What really drives me insane about the debt ceiling debate and discussions about cutting spending when the economy is in the tank is the politicians in DC ignoring the people who actually do economics as a job. Paul Ryan’s budget, Obama’s grand bargain, and the final deal all ignore the economic facts. Recently a tea party Republican was schooled by the Congressional Budget Office and I think all cheap labor conservatives need to read the detail of the event.
Continue reading ““But Rep. Paul Ryan has a BA in economics…””
I had the following conversation with a conservative friend of mine recently:
The reality show celebutant addled public with an assist by a subservient corporate media machine helped elect a cheap labor majority in the US House of Representative and they ran on several points that included repealing the Affordable Health Care for America Act and cutting the deficit, it looks like if they repeal health care reform it will blow up the budget.
As ThinkProgress summed up the findings from the CBO, the GOP’s H.R. 2, the Repealing the Job-Killing Health Care Law Act would not only lead to higher out of pocket costs, reduced benefits and saddle employers with higher premiums. Over the next 10 years and beyond, budget-busting Republicans if successful would unleash a flood of red ink:
“Consequently, over the 2012-2021 period, the effect of H.R. 2 on federal deficits as a result of changes in direct spending and revenues is likely to be an increase in the vicinity of $230 billion, plus or minus the effects of technical and economic changes to CBO’s and JCT’s projections for that period…”
“Correspondingly, CBO estimates that enacting H.R. 2 would increase federal deficits in the decade after 2019 by an amount that is in a broad range around one-half percent of GDP, plus or minus the effects of technical and economic changes that CBO and JCT will include in the forthcoming estimate. For the decade beginning after 2021, the effect of H.R. 2 on federal deficits as a share of the economy would probably be somewhat larger.”
For his part, Rep. Cantor remains unencumbered – and undeterred – by the truth.
CBO: GOP Health Care Repeal Adds $230 Billion to Deficit
And what I don’t understand is why would elected officials be against lower premiums and better care from health care providers and insurance.
That’s the thing only crazy people like the tea bagger GOP would support worse health care and out of control costs.