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February 18, 2014

Stuff you may have missed: February 18, 2014

According to the CBO, a minimum wage increase to $10.10 would cost half a million people their jobs … but on the other hand, another 900,000 people would jump above the poverty limit. The White House isn’t happy with this math.

The situation in Ukraine, already quite violent, translated to one of the country’s deadliest days ever on Tuesday. What’s causing the unrest? Here’s a quick explainer from NBC News.

Why you should always read the fine print: Capital One’s new cardholder contract says that the company can pay you a personal visit if necessary. Oops.

What are you gonna pick? Anything other than Hot Pockets.

Dear Obama: It’s OK not to respond to some criticism.

21:47 // 6 months ago
February 4, 2014

New CBO report more than doubles projected ACA job losses

  • 800K jobs were expected to disappear from the U.S. economy by 2021, as a direct result of the Patient Protection and Affordable Care Act, according to original estimates from the non-partisan Congressional Budget Office.
  • 2M jobs will actually disappear, most of which will be low-wage positions, according to revised projections from the CBO that were released on Tuesday. The new report takes into account a number of potential circumstances that the original report did not deal with, including the likelihood some people will choose unemployment and Medicaid instead of a job with reduced wages. source
14:01 // 7 months ago
February 5, 2013

This just in the from the CBO: America still has a debt problem.

  • $845B 2013 federal budget deficit has been predicted by the Congressional Budget Office according to a new report from the non-partisan watchdog organization. The bill will likely be held up by conservatives as concrete proof that tax hikes will not be enough to deal with the nation’s financial woes, considering the new CBO report shows the recent increase on households earning more than $450 thousand did little to slow the United States’ debt accrual. source
14:24 // 1 year ago
July 25, 2012
Get rid of ObamaCare! Now! It’s a really good idea … if your plan is to do the exact opposite of what you’re trying to achieve on controlling the deficit. The nonpartisan Congressional Budget Office on Tuesday said ObamaCare will actually work to shrink, not enlarge, our fiscal budget headache.
More details from the CBO here. Important story for truth. (via hypervocal)

For fans of effects that are literally the opposite of what’s intended. 

(via hypervocal)

9:25 // 2 years ago
February 1, 2012

CBO: What if Congress did nothing this year? Well, we’d cut the deficit

  • positive According to a hypothetical posed by the Congressional Budget Office, if Congress’ deadlock worsened and nothing got done this year, the deficit would shrink heavily as the Bush tax cuts would expire and other spending initiatives would end. Huh.
  • negative However … this comes with a lot of pain. As federal workers lose their jobs, the unemployment rate would rise above 9 percent again, and the economy’s recent gains would get pushed back, according to CBO estimates. Would the cost be worth the benefit, guys? source

» The trade-off: "On the one hand, if policymakers leave current laws unchanged, the federal debt will probably recede slowly," said CBO director Douglas W. Elmendorf. "On the other hand, changing current laws to let current policies continue … would boost the economy and allow people to pay less in taxes and benefit more from government programs in the next few years — but put the nation on an unsustainable fiscal course." That’s a tough one, kids.

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10:07 // 2 years ago
August 24, 2011

Budget deficit: Smaller than previous years, still pretty freaking huge

  • $1.28 trillion deficit in ’11, down slightly from ’09 & ’10 source

» A report full of mediocre news: The Congressional Budget Office’s report on the deficit notes that while the deficits will be smaller over the next decade — by $3.3 trillion over ten years — as a result of the arm-twisting budget deal passed earlier this month, another $3.5 trillion in deficits will be added on top of everything else. Oh, and lest you think that $1.28 trillion is a small amount, it’s only small compared to the prior two years, which were basically the two largest yearly deficits on record. So this total redefines “smaller.”

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10:38 // 3 years ago
March 19, 2011

CBO report: Obama’s deficit balloons, and tax cuts to blame

  • $9.5 trillion the size of the deficits that will be required under current policies through 2021, the CBO says
  • $2.7 trillion the increase over the previous expected budget numbers – a huge leap, to say the least source

» Why is this? The CBO’s report says that in regards to what’s behind all this, “Of the various initiatives that the President is proposing, tax provisions would have by far the largest budgetary impact.” In layman’s terms, tax cuts — especially those for the middle class — are the largest factor affecting deficits. While he’s pushing for tax increases on the wealthy and corporations, they won’t offset the effect of the tax cuts. You know what’s funny though? Even though the CBO’s report specifically says this, the Washington Times reported this story as if spending was the culprit.

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13:24 // 3 years ago
January 26, 2011

The high cost of unfunded tax cuts

  • $1.07 trillion could have been our deficit in 2011 source

» Not to belabor the point: The extension of the Bush-era tax cuts, which the President hashed out with Republicans, was a compromise granted to a political party that claims to be concerned about the deficit. You might therefore think the deal wouldn’t staggeringly increase the deficit, but you’d think wrong. This news will invariably be spun into another story about reckless liberal spending, but remember: this was the war trophy the Republican Party got out of the President, unfunded expenditure be damned.

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13:35 // 3 years ago

Party-poopin’ CBO: Our deficit will jump significantly in 2011

  • $1.48
    trillion
    the expected deficit the CBO says we’ll have at the end of the 2011 fiscal year
  • 14%
    increase
    the expected jump in the $1.3 trillion deficit from 2010’s fiscal year (ended Sept. 30) source
11:06 // 3 years ago
January 6, 2011

What would be the effect of repealing health care reform?

  • $250 billion increase in deficit over the next ten years if the GOP succeeds in repealing health care reform
  • 32million more people would be uninsured, too. Three cheers for repeal! source

» This isn’t according to Congressional Democrats. It’s not according to the White House. No, these numbers come from the third party, nonpartisan Congressional Budget Office. Republicans have cited CBO numbers in the past, too, so this isn’t an example of a biased report coming from a politically-motivated source. It’s just the facts, ma’am.

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22:28 // 3 years ago