CBO Projects that Unemployment will Remain Above 8 Percent Until 2014: Last month, the Congressional Budget Office (CBO) released a new report on the persistency of high-unemployment in the U.S. under the failed policies of President Obama. The report had many key findings including: we are currently in the midst of “the longest stretch of high unemployment in this country since the Great Depression,” the unemployment rate will remain above 8 percent until 2014, and the true unemployment rate would be around 15 percent if everyone who could not find full time work were counted.
United States Economy Growing at its Slowest Rate Since the Great Depression: Even as President Obama has racked up nearly $5 trillion in debt since his record-breaking spending spree began, the United States economy has been growing at its slowest rate since the Great Depression. If in the current recovery our economy had grown and generated jobs at the average rate achieved following the 10 previous postwar recessions, GDP per person would be $4,528 higher than it is today.
Medicare Spending Growth Almost 90 Percent: According to CBO’s latest baseline projections (which are well below CBO’s alternative, more likely, fiscal scenario) “spending for Medicare under current law is anticipated to grow by an average of 6 percent per year. CBO projects that gross Medicare outlays in 2022 will exceed $1 trillion, almost 90 percent more than they are expected to be this year.”