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.
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 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.”