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  • The President’s Budget: Bad for Economic Growth and Bad for Jobs
    Posted in HBC Publications on April 12, 2013 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Economy / Financial

    In 2010, economists Ken Rogoff and Carmen Reinhart completed a widely cited study that looked at the historical relationship between public debt and GDP growth and inflation in a variety of advanced and developing countries. The study used data from 44 countries and spanned roughly 200 years. It found conclusive empirical evidence that when gross public debt exceeds 90 percent of GDP in these countries, economic growth declines materially. Among the 20 advanced countries in the study, for instan... Read more

  • The Facts About the President’s Budget
    Posted in HBC Publications on April 11, 2013 | Preview rr
    Tags: Economy / Financial

    While there is no dispute that the President’s budget request never achieves balance, the President is making a variety of claims about the amount of deficit reduction that would be achieved if Congress adopted his budget request. As the House Budget Committee has explained before, claims about deficit reduction are always highly dependent on reduction from what starting point (called a baseline in budget parlance). @font-face { font-family: "Cambria Math"; }@font-face { font-family: "Calibri"; ... Read more

  • The President’s Plan Takes More to Spend More
    Posted in HBC Publications on April 10, 2013 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Taxes, Economy / Financial

    Their Budget Never Balances—Ever The House budget balances in ten years, but, like Senate Democrats, the White House says their budget never balances—ever. $8.2 Trillion in New Debt Accounting for the cost of eliminating the sequester and removing the budget gimmicks, net deficit reduction is only $119 billion. Additional deficit increase in FY2013: $61 billion Total U.S. debt in 2023: $25.4 trillion Debt increase per household: $60,980 Interest payments on the debt in 2023: $763 billion Defici... Read more

  • A Contrast in Visions
    Posted in HBC Publications on March 15, 2013 | Preview rr
    Tags: Economy / Financial , FY 2014 House Budget

    For the first time since 2009, the Senate Budget Committee met in open session and reported a budget resolution. Their effort this past week reveals why they went so long without a budget. Because they refuse to control spending, their budget imposes massive new tax increases on hardworking families. Despite all the talk of taking a “balanced approach” to the budget, Senate Democrats concede that the federal budget would never balance, ever. This brief summarizes the key differences between the ... Read more

  • A Debt Crisis in America: What It Might Look Like
    Posted in HBC Publications on February 22, 2013 | Preview rr
    Tags: Economy / Financial

    Key Facts The federal debt today is over $16.5 trillion. That’s larger than the entire U.S. economy. The government’s debt is set to skyrocket in the years ahead. This debt will cause pain for families today and greater hardship when a debt crisis hits. Once lenders lose confidence in the federal government’s ability to pay its bills, a debt crisis will follow. As a result, the cost of borrowing—for government and families—will increase, making it harder to make ends meet. Instead of gradual, s... Read more

  • Spending is the Problem
    Posted in HBC Publications on December 13, 2012 | Preview rr
    Tags: Economy / Financial

    VIEW AS: PDF JPEG PowerPoint Excel Data President Obama’s most recent budget called for $2 trillion of tax increases on families and job creators. He continues to call for tax increases that are bad for economic growth and bad for jobs. His tax increases won’t expand opportunity for the tens of millions of Americans living in poverty. And as this chart clearly shows, they won’t solve our debt crisis. Spending is the problem. More from Speaker Boehner’s office: http://www.speaker.gov/general/spe... Read more

  • President Obama’s Record on Youth Employment
    Posted in HBC Publications on October 18, 2012 | Preview rr
    Tags: Economy / Financial

    In the 2008 presidential election, President Obama received overwhelming support from young voters. The past four years has produced the following results and prospects for young Americans: Among 16 to 24-year-olds, the unemployment rate is 15.5%. After adjusting for the decline in the labor force participation rate (LFPR), i.e. individuals leaving the labor force, the unemployment rate rises to 20 percent. Student debt now totals nearly $1 trillion dollars, more than all of American credit card... Read more

  • The False Charge of a $5 trillion “tax cut” in the House Republican Budget
    Posted in HBC Publications on October 3, 2012 | Preview rr
    Tags: Economy / Financial

    “You can go on their website, look at Congressman Ryan’s budget. The centerpiece of Governor Romney’s entire economic plan is a new $5 trillion tax cut, a lot of it going to folks like me, a lot of it going to the wealthiest Americans.” – President Barack Obama, August 18, 2012, Rochester, NH. Key Points The House Republican budget proposed revenue neutral tax reform. It did not propose a net tax cut and characterizing the House Republican budget as including a large tax cut is a clear distortio... Read more

  • Summary of OMB Sequester Transparency Act Report
    Posted in HBC Publications on September 14, 2012 | Preview rr
    Tags: Economy / Financial

    On September 14, 2012, over a week after the statutory deadline, the Office of Management and Budget released a report detailing the impacts of the automatic sequester scheduled to take effect on January 2, 2013. The report provides details for the 897 accounts subject to sequester, a description of accounts that are exempt or partially exempt, and the estimated reduction for each account both in nominal terms and as a percentage of budgetary resources subject to sequester. Read full report HERE... Read more

  • The Arithmetic of the President’s $4 Trillion Deficit Reduction Claim
    Posted in HBC Publications on September 7, 2012 | Preview rr
    Tags: Economy / Financial

    Despite claims that the President has a $4 trillion deficit reduction plan, the President’s own budget shows only a $2 trillion reduction in the deficit over 10 years, while the debt increases by $11 trillion. After removing gimmicks and using CBO data, the President’s budget shows only $577 billion in deficit reduction over 10 years. In contrast of the claim of $2.50 in spending reductions for every $1 in tax increases, the President’s own budget actually shows $20 in tax increases for every $... Read more