Archive

Posts Tagged ‘medicare’

Congressional Budget Office: America Taxing Itself into Poverty

July 15th, 2016 Comments off

Crystal Ball dollar fotosearch postedDailyBusinessNewsMHProNewsIn an attempt to reach out to the 18 to 30 year old voter demographic (though she leads Trump by double, 45 percent are undecided), Democratic presumptive presidential candidate Hillary Clinton is offering free in state college education for families making up to $125,000 a year. She also advocates raising the minimum wage to $15/hr, and allow 55-year olds to purchase Medicare coverage.

As breitbart tells MHProNews, the non-partisan Congressional Budget Office (CBO) has periodically warned of irresponsible spending that has deleterious long-term effects on the solvency of the United States.

The CBO says the net federal debt’s share of the overall economy will steadily rise from “75 percent of GDP in the wake of the financial crisis, to 86 percent in 2026 and 141 percent in 2046.” That is higher than the historic peak of 106 percent of gross domestic product (GDP) at the end of World War II.

The debt future is getting bleaker: Last year the CBO predicted the federal debt would not reach 126 percent until 1940, and it is ahead of that now.

It says federal tax revenues as a share of GDP will be flat over the next ten years, moving between 18.0 percent and 18.2 percent; but in 2026 the average tax bill will increase sufficiently to raise the federal tax revenues as as share of GDP to 19.4. However, the CBO estimates that the higher tax rates will dampen economic activity, reducing overall tax revenue.

This will also reduce the Gross National Product per person from an average of 1.9 percent over the last 50 years to 1.3 percent annually over the next 30 years.

Mounting debt will reduce national saving and income, increase government’s interest bill, put more pressure on other aspects of the budget, limit the ability of the government to respond effectively to catastrophes and wars, and perhaps spur a financial crisis.

According to breitbart, “Given that the self-serving federal bureaucracy usually advocates for an increase federal tax rates, a warning from the respected CBO that high tax rates are about to impoverish America will have a significant influence on future public policy debates.” ##

(Image credit: fotosearch–moneyed crystal ball)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Obamacare Cripples Medicare

August 23rd, 2012 Comments off

SeniorHousingNews says while Democrats lambast vice-presidential candidate Paul Ryan’s proposal to make Medicare a voucher system, Republican presidential candidate Mitt Romney points out President Obama’s Affordable Care Act garners a significant portion of funding by cutting Medicare $716 billion. The combination of reductions in reimbursements to hospitals and private health insurance companies, and reductions to reimbursements to private Medicare Advantage Plans accounts for just under two-thirds of the cuts in Medicare. As MHProNews knows, a significant number of manufactured housing community residents are in the 55+ age bracket, and these cuts could seriously impact their financial well-being. Please see attached graph.

(Graphic credit: Washington Post/Senior Housing News)

 

Paul Ryan Makes Campaign Stop at The Villages

August 20th, 2012 Comments off

Yahoo!Canada reports Reuters says The Villages in central Florida, the largest retirement community in the world and one of the largest land lease communities in the country with thousands of manufactured homes among the 40,000 houses spread over 20,000 acres, hosted (presumed) Republican vice presidential candidate Paul Ryan who brought his 78 year-old mother on stage during his speech in which he vowed to maintain Medicare for the elderly. “When I think of Medicare, it’s not just a program, it’s not just a bunch of numbers, it’s what my mom relies on, it’s what my grandma had,” Ryan, 42, said. Since being named as Romney’s running mate, Ryan has distanced himself from earlier statements about reducing Medicare coverage, especially in retirement-rich Florida where Romney and President Obama are running neck- and-neck. MHProNews has learned (presumed) Republican presidential candidate Mitt Romney has visited The Villages twice in the past year.

(Photo credit: Scott Audette/Reuters—vice-presidential hopeful Paul Ryan with mother Betty Douglas)