Economists Predict Little Growth in 2012: After 33 months of President Obama’s failed economic policies and unemployment above 8 percent, economists predict little job growth in 2012. According to a survey of economists conducted by the National Association for Business Economics (NABE), the unemployment rate is projected to decline only slightly, from 9 percent to 8.9 percent in 2012. But despite the estimates of modest labor market improvement, NABE economists still identified “excessive unemployment” as their single greatest concern going forward.
Runaway Spending Fuels $108 Billion Average Monthly Deficit in 2011: As a result of the second highest annual deficit in U.S. history and the third consecutive deficit of more than $1 trillion under President Obama, the monthly deficits averaged $108 billion in fiscal year 2011. As a result of the president’s spending explosion, the federal government has spent more than it has taken in for 36 straight months, according to the Department of Treasury.
Structural Change Must Happen: Senator Pete Domenici (R-NM), and Dr. Alice Rivlin, co-chairs of the Bipartisan Policy Center Debt Reduction Task Force, stated in testimony this month to the Joint Select Committee on Deficit Reduction “there can be no lasting solution to the U.S. debt crisis without structural changes in the Medicare program to slow its cost growth.”