Jobs and the Economy

U.S. Homeownership Hits Decade Low:  According to a Gallup survey, the number of people who say that they owned their own home fell to a 10-year low in April.  The 62% of Americans who say they own their own home marks a new low since Gallup began tracking self-reported homeownership in 2001 and is a drop from 68% in 2011.

Spending

Debt Rises More Than Twice as Much as GDP in the First Quarter of 2012:  In the first 3 months of 2012, the U.S. debt rose by $359.1 billion according to the Department of Treasury, while Gross Domestic Product grew only by $142.2 billion according to the Bureau of Economic Statistics.  This means the U.S. is borrowing approximately $2.52 for every $1 of economic growth so far in 2012.

Medicare

Medicare Subsidy Double-Edged Sword:  Securing and strengthening Medicare is a priority of House Republicans.  The House Republicans’ “Path to Prosperity” FY2013 budget resolution explains “Medicare subsidizes coverage for seniors to ensure that coverage is affordable.  Affordability is a critical goal, but the subsidy structure of Medicare is fundamentally broken and drives costs in the wrong direction.  The open-ended, blank-check nature of the Medicare subsidy drives health care inflation at an astonishing pace, threatens the solvency of this critical program, and creates inexcusable levels of waste in the system.”