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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
- 17. 16 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.