Jobs and the Economy

President’s Fiscal Policies Threaten Recession and More Job Losses: In its updated budget and economic forecast, the Congressional Budget Office (CBO) projects the U.S. economy will contract by nearly 3.0 percent at an annual rate in the first half of 2013 as a result of the tax increases and sequestration cuts that are slated to take effect early next year. For the entire year, real GDP would contract by 0.5 percent. The pending fiscal cliff will cause the unemployment rate to increase to 9.1 percent in the fourth quarter of 2013.

Spending

Record Fourth Trillion Dollar Deficit Hits Households: Last week, the Congressional Budget Office released its updated budget and economic forecast projecting a federal deficit of $1.12 trillion for FY 2012, which is equal to $9,500 of debt for every household in America.

Medicare

Americans Prefer Republicans’ Plan for Medicare: Last week, the American Action Network published the results of an in-depth survey conducted by the Winston Group on Americans’ perspectives on Medicare and the economy. The key findings on Medicare were considered “surprising” as “the President’s healthcare plan continues to be unpopular, as awareness of its impact on Medicare grows...”   When respondents were offered a choice between Democrats’ (false) claim that Republicans’ plan would“end Medicare as we know it and turn Medicare into a voucher system,” and the alternative that states, “doctors are reducing the number of Medicare patients that they accept…proof that Medicare as it stands is unsustainable and has to be reformed, and the Republican plan will save the system for future generations while preserving benefits for those 55 and older,” the House Republican message won 49 to 44 percent.

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.