Policy Papers
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October 2013 Unemployment
October 2013 Unemployment Rate: 7.3 percent Unemployed Americans: 11.3 million “Real” Unemployment The “real” unemployment or U-6 rate is 13.8 percent for October 2013, an increase of 0.2 percentage points. This is the total percentage of unemployed and underemployed workers. The “real” number of unemployed Americans is 21.8 million. These are people who are... Continue Reading
November 7, 2013
Obama’s Economy Underwhelms Again
The economy grew at an annualized rate of 2.8 percent in the third quarter of 2013. This comes on the heels of an already weak economy: growth in the first quarter of 2013 was 1.1 percent and second quarter growth was 2.5 percent. It has now been six consecutive quarters where growth has failed to break three percent. And still the Obama Administration fails to focus on jobs. Washington Democrats have made it clear that they would like to cancel the sequester and replace it, in whole or in part,... Continue Reading
November 5, 2013
Fiscal Path Forward
Over the next several months, Congress will need to fund the government for the rest of fiscal year 2014 and will be asked to raise the debt limit. This must be done in a way that lowers future deficits, bends the curve on our national debt, and fosters economic growth. Revenue Should Not Be Used to Offset Sequester Democrats are renewing their typical calls for tax hikes, but Republicans should not agree to revenue increases that would only serve to offset hard fought spending cuts. It is... Continue Reading
October 22, 2013
September Unemployment Report
Unemployment Rate: 7.2 percent Unemployed Americans: 11.3 million “Real” Unemployment The “real” unemployment or U-6 rate is 13.6 percent for September 2013, a decrease of 0.1 percentage points. This is the total percentage of unemployed and underemployed workers. The “real” number of unemployed Americans is 21.5 million. These are people who are unemployed (11.3 million), want work but have stopped searching for a job (2.3 million), or are... Continue Reading
October 15, 2013
The Timeline
U.S. Treasury cash outflows and inflows are lumpy – varying significantly day to day. Over the next several weeks: Government spending will average approximately $10 billion a day for ongoing programs. Government receipts will average approximately $7 billion a day, primarily remittances by employers and payroll taxes (does not include corporate tax payments that are made quarterly; last received in September). Significant Dates Sources: CBO and the Bipartisan Policy Center Continue Reading
October 9, 2013
Senate Democrats Block Bipartisan CRs
Since the government shut down last week, the House has sent to the Senate twelve individual CRs. These bills would open up different parts of the government right now – including parks, the National Institutes of Health, and many more agencies. The President and Senate Democrats have insisted that they will not pass the House’s clean appropriations bills for individual functions of the federal government (with the exception of the bill paying our military). Last week, fifty-seven... Continue Reading
October 8, 2013
Debt Limit Often Used for Reforms
The President keeps saying that he will not negotiate on the debt limit. He also leaves the false impression that there have never been negotiations with Congress over the debt limit on “issues that have nothing to do with the budget and nothing to do with the debt.” The Washington Post fact-checker gave the President four Pinocchios on that claim. Negotiations have actually occurred many times on the debt limit. From 1978 to 2013, the debt limit has been raised 53 times.... Continue Reading
October 8, 2013
Policy by the Numbers
The “most transparent Administration ever” has the country guessing on the number of the week. Americans want to know how many people actually got health coverage during the first week of the Obamacare exchanges. The Administration says the number of enrollees won’t be coming anytime soon. Other recent numbers [or lack thereof] that also have policy implications. Continue Reading
October 1, 2013
Obama Must Accept Debt Limit Reforms
Congress will begin debate this month on the President’s sixth debt limit increase in his five years in office. The need to strengthen and secure entitlement programs for the future is greater than ever. Instead of refusing to negotiate, the President should accept that our country can no longer avoid a bipartisan agreement to reform entitlements. If he is unwilling to seriously deal with our country’s debt, Congress is left with little choice but to use the debt limit to force him... Continue Reading
October 1, 2013
Reid Ran the Clock, Shutting Down Government
It is now 11 days since the Republican-led House of Representatives passed a bill to keep the government open. Since that time, Harry Reid’s Democrat-led Senate has been running the clock on passing a continuing resolution. This is an emergency, yet Senate Democrats are showing no urgency in passing a compromise bill that would keep the government open. Continue Reading
September 23, 2013
FCC’s Dishonest “Net Neutrality” Regulations
In December 2010, the Federal Communications Commission (FCC), on a 3-2 party line vote, adopted its Open Internet Order – often referred to as the “net neutrality” rules – that reversed the longstanding policy choice to leave the Internet unregulated. The misguided decision subjects Internet providers to heavy-handed regulations. Proponents of the rule claim it is needed to protect consumers, promote innovation, and ensure the Internet continues to flourish. The... Continue Reading
September 18, 2013
CBO Warns Again on Debt, Democrats Silent
This week the Congressional Budget Office (CBO) released its annual report on the nation’s long-term fiscal outlook. Washington Democrats should learn some key lessons from the report. Debt Unsustainable, Despite Democrat’s Tax Increases CBO assumes that revenue reaches 18.5 percent of GDP in 2023 and continues to rise to 19.7 percent in 2038. This may be overly optimistic, as average revenue over the past 40 years has been 17.4 percent of GDP; and during that time period revenues... Continue Reading
September 10, 2013
In Obama’s Economy, More Americans Give Up
The August jobs report shows the economy below where we should be four years after the end of the recession. While the national unemployment rate fell slightly to 7.3 percent for August, the decrease is primarily because 312,000 people stopped looking for work. Labor Force Participation The labor force participation rate is 63.2 percent, down 0.2 from July, and the lowest rate in 35 years. Last month, 312,000 Americans left the labor force. The participation rate last month... Continue Reading
September 10, 2013
Policy by the Numbers
The key number last week was 312,000. According to the August jobs report, 312,000 workers left the labor force last month. This resulted in a labor force participation rate of 63.2 percent, the lowest in 35 years. Other recent numbers that also have major policy implications: Continue Reading
September 6, 2013
August 2013 Unemployment Report
August 2013 Unemployment Rate: 7.3 percent Unemployed Americans: 11.3 million “Real” Unemployment The “real” unemployment or U-6 rate is 13.7 percent for August 2013, a decrease of 0.3 percentage points. This is the total percentage of unemployed and underemployed workers. The “real” number of unemployed Americans is 21.5 million. These are people who are... Continue Reading
August 2, 2013
July Unemployment Report
July 2013 Unemployment Rate: 7.4 percent Unemployed Americans: 11.5 million “Real” Unemployment The “real” unemployment or U-6 rate is 14.0 percent for July 2013, a decrease of 0.3 percentage points. This is the total percentage of unemployed and underemployed workers. The “real” number of unemployed Americans is 22.1 million. These are people who are unemployed... Continue Reading
July 31, 2013
GDP Report: Obama Tax, Spend Policy is Failing
The economy grew at an annualized rate of 1.7 percent in the second quarter of 2013. This comes after subpar real GDP growth of 2.5 percent, 1.8 percent, and 2.8 percent in 2010, 2011, and 2012, respectively. Growth in the first quarter of 2013 was 1.1 percent, revised down from 1.8 percent. Today’s release includes revisions of GDP data going back to 1929, intended to more accurately measure GDP. The new revisions show that in the middle of President Obama’s “recovery”... Continue Reading
July 24, 2013
Taking on Genuine Tax Reform
The Senate Finance Committee has started with a “blank slate” approach to tax reform, in which all tax expenditures are eliminated. Advocates can add tax provisions back in if the provision grows the economy, increases tax fairness, or achieves “other important policy objectives.” The Chairman and Ranking Member note that Congress has made more than 15,000 changes to the tax code since the last tax reform in 1986. It is no wonder that it costs Americans 6.1 billion hours... Continue Reading
July 23, 2013
President Re-re-re-Focuses on Economy
The President will hit the road starting this week for campaign-style speeches in Illinois, Florida, and Missouri. The President plans once again to “pivot” to jobs. His senior advisor wrote Sunday evening the President will talk about “what it means to be middle class in America: job security, a good education, a home to call your own, affordable health care when you get sick.” Five years in office, and four years after the recession ended, our country needs more than... Continue Reading
July 9, 2013
July 2013: Policy by the Numbers
The key number last week was 322,000. According to the June jobs report, people employed part-time for economic reasons spiked by 322,000 jobs last month. This came on the heels of the Obama administration recognizing the health care law’s employer mandate needed to be delayed. Other recent numbers also have major policy implications. Continue Reading