Tag: CBO

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Healthcare ObamaCare

CBO – Obamacare is Costing Much Less Than Originally Predicted

Here is a bit of news that is bound to piss Republicans off – Obamacare is costing much less than the CBO original predicted.

In January 2010, the Congressional Budget Office projected that the federal health spending would total a bit more than $11 trillion between 2011 and 2020.

Today, the Congressional Budget Office thinks it made a mistake. Costs are coming in lower-than-expected, and the CBO’s newest projections suggest the federal government will spend $600 billion less on health care than they predicted back in 2010.

So far, so good: projections are always wrong by at least a bit, and it’s nice to have the extra $600 billion in America’s pocket.

But here’s the incredible thing: as Paul Van de Water, a health care expert at the Center on Budget and Policy Priorities, points out, the January 2010 projection didn’t include any of the spending associated with Obamacare. The latest projections include all of the spending associated with Obamacare.

Categories
News Politics

Did You Know That The Deficit Shrunk to $492 Billion

Image: DailyKos

With all the sensational news hunters in the media today, this little bit of actual news may have slipped by the rader. It’s a fact, not a lie so no one is shouting it from the hilltops. No cattle or guns are involved so this story is, for the most part, swept under the rug.

But did you know that under this president the national deficit has been cut to $492 billion this year?

Bloomberg News reports – The U.S. government’s deficit will fall to $492 billion this year, according to the Congressional Budget Office, a steeper drop than originally predicted from $680 billion in fiscal year 2013.

“This will be the fifth consecutive year in which the deficit has declined as a share of GDP since peaking at 9.8 percent in 2009,” CBO said in a report released today. The 2.8 figure as a percentage of gross domestic product is lower than the 3.1 percent average of the last 40 years, CBO said.

Now back to the real news – Cattle and guns.

Categories
Politics Unemployment

CBO Reports: Extending Unemployment Benefits Create Jobs

Here’s some news we already knew. The Congressional Budget Office has released a report claiming that extending long term unemployment benefits add more jobs to the economy.

Here’s the report:

WASHINGTON (AP) — Extending the current level of long-term unemployment benefits for another year would add 300,000 jobs to the economy, according to a report from the Congressional Budget Office.

The analysis released Wednesday from the nonpartisan office estimates that keeping jobless benefits would cost the government $30 billion. But it would also lead to more spending by the unemployed, boosting demand for goods and services and creating new jobs.

Federal long-term unemployment benefits are set to expire on Dec. 29 for more than 2 million workers unless Congress approves an extension. Democrats have called for reauthorization of extended benefits, but Republicans generally oppose more jobless aid without additional spending cuts to offset the cost.

“This report is more evidence that extending help to those who are seeking work is a better investment for our economy than extending tax breaks for those resting comfortably atop the economic ladder,” said Rep. Lloyd Doggett, D-Texas, a member of the House Ways and Means Committee.

Regular jobless benefits generally last up to 26 weeks for eligible workers who lose their job and are seeking employment. Since the recession began in 2008, the federal government has offered up to 47 weeks of additional benefits.

The CBO report found that for every dollar of jobless benefits that the unemployed spend, there is a $1.10 boost to the economy.

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