Obamanomics Has Gov't Workers Happy, Others Miserable Posted 07:03 PM ET
Economy: The media's "improving economy" this election year exists only in Democrats' talking points. A new congressional report shows that joblessness is underestimated, while debt skyrockets.
Thirty-six pages into the Congressional Budget Office's "Budget and Economic Outlook: Fiscal Years 2012 to 2022," released Tuesday, is the news that "the unemployment rate in the fourth quarter of 2011 would have been about 1 1/4 percentage points higher than the actual rate of 8.7%" once the "unusually large decline over so short a time" in labor force participation is factored out.
This means that, contrary to the claims of a media rooting for Obama re-election, the real jobless rate is nearly 10% — belying the notion of an Obama-led "recovery."
Moreover, citing the soon-to-expire Bush tax cuts, CBO warns that "the dampening effects of the increase in tax rates in 2013," along with the impact of retiring baby boomers, will "more than offset" demand for labor as the economy recovers.
Worse, as CNS News' Terry Jeffrey notes, the CBO forecasts a 30% jump in tax revenues between 2012 and 2014. The U.S. economy will perform "below its potential" for the next six years, the CBO says, with the unemployment rate remaining above 7% for the next three.
In short, if current policies continue, "hope" and "change" — at least in the form of a prosperous economy — won't be coming any time soon.
If that weren't bad enough, the CBO forecast another $1 trillion deficit this year and $4.7 trillion over the next four years, as the government speeds toward a fiscal abyss on a trip financed by the taxpayers' credit card.
"Four straight years of trillion-dollar deficits, no credible plan to lift the crushing burden of debt," complained House Budget Committee Chairman Paul Ryan, R-Wis., in reaction to the report.
But as private-sector workers get stiffed, are their government counterparts feeling their pain? In a separate but not unrelated report, the CBO noted that federal employees' lavish pay and benefits put them far ahead of their private sector counterparts.
Noncollege educated federal workers averaged "36% higher total compensation than similar private-sector employees," the CBO said. Those with a bachelor's degree, meanwhile, averaged 15% higher. Overall, "the federal government paid 16% more in total compensation" than the private sector.
The dominant media may tell you a new day is dawning in Obama's America. In fact, our overfed government is partying, while those of us in the private sector pick up the tab for its excesses. |
