CBO: Obamacare Sufferers Get Ready For Years Of Rate Hikes

Obamacare Exchange Customers Set For Significant Premium Spikes, CBO Predicts

 

 

 

 

” Obamacare exchange customers are about to see spikes in their premiums, the Congressional Budget Office predicted Monday, saying insurers that offer plans are facing twin pressures from the government and the marketplace that will mean hikes of more than 8 percent a year through 2018.

  Now in the second year of full operation, the exchanges are critical to the success of the law. The government is using tax subsidies to attract more customers to help offset costs for the rest of the system.

  Nearly 11.7 million Americans bought plans on the exchange in the second enrollment period, Health and Human Services Secretary Sylvia Mathews Burwell announced Monday afternoon, hours after the CBO’s analysis was released.

  The CBO said premiums for the key “benchmark” exchange plans will rise an average of 8.5 percent per year from 2016 to 2018, faster than the rest of the health care market.”

Washington Times

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CBO: Rich Pay Their “Fair Share” & Most Everyone Else’s Share As Well

New CBO Study Shows That ‘The Rich’ Don’t Just Pay Their ‘Fair Share,’ They Pay Almost Everybody’s Share

 

 

 

 

 

” The Congressional Budget Office (CBO) just released its annual report on “The Distribution of Household Income and Federal Taxes” analyzing data through 2011 on American household’s: a) average “market income” (a comprehensive measure that includes labor income, business income, and income from capital gains), b) average household transfer payments (payments and benefits from federal, state and local governments including Social Security, Medicare and unemployment insurance), and c) average federal taxes paid by households (including income, payroll, corporate, and excise taxes). Some of the key findings of the CBO analysis are displayed in the table above, with the data organized by household income quintiles. The data in the first five rows above appear in the CBO report (from Tables 1 and 4), and rows 6-8 above have been calculated separately based on data from the first four rows in the table.

  The CBO report received attention and commentary this week from John Merline at Investor’s Business Daily (“New CBO Report Explodes Tax Fairness Myths”), Reason’s Nick Gillespie (“3 Charts About Income Inequality, Transfers, and Taxes”), AEI’s Jim Pethokoukis (“Here is what’s really happening to middle-class incomes and inequality”), Heritage Foundation’s Curtis Dubay (“The Richest 1 Percent of Americans Pay 24 Percent of Federal Taxes”) and former economist Paul Krugman (“Why the One Percent Hates Obama”).

  Some additional analysis and commentary will be provided here that reveal a yet-to-be discussed major implication of the CBO report – almost the entire burden: a) of all transfer payments made to American households and b) of all non-financed government spending, falls on just one group of Americans – the top one-fifth of US households by income. That’s correct, the CBO study shows that the bottom three income quintiles representing 60% of US households are “net recipients” (they receive more in transfer payments than they pay in federal taxes), the second-highest income quintile pays just slightly more in federal taxes ($14,800) than it receives in government transfer payments ($14,100), while the top 20% of American “net payer” households finance 100% of the transfer payments to the bottom 60%, as well as almost 100% of the tax revenue collected to run the federal government. Here are the details of that analysis.”

 

Read it all

 

 

 

 

 

 

 

 

 

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‘Cause He’s The Taxman … Obama Budget Proposal Calls For Highest Taxation Ever

Obama Calls For Highest Sustained Taxation In U.S. History

 

 

 

 

 

 

” In the budget proposal he presented to Congress last month, President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people, according to the analysis published last week by the Congressional Budget Office.

  Under Obama’s proposal, taxes would rise from 17.6 percent of Gross Domestic Product in 2014 to 19.2 percent in 2024. During the ten years from 2015 to 2024, federal taxation would average 18.7 percent GDP.

America has never been subjected to a ten-year stretch of taxation at that level.”

 

 

 

 

 

” In the twelve fiscal years preceding the Japanese attack on Pearl Harbor (1930 through 1941), federal taxation averaged 5.3 percent of GDP.

  In the five fiscal years encompassing U.S. involvement in World War II (1942 through 1946), federal taxation averaged 16.1 percent of GDP.

In the fiscal years since World War II (1947 through 2013), federal taxation has averaged 17.1 percent of GDP.”

 

 

 

 

CNS News

 

 

 

 

 

 

 

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CBO Admits That Minimum Wage Hike Would Destroy Half Million Jobs

CBO Report: Minimum Wage Hike To Cost 500K Jobs

 

” President Obama’s proposal to raise the minimum wage to $10.10 per hour would cost 500,000 jobs in 2016, according to a report released Tuesday by the nonpartisan Congressional Budget Office.

  The report also found hiking the wage from $7.25 per hour would raise income for about 16.5 million workers by $31 billion, potentially pulling nearly 1 million people out of poverty.

  The White House and economic groups on the left immediately pushed back at the CBO’s conclusions on jobs even as they hailed the findings on poverty, saying its conclusions on jobs ran counter to other research.”

 

Add this to CBO’s earlier report on the job killing effects of Obamacare …

 

 

” Earlier this month, the CBO found that over the next decade, ObamaCare would result in the equivalent of 2.5 million fewer workers. It concluded many workers would chose to remain at home due to ObamaCare’s expansion of health coverage.”

 

   And you see how economically astute this administration really is . Does anyone wonder why we have been stuck in a recession for the entire length of this man’s presidency ?

   As with all things political , the minimum wage hike is about optics and the desire to APPEAR to be doing good regardless of the end result . The media hype and feel good sensation that goes with the passage of a bill is never matched down the road when the true consequences of the legislation become apparent . Read the rest at the Hill.

 

 

 

 

 

 

 

 

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