Jobs and the Economy

Nearly Half of Recent High School Graduates Unemployed: As the middle of summer approaches and more youths search for jobs, data reveals that young people are among the hardest hit by President Obama’s economic policies.  According to a new study from Rutgers University, nearly half of all recent high school graduates do not have full time employment, including 30 percent who are unemployed and 15 percent who are working part time.  Another 8 percent are working part time and not looking for full-time work and about one in six have left the labor market altogether.  Unemployment among youths 16-19 years old, regardless of education, is 23.7 percent and the number is even higher for African American youth, who are suffering from 39.3 percent unemployment according to the Bureau of Labor Statistics.

Spending

FY 2012 Deficit Crosses the $1 Trillion Mark: With 84 days left in Fiscal Year 2012, the federal government has already racked up $1 trillion in debt for the fourth consecutive year according to the Treasury Department.  Prior to President Obama taking office, the deficit had never eclipsed $1 trillion and the highest deficit federal deficit in our nation’s history was $458 billion in 2008.  Under President Obama, annual deficits increased by 255 percent from 2008 to 2012.  According to CBO, even with the job destroying tax increases called for by the President today, the deficit would still be almost $1 trillion in 2013 ($977 billion).

Medicare

Medicare Shortfall is Driving Deficits: According to analysis by the Heritage Foundation, the difference between what Medicare brings in through taxes and what it spends on healthcare benefits will make up the vast majority of the federal budget deficits in the years to come.  The report notes, “Even assuming that unrealistic cost-containment policies in current law are sustained, by 2040, Medicare’s shortfall will account for 81 percent of the federal deficit.”  The analysis is based on the Congressional Budget Office extended baseline and the Medicare Trustees 2012 report.

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.