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CBO | The Budget and Economic Outlook: 2014 to 2024

We talk allot about taxes but not enough about how our government spends them, or perhaps more importantly, how it chooses to spend them.

The budget of the United States is one of the main engines that make the world go around.  The office that is responsible for monitoring it and projecting how federal policies will impact the country’s future is the federal Congressional Budget Office (CBO).   The reports this office puts out are important because they spell out the inner workings and societal impacts of the nation’s spending plans.  The CBO report is also an important focal point for congressional debates on all matters public policy, especially the holly grail we now call the budget deficit.  The repository for all the nation’s ills and the proverbial excuse for doing one thing or another by politicians.

The Policy ThinkShop presents you with a user friendly link to this important resource.

http://www.cbo.gov/sites/default/files/cbofiles/attachments/45010-Outlook2014.pdf

“The federal budget deficit has fallen sharply during the past few years, and it is on a path to decline further this year and next year. CBO estimates that under current law, the deficit will total $514 billion in fiscal year 2014, compared with $1.4 trillion in 2009. At that level, this year’s deficit would equal 3.0 percent of the nation’s economic output, or gross domestic product (GDP)—close to the average percentage of GDP seen during the past 40 years.

As it does regularly, CBO has prepared baseline projections of what federal spending, revenues, and deficits would look like over the next 10 years if current laws governing federal taxes and spending generally remained unchanged. Under that assumption, the deficit is projected to decrease again in 2015—to $478 billion, or 2.6 percent of GDP. After that, however, deficits are projected to start rising—both in dollar terms and relative to the size of the economy—because revenues are expected to grow at roughly the same pace as GDP whereas spending is expected to grow more rapidly than GDP. In CBO’s baseline, spending is boosted by the aging of the population, the expansion of federal subsidies for health insurance, rising health care costs per beneficiary, and mounting interest costs on federal debt. By contrast, all federal spending apart from outlays for Social Security, major health care programs, and net interest payments is projected to drop to its lowest percentage of GDP since 1940 (the earliest year for which comparable data have been reported).”

More via CBO | The Budget and Economic Outlook: 2014 to 2024.

Filed under: Blogosphere, consumers, Economic Recession, Economic Recovery, Federal Entitlement Programs, Healthcare Reform, News, Policy ThinkShop Comments on other media platforms, Political Economy

What’s Ahead On The Post-SCOTUS Decision Landscape – Kaiser Health News

The Wall Street Journal: Health Battle Enters Round 2

A new front opened Friday in efforts to reshape how the federal government implements President Barack Obama’s health-care overhaul now that the Supreme Court has ruled to keep the law in place. Employers, insurers, hospitals, drug makers and others are angling for an advantage as the government writes the regulations and sets the policies that will bring the law to life (Radnofsky and Weaver, 7/1).

Los Angeles Times: Healthcare Law Still Faces Obstacles

President Obama’s healthcare law emerged from its bruising two-year legal ordeal largely intact, with its primary goal of guaranteeing all Americans health security still standing. The Supreme Court, however, is only the first of several daunting obstacles the law must clear (Levey, 7/1).

The New York Times’ Economic View: Giving Health Care A Chance To Evolve

When the court affirmed the law’s constitutionality on Thursday, many forecasters were astonished. The ruling came by the slimmest of margins and was defended, in places, by deeply flawed economic reasoning. But it has paved the way for an orderly rehabilitation of America’s gravely dysfunctional health care system (Frank, 6/30).

The Washington Post: Washington’s Winners And Losers From The Supreme Court’s Health-Care Ruling

The Supreme Court last week upheld the Patient Protection and Affordable Care Act, President Obama’s signature domestic achievement aimed at expanding health care coverage to 30 million uninsured Americans. The court upheld both the requirement that all individuals buy insurance, and the expansion of Medicaid, a joint federal-state insurance program for the poor — as long as the federal government does not threaten to withhold states’ Medicaid funding if states choose not to expand. Here is a look how the decision affects the local business world (Ho, 7/1).

HealthyCal:  Court Ruling Opens Door To Big Changes In Health Care

The easiest way to understand the coming change is this: The current business model of the health insurance industry consists of avoiding risk. The new model will instead force insurance companies to compete by offering the best service (Weintraub, 7/1).

The Minneapolis Star Tribune: Employers Weigh Health Care Ruling’s Effect

Now that the health care law has gotten the green light from the U.S. Supreme Court, business owners across Minnesota are running the numbers to see how the law’s requirements will affect their businesses in the coming years. The law affects employers in different ways, depending on their size (Crosby, 6/30).

Market Watch: Insurer Stocks Continue To Fall After Ruling

In the wake of a landmark Supreme Court ruling that reverberated throughout the sector, commercial insurers started sliding again in Friday trading despite a broad market rally. These insurers, which had stumbled from the shock of the court’s decision Thursday to uphold President Barack Obama’s health-care overhaul legislation, rebounded when trading opened. But as the session wore on, they slid into negative territory (Britt, 6/29).

via What’s Ahead On The Post-SCOTUS Decision Landscape – Kaiser Health News.

Filed under: analytics, Blogosphere, Congressional Activity, consumers, Election 2012, ethics, Federal Entitlement Programs, Government Works?, Health Literacy, Health Policy, Healthcare Reform

Mitt Romney’s campaign: Inequality v entitlements | The Economist

POLITICO’S Alexander Burns reports on Mitt Romney’s new stump speech, which attacks Barack Obama for holding beliefs that bear no resemblance to the beliefs held by …

MORE via Mitt Romney’s campaign: Inequality v entitlements | The Economist.

Filed under: Blogosphere, Children and Poverty, Culture Think, Election 2012, Federal Entitlement Programs, ideology, Mass Media and Public Opinion, News, Political Economy, propaganda and spin, Public Policy, Vote, WeSeeReason, , ,

Romney’s conservatisms: Conservatism comes in many flavours | The Economist

WOULD a Mitt Romney administration register any differently on the conservatism meter than a Rick Perry administration, or for that matter a Herman Cain administration? Peter Beinart argues that it wouldn’t, and I …

MORE via Romney’s conservatisms: Conservatism comes in many flavours | The Economist.

Filed under: Abortion, Blogosphere, Culture Think, Election 2012, ethnicity in politics, faith-based, Federal Entitlement Programs, ideology, Mass Media and Public Opinion, News, propaganda and spin, Public Policy, symbolic uses of politics, Vote, WeSeeReason, , ,

Washington Post Discards All Journalistic Standards In Attack on Social Security | Beat the Press

News outlets generally like to claim a separation between their editorial pages and their news pages. The Washington Post has long ignored this distinction in pursuing its agenda for cutting Social Security, however it took a big step further in tearing down this barrier with a lead front page story that would have been excluded from most opinion pages because of all the inaccuracies it contained.

MORE via Washington Post Discards All Journalistic Standards In Attack on Social Security | Beat the Press.

Filed under: Blogosphere, Federal Entitlement Programs, Mass Media and Public Opinion, News, Paper Media, propaganda and spin, Public Policy, Social Media, symbolic uses of politics, WeSeeReason, , , , ,

States Adding Drug Test as Hurdle for Welfare – NYTimes.com

As more Americans turn to government programs for refuge from a merciless economy, a growing number are encountering a new price of admission to the social safety net: a urine sample.

MORE via States Adding Drug Test as Hurdle for Welfare – NYTimes.com.

Filed under: Behavioral Health Outcomes, Blogosphere, Children and Poverty, Crimes and Misdemeanors, Family Policy, Federal Entitlement Programs, Feminization of Poverty, Government Works?, Health Literacy, Health Policy, Jurisprudence, Mass Media and Public Opinion, News, Public Policy, States Rights & Poverty, WeSeeReason, , ,

Recession Officially Over, U.S. Incomes Kept Falling – NYTimes.com

In a grim sign of the enduring nature of the economic slump, household income declined more in the two years after the recession ended than it did during the recession itself, new research has …

MORE via Recession Officially Over, U.S. Incomes Kept Falling – NYTimes.com.

Filed under: access to education, Blogosphere, Children and Poverty, Demographic Change, Economic Recession, Education Policy, Election 2012, Family Policy, Federal Entitlement Programs, Feminization of Poverty, Government Works?, Mass Media and Public Opinion, News, Public Policy, social protests, Unemployment, WeSeeReason, , ,

Justice Department Seeks High-Court Review of Health Law – WSJ.com

The Obama administration asked the Supreme Court to decide the fate of its health-care overhaul, setting the stage for arguments at the high court and a probable ruling in the thick of the 2012 …

MORE via Justice Department Seeks High-Court Review of Health Law – WSJ.com.

Filed under: Blogosphere, Election 2012, Family Policy, Federal Entitlement Programs, Government Works?, Health Literacy, Health Policy, Mass Media and Public Opinion, News, Public Policy, WeSeeReason, ,

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