Thanks Loads, Obama! Obamacare to Cost Labor Market 800,000 Jobs…

February 11, 2011

Testifying today before the House Budget Committee, Congressional Budget Office (CBO) Director Doug Elmendorf confirmed that Obamacare is expected to reduce the number of jobs in the labor market by an estimated 800,000.

 

Here are excerpts from the exchange:

 

Chairman [Paul] Ryan: “[I]t’s been argued…that the new health care law will create jobs and increase labor force participation. But if I recall from your analysis, it was quite the opposite. Is that not the case?”

 

Director [Douglas] Elmendorf: “Yes.”…

 

Rep. [John] Campbell: Thank you, Mr. Chairman, we’ll — and Dr. Elmendorf — and we’ll continue this conversation right now.

 

First on health care, before I get to — before I get to broader issues, you just mentioned that you believe — or that in your estimate, that the health care law would reduce the labor used in the economy by about 1/2 of 1 percent, given that, I believe you say, there’s 160 million full-time people working in ’20-’21. 

 

That means that, in your estimation, the health care law would reduce employment by 800,000 in ’20-’21. Is that correct?

 

Director Elmendorf: Yes. The way I would put it is that we do estimate, as you said, that…employment will be about 160 million by the end of the decade.  Half a percent of that is 800,000.

 

From:  http://www.weeklystandard.com/blogs/cbo-director-says-obamacare-would-reduce-employment-800000-workers_547288.html

 

 

 

 

 

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Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov’t Data

September 10, 2010

(CNSNews.com) – In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

 

The U.S. Treasury Department divides the federal debt into two categories.

 

One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself.

 

The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.

 

At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office.

 

That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers.

 

That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama’s inauguration.

 

By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion.

 

That means that in the nine-fiscal-year period of 1980-89–which included all of Reagan’s eight years in office–the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months.

 

When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department.  As of Aug. 20, 2010, after the first nineteen months of President Obama’s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.

 

In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.

 

The CBO predicted this week that the annual budget deficit for fiscal 2010, which ends on the last day of this month, will exceed $1.3 trillion.

 

The first two fiscal years in which Obama has served will see the two biggest federal deficits as a percentage of Gross Domestic Product since the end of World War II.

 

“CBO currently estimates that the deficit for 2010 will be about $70 billion below last year’s total but will still exceed $1.3 trillion,” said the CBO’s monthly budget review for September, which was released yesterday. “Relative to the size of the economy, this year’s deficit is expected to be the second-largest shortfall in the past 65 years: At 9.1 percent of gross domestic product (GDP), that deficit will be exceeded only by last year’s deficit of 9.9 percent of GDP.”

 

From:  http://www.cnsnews.com/news/article/72404

 

 


National Debt Soars to New Levels…Thank You, Obama!

July 1, 2010

The federal debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.

At the end of 2008, the debt equaled about 40 % of the nation’s annual economic output, according to the CBO.

From:  http://content.usatoday.com/communities/onpolitics/post/2010/06/national-debt-soars-to-highest-level-since-wwii/1


Personal Income Falls 3.2% During Obama’s Term (How’s that ‘Hope and Change’ Thingy Working Out?)

April 13, 2010

Personal Income Falls 3.2% During Obama’s Term

 

By Joseph Curl

 

Real personal income for Americans – excluding government payouts such as Social Security – has fallen by 3.2 percent since President Obama took office in January 2009, according to the Commerce Department’s Bureau of Economic Analysis.

 

“This is hardly surprising,” said Douglas Holtz-Eakin, an economist and former director of the nonpartisan Congressional Budget Office. “Under President Obama, only federal spending is going up; jobs, business startups, and incomes are all down. It is proof that the government can’t spend its way to prosperity.”

 

According to the bureau’s statistics, per capita income dropped during 2009 in 47 states, with only modest gains in the other states, West Virginia, Maine and Maryland. But most of those increases were attributed to rising income from the government, such as Medicare and unemployment benefits.

 

Two of the most populous states in the country reported dramatic declines: Per capita income in California dropped 3.5 percent to $42,325; in New York, the drop was 3.8 percent to $46,957.

 

“The evidence from New York and California reinforces a basic lesson: Where government gets too large, prosperity suffers. Let’s hope that the Congress learns this lesson before it is too late for the country as a whole,” said Mr. Holtz-Eakin, who also served as chief economic policy adviser to Sen. John McCain’s 2008 presidential campaign.

 

On the campaign trail, Mr. Obama often derided Mr. Bush for what he said were dramatically falling incomes for workers.

 

“American families, since George Bush has been in office, have seen average family incomes go down $2,000,” Mr. Obama said in a September 2008 speech on the economy in Green Bay, Wis.

 

The bureau, which doesn’t compile statistics on “family” income, reported that per capita income actually rose during Mr. Bush’s two terms, from $29,159 to $32,632 (using 2005 dollar values as a base). During Mr. Obama’s 15 months in office, per capita income has dropped nearly 1 percent to $32,343.

 

Economists agree that Mr. Obama inherited a severe recession, although some dispute that it is the “worst since the Great Depression,” as Mr. Obama often asserts. Still, the dropping numbers show that the $862 billion stimulus package has not turned the tide on dropping incomes.

 

From:  http://www.washingtontimes.com/news/2010/apr/13/personal-income-falls-32-during-obamas-15-months/