Small Business Confidence Continues to Plummet: According to a survey of more than 1,700 CEOs of small U.S. firms, the CEO networking group Vistage International reported this week that CEO confidence for the third quarter of 2011 fell to its lowest level in two years. According to the report, confidence in the economy has declined by 20 percent since the beginning of the year. Just 18 percent said the economy had improved this year, down from 37 percent in the previous quarter, while 39 percent said conditions were worse, the highest level since 2009. Forty percent of the Vistage CEOs said economic uncertainty is the most significant business issue they are facing.
FY 2011 Spending Up 21 Percent Above Average: CBO estimates that federal spending for Fiscal Year 2011 will reach 23.8 percent GDP, marking the third consecutive year that spending has been above 23 percent of GDP under President Obama. Federal spending as a percentage of GDP is projected to be 21 percent higher than the post-World War II average of 19 percent, according to the Office of Management and Budget.
PolitiFact Rates Biden False on Medicare: Vice President Biden said of the House Republican Budget at a recent campaign fundraiser that it “eliminates Medicare in 10 years.” Politifact Truth-O-Meter rates this statement false. “The bottom line is that all seniors would continue to be offered coverage under the proposal, and the program’s budget would increase every year. The plan would reduce the growth in Medicare spending but not wipe out that spending. And current beneficiaries and those currently 55 and over would not be affected by the changes. It changes Medicare, dramatically, but does not eliminate it. We rate Biden’s statement False.” The article reporting on the false statement notes, in general, “PolitiFact has not looked favorably on the accuracy of the Democratic charges on Ryan's proposed transformation of Medicare.”