Call me naïve, but doesn’t the fact that 2011’s federal deficit is projected to be 1.5 trillion dollars make the so-called ‘Super’ Committee’s goal of cutting to save 1.2 trillion dollars over ten years rather irrelevant?
According to a new study by McKinsey & Company, nearly 30% of companies will drop healthcare insurance for workers when Obamacare begins in 2014. From a Wall Street Journal report:
ObamaCare will lead to a dramatic decline in employer-provided health insurance—with as many as 78 million Americans forced to find other sources of coverage.
This disturbing finding is based on my calculations from a survey by McKinsey & Company. The survey, published this week in the McKinsey Quarterly, found that up to 50% of employers say they will definitely or probably pursue alternatives to their current health-insurance plan in the years after the Patient Protection and Affordable Care Act takes effect in 2014. An estimated 156 million non-elderly Americans get their coverage at work, according to the Employee Benefit Research Institute.
Before the health law passed, the Congressional Budget Office estimated that only nine million to 10 million people, or about 7% of employees who currently get health insurance at work, would switch to government-subsidized insurance. But the McKinsey survey of 1,300 employers across industries, geographies and employer sizes found “that reform will provoke a much greater response” and concludes that the health overhaul law will lead to a “radical restructuring” of job-based health coverage.
Another McKinsey analyst, Alissa Meade, told a meeting of health-insurance executives last November that “something in the range of 80 million to 100 million individuals are going to change coverage categories in the two years” after the insurance mandates take effect in 2014.
In short, contrary to promises you won’t be able to keep the insurance you like, and Obamacare is not going to save the government money – it is going to cost us billions on top of an already dangerous debt.
According to a new Rasmussen poll, 58% of likely voters oppose Obamacare:
A new Rasmussen Reports national telephone survey finds that 58% of Likely Voters at least somewhat favor repeal of the health care law. Thirty-seven percent (37%) oppose repeal. These findings include 46% who Strongly Favor Repeal and 30% who Strongly Oppose it.
Is there any good reason to keep this Frankenstein bill alive any longer? I think the Republicans have a pretty stong mandate to kill it.
According to a recent Pew Hispanic Poll, 31% of Hispanics think illegal immigration has had a negative impact on the US:
Hispanics are also divided about the impact of illegal immigration on Hispanics already living in the U.S. Roughly equal shares say the impact has been positive (29%), negative (31%) or made no difference (30%). This mixed judgment stands in sharp contrast to views that Latinos expressed on this subject in 2007. Back then, fully half (50%) of Latinos said the impact was positive, while just 20% said it was negative.
Of course, the Left would call those 31% of Hispanics racists.
A survey of economist released today by the National Association for Business Economics indicates that more economists expect slower economic growth in the US for the remainder of the year and into next year. Their findings:
- The NABE Outlook panel cut its growth predictions for 2010 and 2011. Real gross domestic product (GDP) is now expected to advance 2.6 percent in 2010, down from the panel’s May prediction of 3.2 percent. While some of this reduction relates to historical data revisions, most of the markdown reflects worse-than-expected summer results and a dimmed outlook. Next year’s 2.6 percent gain shows the lack of a typical cyclical rebound and only matches the long-term growth trend previously expected by the NABE panel.
- The latest NABE forecast reflects a greater appreciation of the importance of stimulus policies in countering forces holding down the economy’s performance. Seventeen percent of survey respondents characterized the expansion as “uneven, dominated by stimulus policies.” That is up from just 5 percent in May. The dominant characterization of the economic “recovery”—held by 37 percent of the NABE Outlook panel—was that of an expansion remaining “subpar as severe wealth losses and onerous debt burdens inhibit spending and lending.” Any “stagflation scenario,” combining persistently weak growth and escalating inflation, remains a long-shot.
- Consumer spending is expected to remain modest throughout the forecast horizon due to weak job gains, persistently high unemployment, and negligible growth in household net worth reflecting only small gains in the stock market and home prices. This year’s holiday retail sales are expected to be especially weak, rising only 2.5 percent from last year. While most forecasters attribute the recent rise in household saving to “fundamentals,” especially losses in household wealth, one in five believe an attitudinal shift toward greater thrift has been the key driver behind increased saving.
In other words, despite the campaign rhetoric, it ain’t getting better.
Obama stands to make previous Federal deficits look miniscule. From CBS:
New numbers posted today on the Treasury Department website show the National Debt has increased by more than $3 trillion since President Obama took office.
The National Debt stood at $10.626 trillion the day Mr. Obama was inaugurated. The Bureau of Public Debt reported today that the National Debt had hit an all time high of $13.665 trillion.
The Debt increased $4.9 trillion during President Bush’s two terms. The Administration has projected the National Debt will soar in Mr. Obama’s fourth year in office to nearly $16.5-trillion in 2012. That’s more than 100 percent of the value of the nation’s economy and $5.9-trillion above what it was his first day on the job.
How many more years of this administration can we afford?
I wanted to start a new section here (In addition to some of the other ongoing sections, Atheist Contradictions, Low Hanging Fruit, Arguments For God and Observations) called By The Numbers, which will simply be bits and pieces of crrent events as represented by numbers and statistic and graphs. Because I love numbers, and because sometimes words simply aren’t enough.
The first is just a little graph that comes to us from the Heritage Foundation showing two sets of employment numbers during two administrations dealing with two separate recessions. I think the graph says everything: