Jobs and the Economy

U.S. Recovery Weakest of Any in the World Since 1970: Compared to other nations that have faced similar recessions in the last 40 years, new research shows that the U.S. is currently in the slowest recovery of any country in the world over that time period.  According to AEI, a JPMorgan study points out that since 1970, Japan, Finland and Sweden have all gone through what the U.S. is currently going through. And all three of them had recoveries stronger than America’s. Comparing the economic recovery—as measured by real GDP per capita—of similar nations after their recessions shows that the U.S. is in dead last after 12 quarters from the worst part of the recession. As the report notes, “we are currently faring worse than Japan at the same point in their lost decade.”

Spending

Federal Debt Increases by $4.1 Billion Each Day Under President Obama: According to the Department of Treasury, the national debt has increased from $10.6 trillion on the day President Obama took office to $15.9 trillion today. This means that in the 1,294 days of this administration the debt has increased by $5.3 trillion or $4.1 billion each day under the president’s spending policies.

Medicare

President’s Healthcare Law puts Medicare on “Highly Uncertain” Cost Path: A May 2012 memo from the Centers for Medicare & Medicaid Service (CMS) Office of the Actuary discussed the projected payment rates for physician services, currently scheduled to be reduced under President Obama’s federal takeover of healthcare law. The memo calls the projections “clearly unrealistic with respect to physician expenditures and, in addition, may well understate expenditures for most other categories of health care providers,” concluding: “actual Medicare expenditures are likely to exceed the projections shown in the 2012 Trustees Report for current law, possibly by considerable amounts.” This is especially troubling in light of the Congressional Budget Office’s latest estimate that the Democrats’ healthcare law is expected to cost the federal government $1.7 trillion over the next ten years.

The Republican Plan for Job Creation and Growth

House Republicans have a plan to restore confidence and certainty to the economy and create jobs. For more information on the House Republican Growth Plan, click here: http://www.gop.gov/indepth/jobs.