12:34 PM, Jul 16, 2014 • By GEOFFREY NORMAN
We have been paying attention to other things so it probably slipped out minds. But as Bernie Becker of the The Hill reports, the defect hasn’t gone away (gone down, some, but not away) and:
Washington’s failure to contain entitlement spending is biting into the nation’s long-term fiscal outlook, the Congressional Budget Office warned in a Tuesday report that found the nation’s debt would jump to 106 percent of gross domestic product (GDP) in 2039. The CBO said the rising costs of entitlement programs like Medicare and Social Security as the U.S. population continues to age are the drivers of U.S. debt.
Deficits would remain relatively restrained, between 2.5 percent and 3 percent of GDP, between 2015 and 2018, the office added. But after that, the CBO says that deficits would jump to a level ...l that some economists fear could spark another fiscal crisis.
This is “unsustainable,” a word we haven’t heard for a while. It may have lost its force, but not its meaning.
10:05 AM, Jul 15, 2014 • By JEFFREY H. ANDERSON
In March 2010, Obamacare was about to be voted upon by the House of Representatives, and the Democrats were in the process of deciding whether to ignore public opinion at their peril. At that time, the Congressional Budget Office (CBO) projected that Obamacare would cost $938 billion over a decade and would reduce the number of uninsured people by 19 million as of 2014 (with a reduction of 1 million prior to 2014 and 18 million in 2014 alone). Unimpressed, the American people overwhelmingly opposed the intrusive overhaul — with 20 of 21 polls taken that month showing it to be unpopular, most of them by double digits. The Democrats willfully passed Obamacare anyway and lost 63 House seats that November.
Five phony success stories.May 19, 2014, Vol. 19, No. 34 • By JAY COST
With enrollment in the Obamacare exchanges now closed, Democrats and their friends in the media are ebullient. Obamacare is an enormous success, they say, and conservatives have been humiliated. On closer inspection, however, things seem decidedly less bullish for President Obama’s signature achievement.
Among the many exaggerations and inaccuracies the law’s defenders are touting, five stand out.
The corrupting effects of Obamacare.Feb 24, 2014, Vol. 19, No. 23 • By JAY COST
On February 4 the Congressional Budget Office dropped a bombshell. Analysts there found that Obamacare’s structure will create an enormous implicit tax on work, such that people on the lower end of the economic scale will have an incentive to quit their jobs or scale back to part time to maximize their premium subsidies. In an earlier study, CBO had estimated that this disincentive to work would destroy the equivalent of less than a million full-time jobs. Now, it projects that an equivalent of more than 2 million jobs will be lost as people voluntarily leave the workforce.
Between 2017-2024.5:01 PM, Feb 8, 2014 • By DANIEL HALPER
New analysis by the minority-side of the Senate Budget Committee finds that Obamacare will reduce compensation by more than $1 trillion between 2017-2024. Analysts in that office have produced this chart to show the lost compensation by year:
As the chart shows, the lost compensation increases every year from an estimated $108 billion in 2017 to an estimated $147 billion 2024. The analysis is based on numbers provided in a recent Congressional Budget Office report on Obamacare.
Hosted by Michael Graham3:15 PM, Feb 5, 2014 • By TWS PODCAST
The WEEKLY STANDARD podcast, with senior writer Stephen F. Hayes on why the Obamacare jobs numbers are trouble for Democrats.
10:49 AM, Feb 5, 2014 • By JEFFREY H. ANDERSON
Remember back when the Democrats tried to sell Obamacare to a skeptical citizenry as health care “reform” that would cost “only” $848 billion—far less than a trillion—over a decade? Indeed, that was the alleged 10-year gross cost of Obamacare’s coverage provisions, according to the Congressional Budget Office (see Table 3), when Harry Reid, Mark Pryor, Kay Hagan, Mary Landrieu, Al Franken, Mark Udall, Jeanne Shaheen, Mark Begich, Mark Warner, and the rest of the Democrats rammed President Obama’s signature legislation through the Senate on Christmas Eve without a single Republican vote. That 12-digit price-tag was widely cited by the New York Times and other sympathetic outlets, who treated it as gospel, even as conservatives observed that it was clearly a sham number.
4:29 PM, Feb 4, 2014 • By GEOFFREY NORMAN
The Congressional Budget Office has come out with a report on the effects of Affordable Care Act on the U.S. economy. As Erik Wasson of The Hill reports, the findings are not pretty.
The folly of OMB’s annual cost-benefit report.Aug 19, 2013, Vol. 18, No. 46 • By IKE BRANNON and SAM BATKINS
Every spring the Office of Management and Budget releases the president’s proposed budget for the upcoming fiscal year. While Congress invites senior administration figures to testify before various committees, and the media pore through the document to elucidate the administration’s priorities, by the end of a week everyone agrees that most of what’s in the budget has little chance of becoming enacted. Afterwards, Congress goes through the motions of passing a budget of its own, with scant regard to what the White House has proposed.
10:33 AM, Jun 4, 2013 • By JEFFREY H. ANDERSON
A big part of Obamacare is its massive expansion of Medicaid. Fortunately, this expansion can’t happen in most states without Republicans freely choosing to make it happen. Unfortunately, far too many Republican governors seem to be confused about the distinction between repealing Obamacare and implementing it.
6:48 AM, Jun 4, 2013 • By JERYL BIER
On Monday, CNBC reported on a new survey that found that two-thirds of Americans currently without health insurance don't know if they will purchase coverage by the deadline, the first day of 2014. The survey was released by InsuranceQuotes.com, a company that offers comparison shopping for insurance, similar to the "marketplaces" envisioned by Obamacare. The results of the survey surprised Laura Adams, senior insurance analyst at the company:
4:45 PM, Sep 2, 2012 • By JEFFREY H. ANDERSON
President Obama's top strategist, David Axelrod, said today on Fox News Sunday that, under Obama, we've had "29 straight months of job growth." Yet, according to the federal government's own figures, 29 months ago, 58.5 percent of Americans were employed. Today, only 58.4 percent of Americans are employed. In other words, any job growth over the past 29 months hasn't even kept up with population growth.
9:02 AM, Aug 23, 2012 • By DANIEL HALPER
Steve Hayes, with A.B. Stoddard and Charles Krauthammer, last night on Fox News:
12:32 PM, Aug 22, 2012 • By DANIEL HALPER
The Washington Times reports:
President Obama and Congress are flirting with both a recession and a bigger jump in unemployment next year unless they head off looming tax increases and spending cuts — but doing so could mean a fifth straight year of trillion-dollar deficits, the government’s chief scorekeeper said Wednesday.