Manufacturing Employment Plummets: Under President Obama, manufacturing employment has fallen to its lowest levels since 1941, dipping below 12 million for the first time in the post-WWII era. Since President Obama was inaugurated, the manufacturing sector has shed 661,000 jobs.
CBO Says Spending, Deficits, Debt Worse Under the President’s Budget: Last week, the Congressional Budget Office (CBO) released its analysis of the President’s budget for 2013 and found that the president’s policies would make our nation’s perilous fiscal situation even worse. According to CBO, under the president’s budget spending would be $1.15 trillion higher than current law and the deficit would increase by $3.5 trillion over current law.
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.”