Act as a bill "not only about the health security of America; it's about jobs. In its life, it will create 4 million jobs, 400,000 jobs almost immediately."</p> <p>A newly released Congressional Budget Office analysis reported that Obamacare is expected to shrink the workforce by 2.5 million full-time jobs by 2024. So you can stow that Pelosi quote in the warehouse of discarded Obamacare promises. Grab a forklift, and you can park it behind President Barack Obama's pledge, "If you like your health care plan, you can keep it."</p>
  • Democrat Logic: Lose Your Job and Feel Liberated

    02/08/2014 8:14:59 PM PST · by SeekAndFind · 21 replies
    American Thinker ^ | 02/08/2014 | Brian C Joondeph, MD
    This week, a report from the Congressional Budget Office acknowledged that ObamaCare would reduce full-time employment by 2.5 million over the next ten years. And that is on top of news that 92 million Americans who could be working are not. What a devastating assessment for the unemployed or underemployed, particular millenials seeking to transition from internships and part-time jobs to career-building full-time jobs. Yet the predictable spin from the White House and major media outlets is that this is good news, liberating workers from the chains of employment. To quote President Obama, from the 2008 campaign, "You can put...
  • The Economist Who Exposed ObamaCare

    02/08/2014 5:18:40 AM PST · by Innovative · 7 replies
    Wall Street Journal ^ | Feb 7, 2014 | Joseph Rago
    The Chicago professor examined the law's incentives for the poor not to get a job or work harder, and this week Beltway budgeteers agreed. Mr. Mulligan studies how government choices influence the incentives and rewards for work—and many more people may recognize the University of Chicago professor as a serious economist after this week. That's because, more than anyone, Mr. Mulligan is responsible for the still-raging furor over the Congressional Budget Office's conclusion that ObamaCare will, in fact, harm growth and jobs. But then the CBO ... reported that by 2024 the equivalent of 2.5 million Americans who were otherwise...
  • The New Workers' Party

    02/07/2014 6:45:25 AM PST · by Kaslin · 6 replies
    Townhall.com ^ | February 7, 2014 | Mona Charen
    The Obama administration's response to the Congressional Budget Office's prediction that Obamacare will cause 2.5 million fewer Americans to work in the coming years is an opportunity for Republicans to seize the moral high ground on the issue of work. Rather than dispute the CBO's analysis -- which would have been awkward, as the White House has touted CBO's predictions in the past -- the administration is spinning the jobs loss as a kind of liberation. No longer tied down to the pesky need to earn a salary, some Americans will be able to follow their bliss. The is part...