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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 // 2 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
January 2, 2013

Two different takes on the NYE “fiscal cliff” compromises:

  • Congressional Budget Office The Congressional Budget Office released a new report on New Year’s Day, outlining what it believed would be the new “fiscal cliff” compromise’s impact on the national debt. Their verdict? $4 trillion added over the next decade.
  • White House The Obama Administration denied claims that the “fiscal cliff” deal would add $4 trillion to our national debt, and said those in the White House expect to see $737 billion trimmed from the national debt thanks to the recent negotiations. So, anybody who did a little better in Econ than we did want to let us know who’s right and who’s wrong? source
16:57 // 1 year 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 // 2 years ago
April 8, 2011

jwschiff:

Fast Company reports on the making of Rep. Paul Ryan’s budget video, which was apparently inspired by a wildly popular global health YouTube upload featuring an enthused Hans Rosling. According to the article:

Politicians using YouTube is nothing new. But this is probably the first time a Congressional politician used the medium to galvanize support for that most dreary of Washington topics, the budget.

The filmmakers, Dan Hayes and Clay Broga, of Washington, D.C.-based Freethink Media, say the video … took its inspiration from a BBC documentary by Swedish global health professor—and stats nerd—Hans Rosling. ‘The Joy of Stats’ uses the same kind of drawing-charts-out-of-thin-air technique to make complicated bits of data accessible, as in the clip posted below the Ryan vid.

From a data nerd’s perspective, this clip is fascinating, even if you don’t like Paul Ryan’s stances. To put it simply, it’s well-designed. It’s just more evidence that Ryan is one of the few politicians who has turned a State of the Union response into an increased profile. He’s got the perfect mix of photogenic and brainy going on.

14:52 // 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

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