June 27, 2011
- Federal Reserve Downgrades Economic Growth Projections by 10%: Following a string of disappointing economic indicators, the Federal Reserve Board on June 22, 2011, downgraded its projections for near-term GDP growth, lowering its average growth estimate for 2012 by 10 percent below its prediction from just two months ago. In addition, the Board now says average unemployment and inflation will be significantly higher next year than they projected in April.
- Government Spending Set To Increase 70% Above the Post-World War II Average: According to CBO’s Long-Term Budget Analysis, released on June 22, 2011, government spending is on course to consume nearly 34 percent of our economy by 2035—a 70 percent increase compared to the 20 percent post-World War II average.
- Doctors Refuse to Provide Services for Medicare Patients: According to the American Medical Association, 1 in 3 primary care doctors already limits how many Medicare patients they see and the American Academy of Family Physicians reports that more than 12 percent of doctors deny Medicare patients all together, up from 8 percent in 2008 and 6 percent in 2004. Because doctors do not want to deal with Medicare’s lower reimbursement payment system, seniors are already losing access to care, and the problem is only getting worse. According to CBO’s Long-term Budget Outlook, released on June 22, 2011, “the [Medicare Hospital Insurance] HI trust fund will be exhausted in 2020. Once the HI trust fund is exhausted, the Centers for Medicare and Medicaid Services will no longer have legal authority to pay health plans and providers.”
The Republican Plan for Job Creation and Growth
House Republicans have a plan to restore confidence and certainty to the economy and create jobs. For more information on the House Republican Growth Plan, click here: http://www.gop.gov/indepth/jobs.
If you have any questions or would like to submit an idea for next week’s “TriFacta,” please contact Emily.Seidel@mail.house.gov.
For additional information, contact:
The House Republican Conference Policy Office