Flash! Social Security’s Not Doomed
Here’s some news that gets buried in the normal the-sky-is-falling Social Security coverage. Although the weak economy is having a short-term impact on Social Security’s finances, Social Security is still projected to run an $868 billion surplus over the next decade, according to a new report from the Congressional Budget Office (CBO).
Economic Policy Institute (EPI) economist Monique Morrissey says the latest report shows the surplus is “sufficient to last through the peak baby boomer retirement years.”
Nevertheless, gloomy news reports show that when it comes to Social Security, no news is bad news.
For example, an Associated Press story on the CBO report claimed that “Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037.” Says Morrissey:
The story misrepresents the trust fund’s solvency by excluding interest earnings, a major source of revenue for Social Security. The article also fails to mention that even if nothing is done to shore up the system’s finances, current tax receipts will be sufficient to cover most benefits in 2037, which will still be higher in inflation-adjusted terms than benefits are today. Social Security is not in crisis.
Budget Office: Health Care Repeal Would Add $230 Billion to Deficit
 |
|
The non-partisan Congressional Budget Office (CBO) just released numbers that should make any deficit-fearing Republican stop dead on his or her way to vote to repeal health care reform.
If the Affordable Care Act is repealed, says the CBO, it would increase the federal budget deficit by $230 billion over the next decade and by $1.2 trillion in the following 10 years.
Contrary to their much ballyhooed new House rules that require any legislation that increases federal spending or the deficit to be paid for with equal spending cuts elsewhere, the bill to repeal health care reform has no such restrictions. Why? Because their rules explicitly excluded the health care reform repeal bill (H.R. 2).
BTW, the rules also exclude any tax cuts for the wealthy or corporations from spending cuts elsewhere to make up the difference. But that’s a hypocrisy we’ll deal with some other time.
Says Rep. Sander Levin (D-Mich.):
The Congressional Budget office confirms that just one day after taking over the House, the Republican rhetoric on fiscal discipline doesn’t meet the reality test as their plans to take away valued health benefits from the American people will balloon our deficit by $230 Billion. Read the rest of this entry »
Push Is On to Pass DREAM Act
Breaking News: The House has passed the DREAM Act by a 216-198 margin. Eight Republicans voted for the bill and 38 Democrats voted against it.
As Congress prepared to vote on the DREAM Act today, thousands of students, immigrant activists, religious and political leaders are making a last-minute push to pass the bill.
Across the country, thousands of workers and activists held vigils in support of the bill as part of a national day of action. Yesterday, groups of DREAM Act youth and supporters arrived on Capitol Hill with giant checks for $2.3 billion to give out to lawmakers. The Congressional Budget Office (CBO) estimated late last week that passing the DREAM Act would create $2.3 billion in revenue over the next 10 years and slash the deficit by $1.4 billion.
Take action now. Call your representative at 1-866-967-6018 or your senators at 1-866-996-5161 and tell them:
America needs the DREAM Act now. This bill will allow undocumented youths to earn their legal status through either a college education or military service. Additionally, the DREAM Act strengthens the U.S. economy by cutting the deficit by $1.4 billion.
New Report: Recovery Act Created Up to 3.3 Million Jobs
 |
|
While the nation’s job crisis continues, it would be far worse if Republican congressional leaders had been successful in blocking the economic recovery act.
A new report from the non-partisan Congressional Budget Office (CBO) estimates the American Recovery and Reinvestment Act put 1.4 million to 3.3 million people to work in the second quarter of this year and lowered the unemployment rate by as much as 1.8 percent.
Read the full CBO report here.
Vice President Joe Biden says the CBO report:
is further confirmation of what we’ve been hearing from leading economists, the nation’s governors and families across the country: The Recovery Act is working to rescue the economy from eight years of failed economic policy and rebuild it even stronger than before.
Jobs Bill = 1 Million Jobs. Tell Congress, Pass It Now!
 |
|
While the U.S. House is still hammering out a timetable for a vote on the Promoting American Jobs, Closing Tax Loopholes and Preventing Outsourcing Act of 2010 (H.R. 4213), lawmakers might move a little faster if they take a look at the latest report on the jobs bill. There are 1 million jobs at stake.
Call 877-442-6801 and tell Congress to pass it now!
The Economic Policy Institute (EPI) estimates that the bill’s package of aid to states, infrastructure projects, extension of unemployment insurance (UI) and COBRA benefits, creation of summer jobs, loan guarantees for small business and other provisions
will help save or create well over a million critically needed jobs.
Even McCain’s Economist Says We Need Big Recovery Package
The economy is rolling faster and faster downhill—more 1.5 million jobs lost in the past three months—and Republican leaders in the Senate and House, along with their wacko radio talkers, are trashing President Obama’s economic recovery program.
But if action isn’t quickly taken, even darker days are ahead. Says Mark Zandi, a former economic adviser to Sen. John McCain:
Without stimulus, unemployment will rise well into the double digits, and the economy will not return to full employment until 2014.
Tomorrow, some 500 members of the community activist group ACORN, along with AFL-CIO Executive Vice President Arlene Holt Baker, will rally at 2:30 p.m. on the West Lawn of the U.S. Capitol to urge Congress to quickly pass the recovery legislation.
