Free Republic

It’s a good thing Mr. O hightailed it out of here. Not Big Guy, I mean Bill O’Reilly, because as of noon yesterday when the CBO report came out, things have been spinning around here like your electric meter on a blistering hot day. Only ours spins backwards, because of the tax subsidized solar panels on the roof producing so much power we’re selling it back to our local utility, as required by law. Win Win!! Suffice it to say it’s enough to make your head spin. So here’s the deal, as first reported yesterday: The new healthcare law will...

The Congressional Budget Office just confessed that the healthcare law passed by Democrats and only Democrats in 2010—you know the one that was supposed to save us so much money?-- is really a dud, a job killer, as we have said all along. And the consequences aren’t just that some guy you don’t know won’t have a job, the consequences are that guys you DO know won’t have jobs, and --in the best case—your tax bill will go up accordingly. The reform package, derisively known as Obamacare, is going to cost the country an additional 2 million jobs by 2017...

Dept. Of Corrections: Leading Democrats said ObamaCare would create 4 million jobs by cutting health costs and unleashing entrepreneurs. Now we learn the promise was off by 6.5 million — in the wrong direction. Here's what Rep. Nancy Pelosi, the top Democratic in the House, had to say about ObamaCare in February 2010: "It will create 4 million jobs, 400,000 jobs almost immediately — jobs, again, in the health care industry but in the entrepreneurial world as well." Pelosi was citing a paper released a month earlier by the left-wing Center for American Progress, which claimed the law would lower...

The Affordable Care Act, a k a ObamaCare, became law almost four years ago. It became operational last Oct. 1. Yesterday, Feb. 4, 2014, the ACA may well have been dealt its death blow. The Congressional Budget Office released a major study of the government’s budget and its effect on the overall economy over the next 10 years. In dull bureaucratic language, it delivers a devastating analysis of the inefficiencies, ineffectualities and problematic social costs of ObamaCare. The one-two punch: Virtually as many Americans will lack health coverage in 10 years as before the law was passed — but 2 million fewer...

I know I've done quite a few articles on the devastating impact of ObamaCare upon America, but it seems that every few days, another bit of information surfaces that illustrates that the devastation will be more far-reaching than we last thought. Today, the Congressional Budget Office released a new projection of the impact of ObamaCare and it is brutal. Their revised estimates show that within the next ten years, nearly 2.5 million workers could choose to move to part-time work instead of full-time. This impact will mean that employers will cut out 2.3 million full-time jobs altogether. In 2010, the...

Senate Majority Leader Harry Reid (D-Nev.) said the Congressional Budget Office report that shows Obamacare will make the labor force lose 2.3 million full-time workers by 2021 is positive because it lets Americans be “free agents.” “We have the CBO report, which rightfully says, that people shouldn’t have job lock. If they — we live in a country where there should be free agency. People can do what they want,” Reid told reporters outside of a close policy luncheon. “And what they’re saying here is — and the fact checkers have already done this — the Republicans talk about losing...

I’m done, guys. If we’ve reached the stage of welfare-state decadence where it’s a selling point for a new entitlement that it discourages able-bodied people from working, there’s no reason to keep going. We’ve lost, decisively.As a great man once said, remember me as I am — filled with murderous rage. In a statement and conference call featuring top administration officials, the White House tried to beat back an emerging narrative that the CBO report supported claims made by health care reform critics. The CBO report says the Affordable Care Act could lead to a reduction of 2 million full-time...

Earlier we reported how, in the CBO's own words, Obamacare would result in (at least) 2.5 million (soon to be revised much higher) workers departing the labor force over the next decade, that would stay there were it not for the skewed incentives provided by this latest welfare Ponzi scheme. Sure enough, it took the White House mere moments to share its canned retort seeking to control the major fallout this report generated as it goes, once again, against all of Obama's promises. From Reuters: "The White House on Tuesday refuted arguments that Obamacare reforms will hurt jobs, and said...

Obamacare will push the equivalent of about 2 million workers out of the labor market by 2017 as employees decide either to work fewer hours or drop out altogether, according to the latest estimates Tuesday from the Congressional Budget Office. That’s a major jump in the nonpartisan budget agency’s projections and it suggests the health care law’s incentives are driving businesses and people to choose government-sponsored benefits rather than work. “CBO estimates that the ACA will reduce the total number of hours worked, on net, by about 1.5 to 2 percent during the period from 2017 to 2024, almost entirely...

The new healthcare law will slow economic growth over the next decade, costing the nation about 2.3 million jobs and contributing to a $1 trillion increase in projected deficits, the Congressional Budget Office said in a report released Tuesday. The non-partisan group’s report found that the healthcare law’s negative effects on the economy will be “substantially larger” than what it had previously anticipated. The CBO is now estimating that the law will reduce labor force compensation by 1 percent from 2017 to 2024, twice the reduction it previously had projected. This will decrease the number of full-time equivalent jobs in...

The Congressional Budget Office on Tuesday said that the Affordable Care Act will contribute to the equivalent of 2 million workers out of the labor market by 2017, as employees work fewer hours or decide to drop out of the labor force entirely. The CBO revised much of its outlook on the Affordable Care Act in a new report released Tuesday. From the report: CBO estimates that the ACA will reduce the total number of hours worked, on net, by about 1.5 percent to 2.0 percent during the period from 2017 to 2024, almost entirely because workers will choose to...

The Affordable Care Act will reduce the number of full-time workers by more than two million in coming years, congressional budget analysts said Tuesday in the most detailed analysis of the law’s impact on jobs.

Elected Democrats and movement progressives are up in arms over the meager cuts to the Supplemental Nutrition Assistance Program (SNAP - commonly known as food stamps). Hot Air's Erika Johnsen covered the non-drama over the farm bill yesterday and noted the very meager reforms included in the legislation, but some Democrats are bemoaning the $800 million in yearly cuts to SNAP in apocalyptic terms. The overall SNAP program costs $70 billion per year. Hipster congresswoman Rosa DeLauro (D-Conn.) said "Congress has lost its way" and described the farm bill as "reverse Robin Hood legislation that steals food from the poor."...

The top 40 percent of households by before-tax income actually paid 106.2 percent of the nation’s net income taxes in 2010, according to a new study by the Congressional Budget Office. At the same time, households in the bottom 40 percent took in an average of $18,950 in what the CBO called “government transfers” in 2010.

The rich are paying even more in taxes than you think.According to a Congressional Budget Office report this week, America’s top 40 percent of earners pay 106 percent of the taxes and the bottom 40 percent pay negative 9 percent, reports CNBC.How can one group pay more than 100 percent and another group pay less than zero? The formula that the CBO uses offsets taxes that are paid with refundable tax credits. These include money the government transfers back to the taxpayer for food stamps and social programs.Some low-income Americans received very generous subsidies. The report shows that Americans who...

According to the Congressional Budget Office, the top 40% of Americans paid 106.2% of income taxes. How can the top 40% pay MORE than 100% of income taxes? Simple. The bottom 40% of Americans paid -9.1% of income taxes. And they received an average of $18,950 in government transfers. Of course, we know that real median household income has been falling generally since 2000 and especially since 2007. And house prices have been falling, but house prices have changed course and have been rising since 2012. csrealinc Seriously, how can the US have a dynamic housing market with such a...

Recently, FF Wiley and Ginger Snap at Cynicomics posted an interesting article entitled “M.C. Escher and the Impossibility of the Establishment Economic View.“ In their article, they discuss the latest budget forecast from the Congressional Budget Office (CBO). They point out that the CBO is abnormally bullish on near-term growth, based on its long-standing assumption that the gap between actual and potential output will swiftly close. But the longer-term growth forecast is … bearish. 44521-LTBOSupplementalData2013 escherchart1_thumb1 (1) The CBO also forecasts the REAL 10 year Treasury rate (nominal less inflation). escherchart21 According to the CBO, the real 10 year rate...

According to a recent report by the Congressional Budget Office (CBO), different generations have paid and will continue to pay disparate amounts of Medicare and Social Security payroll taxes, and they will also receive dissimilar amounts of Medicare and...

A number of years ago I was between flights on a business trip and was sitting in an airport restaurant having lunch. It was right after the 2008 presidential election and I knew that the election of America’s first black president, a man of the hard left, would make my job bringing a conservative message to black communities much more challenging and difficult. As I ate my sandwich I glanced at the wall and saw a sign with a quote from General Douglas MacArthur. It said, “We are not retreating – we are advancing in another direction.” I was...

Can someone direct me to a factual article that says who exactly is control of what is 'shut down'. Does Obama decide or not?