The CMO Survey - Highlights and Insights Report - Spring 2024
FY2013 Budget Resolution Opening Presentation
1. 2013 Budget Resolution Markup
Opening Presentation
March 21, 2012
House Budget Committee Democrats
2. 1
Republican Budget:
• Abandons the Economic Recovery
• Ships American Jobs Overseas
• Harms our Economic Competitiveness
Over 400 days in the Majority
and No Jobs Plan
House Budget Committee Democrats
3. 2
Democratic Amendments Will:
• Protect Jobs and the Economic Recovery
by Offering Elements of the American
Jobs Act
• Promote Long-Term Economic Growth by
Making Smart, Targeted Investments,
including Education, Transportation, and
R&D
House Budget Committee Democrats
4. 3
Democrats Turn Job Losses to Gains
3.9 Million Private-Sector Jobs Created in Past 24 Months
350 Bush Admin. Obama Administration
233
150
-50
-250
-450
Monthly change in
-650 private payrolls
(thousands)
-850 (839)
Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12
House Budget Committee Democrats Source: Bureau of Labor Statistics non-farm payrolls, U.S. Department of Labor.
5. 4
Top Tax Rate and Total Net Job Creation
50% 30
Net Total Private-Sector Job Creation in Millions
45%
25
40%
39.6%
35%
35% 20
Top Tax Rate
30%
20.8 million 15
25%
jobs
20%
653,000 10
created
15%
jobs lost
5
10%
0
5%
0% -5
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
President Clinton President Bush
Source: Department of Treasury and Bureau of Labor Statistics.
House Budget Committee Democrats
6. 5
Top Tax Rate and Average Annual Growth
50% 5.5%
Inflation-Adjusted Economic Growth Rate
45%
40% 39.6% 4.5%
35%
35%
3.5%
Top Tax Rate
30%
25%
3.9% 2.5%
20% Real GDP
15%
Growth 2.0% 1.5%
Real GDP
10%
Growth 0.5%
5%
0% -0.5%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
President Clinton President Bush
Source: Department of Treasury and Bureau of Labor Statistics.
House Budget Committee Democrats
7. 6
Making College More Affordable
“At a time when Americans owe
more in tuition debt than credit
card debt, this Congress needs to
stop the interest rates on student
loans from doubling in July.”
--- President Obama, State of the Union,
January 2012
House Budget Committee Democrats
8. 7
Republican Budget:
• Ends Medicare Guarantee
• Puts Insurance Companies
Back in Charge
• Shreds the Social Safety Net
House Budget Committee Democrats
9. 8
Democratic Amendments Will:
• Reject Putting Seniors at the Mercy of
Insurance Companies and will Protect the
Medicare Guarantee
• Preserve the Social Safety Net by
Rejecting cuts to Medicaid and Food
Assistance
House Budget Committee Democrats
10. 9
Per Enrollee, Private Insurance Costs Rise
Faster than Medicare Costs
Medicare Private Health Insurance
9.4%
8.1%
Average Annual Percent Change in Common Care Benefit Spending Per
Enrollee, 1969-2010
House Budget Committee Democrats
11. 10
Medicare Trustees: Affordable Care
Act Strengthens Medicare
“The financial outlook for the
Medicare program is
substantially improved as a
result of the changes in the
Affordable Care Act.”
Source: 2011 Medicare Trustees Report
House Budget Committee Democrats
12. 11
Affordable Care Act Saves Money for the Budget
and for Seniors
Total Medicare Spending as a Percent of GDP
Source: 2009 and 2010 Medicare Trustees Reports
House Budget Committee Democrats
13. 12
Republican Budget Gives Tax Cuts to
Wealthy, Slashes Health Care for Low-Income
More Tax Cuts
$961 for the
Wealthiest
Americans
Severe Cuts
to Medicaid -$810
Dollars in billions, 2013-2022
House Budget Committee Democrats
14. 13
Republican Budget:
Makes Harmful Choices to
Protect Tax Breaks for the
Very Wealthy
House Budget Committee Democrats
15. 14
Democratic Amendments Will:
• Adopt a Balanced Approach to Deficit
Reduction, Where Everyone Pays Fair
Share
• Close Tax Loopholes for Special Interests
• Protect Tax Cuts for Working Americans
• Require Tax Rates for Wealthy be More in
Line with Those for the Middle Class
House Budget Committee Democrats
16. 15
Top 1% See Outsized Income Gains
Cumulative Growth in Real After-Tax Incomes by Income Group, 1979-2007
300%
Top 1% 81-99% 21-80% Bottom 20% 277.5%
250%
200%
150%
100%
65.0%
50%
37.8%
18.3%
0%
-50%
1980
2003
2005
1979
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2004
2006
2007
Source: Congressional Budget Office, October 2011.
House Budget Committee Democrats
18. 17
“Big 5” Oil Company Profits Exceeded
$1 Trillion over Last Decade
$351 (profits in billions)
$238
$179
$163
$108
Exxon Chevron Conoco Phillips Shell BP
Source: http://www.americanprogress.org/issues/2012/02/big_oil_banner_year.html
House Budget Committee Democrats
19. 18
U.S. Oil Production Rose since 2008
(in millions of barrels per day)
5.8
5.6
5.4
5.2
5
4.8
4.6
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: EIA
House Budget Committee Democrats
20. 19
U.S. Dependence on Foreign Oil
Fell Since 2008
Net Imports as a Share of Consumption
60%
55%
50%
45%
40%
35%
30%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: EIA
House Budget Committee Democrats
Hinweis der Redaktion
Over the period 1969-2010, per enrollee Medicare spending grew by an annual average of 8.1 percent. Premiums for private health insurance for a common set of benefits (i.e., comparable to Medicare covered benefits – hospitals, physician services, DME, etc.) grew by an annual average of 9.4 percent. CBO’s long-term outlook compares the total rate of excess cost growth in Medicare and other payers and finds that Medicare has a higher rate of excess cost growth over the period 1975-2007 than other payers. The CBO excess cost growth measure differs conceptually from OACT’s comparison of Medicare spending and enrollee premiums in several important respects. For example, the CBO measure captures all health spending (including OOP spending), while the OACT measure compares only spending on covered benefits.
This chart compares the Medicare spending projections from the 2009 Medicare Trustees Report (pre-reform) with the 2010 Trustees Report, which was published after health reform became law.
