MedWorm provides a medical RSS filtering service. Over 6000 RSS medical sources are combined and output via different filters. This feed contains the latest medical blog items that have been tagged with 'cbo'. Sat, 03 Sep 2011 02:35:00 +0100 http://www.medworm.com/index.php?rid=5181770&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F68GqLjEXQe4%2F By Chris EdwardsIf you looked at the new CBO report on the budget, you may have noticed that federal spending this year will be $3.6 trillion. In fact, federal spending this year will top $4 trillion. But virtually all reporters and budget wonks (including me) routinely use the lower number when discussing total federal spending. I don’t think the higher $4 trillion number even appears anywhere in the CBO report. The $3.6 trillion figure is “net” outlays. But “gross” outlays, or total spending, is quite a bit higher. The difference is caused by “offsetting collections” and “offsetting receipts.” These are revenue inflows to the government that are netted against spending at the program level, agency level, or government-wide level. Some examples are national park fees, Me... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=5181770 Tue, 30 Aug 2011 20:25:36 +0100 5181770 http://www.medworm.com/index.php?rid=5158943&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FkYybUa_rHFo%2F By Daniel J. MitchellThe Congressional Budget Office has just released the update to its Economic and Budget Outlook. There are several things from this new report that probably deserve commentary, including a new estimate that unemployment will “remain above 8 percent until 2014.” This certainly doesn’t reflect well on the Obama White House, which claimed that flushing $800 billion down the Washington rathole would prevent the joblessness rate from ever climbing above 8 percent. Not that I have any faith in CBO estimates. After all, those bureaucrats still embrace Keynesian economics. But this post is not about the backwards economics at CBO. Instead, I want to look at the new budget forecast and see what degree of fiscal discipline is necessary to get rid of red ink. Th... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=5158943 Wed, 24 Aug 2011 20:34:41 +0100 5158943 http://www.medworm.com/index.php?rid=5077664&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F5l-dpRVXrKU%2F By Daniel J. MitchellI testified yesterday before the Joint Economic Committee about budget process reform. As part of the Q&A session after the testimony, one of the Democratic members made a big deal about the fact that federal tax revenues today are “only” consuming about 15 percent of GDP. And since the long-run average is about 18 percent of GDP, we are all supposed to conclude that a substantial tax hike is needed as part of what President Obama calls a “balanced approach” to red ink. But it’s not just statist politicians making this argument. After making fun of his assertion that Obama is a conservative, I was hoping to ignore Bruce Bartlett for a while, but I noticed that he has a piece on the New York Times website also implying that America&#821... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=5077664 Thu, 28 Jul 2011 12:40:44 +0100 5077664 http://www.medworm.com/index.php?rid=4984422&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FgrDzfzJqs_M%2F By Tad DeHavenCongressional Republicans have said that spending cuts must be at least as large as an increase in the debt ceiling. Negotiations over lifting the debt ceiling are ongoing, but the “magic number,” so-to-speak, would be around $2 trillion in spending cuts. Cutting $2 trillion in federal spending sounds like a lot, but it’s actually relatively small because the cuts would likely occur over ten years. According to the Congressional Budget Office’s most recent budget baseline, the federal government will spend almost $46 trillion over the next ten years. The following chart shows what $2 trillion in spending cuts over the next ten years looks like when measured against the CBO’s baseline. Even with the cuts, federal spending would still increase by $1.8 trillion: Rathe... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4984422 Wed, 29 Jun 2011 19:23:20 +0100 4984422 http://www.medworm.com/index.php?rid=4560235&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FdixlovUbwG0%2F By Chris EdwardsThe federal government is approaching its legal borrowing limit, and fiscal conservatives in Congress are wondering what spending reforms they can extract in return for supporting a debt-limit increase. Various sorts of balanced budget amendments and debt limits relative to GDP are being kicked around. I support those ideas, but I fear that they may be too complicated to gain traction right now. A simpler idea would be to impose a statutory limit on annual spending growth of 3 percent. If total federal outlays in a year were $4 trillion, the government couldn’t spend more than $4.12 trillion the next year. It would be that simple. Such a limit would be easy for policymakers and the public to understand and enforce. It would put ongoing pressure on Congress to cut discreti... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4560235 Tue, 08 Mar 2011 21:16:35 +0100 4560235 http://www.medworm.com/index.php?rid=4540554&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FSBysTrULmcc%2F By Tad DeHavenHouse Republicans engineered a continuing resolution for fiscal 2011 that would trim $61 billion in “regular” discretionary budget authority versus fiscal 2010. The Obama administration and the Democratic majority in the Senate balked at the cuts, and a two-week continuing resolution will be passed in order to avoid a “government shutdown” and give the sides more time to reach an agreement. Based on the Congressional Budget Office’s score of the continuing resolution containing $61 billion in funding cuts, and the CBO’s recent budget projections, both discretionary and total federal outlays (actual spending) would still be higher in fiscal 2011 versus fiscal 2010. Keep these charts in mind the next time you hear or read that the Republicans’ supposedly “majo... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4540554 Wed, 02 Mar 2011 18:58:49 +0100 4540554 http://www.medworm.com/index.php?rid=4405758&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FYchSsanoy2s%2F By Michael F. CannonThis is how a front-page story in this morning’s Washington Post portrayed the cause of this year’s $1.5 trillion deficit: Record U.S. Deficit Projected This Year CBO forecasts tax cuts will push budget gap to $1.5 trillion The still-fragile economy and fresh tax cuts approved by Congress last month will drive the federal deficit to nearly $1.5 trillion this year, the biggest budget gap in U.S. history, congressional budget analysts said Wednesday. Federal spending and federal tax revenue play equally important roles in creating the federal budget deficit.  Yet the Post blames the deficit only on inadequate tax revenue.  Federal spending isn’t too high, the Post implies, tax revenue is too low. This may not be an example of media bias.  But it is a... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4405758 Thu, 27 Jan 2011 16:14:37 +0100 4405758 http://www.medworm.com/index.php?rid=4405760&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FSNsR1IcCYoM%2F By Tad DeHavenWhen it comes to reining in federal spending, House Republicans and the president have one idea in common: freezing nondefense discretionary spending. That category accounts for about 18 percent of total spending, so let’s see how such a freeze would affect the overall budget. Today the Congressional Budget Office released updated budget figures and baseline projections of federal spending through fiscal 2021. Projecting the budgetary future is obviously an inexact science, and the CBO’s baseline reflects unrealistic assumptions. However, it does allow us to get an idea of the impact of a nondefense discretionary freeze on total federal spending. Three proposals have been put forward: In his State of the Union address, President Obama proposed freezing nondefense discret... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4405760 Thu, 27 Jan 2011 15:00:31 +0100 4405760 http://www.medworm.com/index.php?rid=4337939&cid=t_238815_87_f&fid=39187&url=http%3A%2F%2Fgetbetterhealth.com%2Fhealthcare-repeal-how-would-it-affect-coverage-and-cost%2F2011.01.11 [Soon] the new GOP-controlled House of Representatives will be voting on and is expected to pass a bill to repeal the Affordable Care Act (ACA) – lock, stock, and barrel. There is virtually no chance the repeal bill will get through the Senate, though, which maintains a narrow Democratic majority, and President Obama would veto it if it did. But let’s say that the seemingly impossible happened, and the ACA was repealed. What would the impact be on healthcare coverage, costs, and the federal deficit? In a letter to Speaker John Boehner (R-OH), the Congressional Budget Office (CBO) released its preliminary estimates of the impact of repeal on the deficit, uninsured, and costs of care, and found that it would make the deficit worse, result in more uninsured persons, and higher premiu... Better Health blogs http://www.medworm.com/rss/comments.php?id=4337939 Tue, 11 Jan 2011 22:00:00 +0100 4337939 http://www.medworm.com/index.php?rid=4331015&cid=t_238815_87_f&fid=39187&url=http%3A%2F%2Fgetbetterhealth.com%2Frepealing-healthcare-reform-to-gain-campaign-ammunition%2F2011.01.10 Repealing healthcare reform has become a way of stockpiling ammunition for the campaign trail. The Republican-led House has scheduled a repeal of healthcare reform for Wednesday, Jan. 12, and they’d garner as allies some but not all 13 Democrats that voted against healthcare reform to begin with. The House’s quixotic vote would then promptly die in the Democrat-held Senate. But recording votes on repeal would put pressure on already vulnerable lawmakers, as well as give a quick boost to incoming ones. A Gallup poll shows 46 percent of Americans want healthcare reform to be repealed, 40 percent don’t want repeal. Unfortunately, not only can’t the law be passed, it would add $230 billion to the federal debt by 2021, according to the Congressional Budget Office. Hous... Better Health blogs http://www.medworm.com/rss/comments.php?id=4331015 Mon, 10 Jan 2011 16:00:00 +0100 4331015 http://www.medworm.com/index.php?rid=4322491&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FB1rlY0rXtbM%2F By Daniel J. MitchellGrousing about the GOP’s timidity in the battle against big government will probably become an ongoing theme over the next few months. Two items don’t bode well for fiscal discipline. First, it appears that Republicans didn’t really mean it when they promised to cut $100 billion of so-called discretionary spending as part of their pledge. According to the New York Times, As they prepare to take power on Wednesday, Republican leaders are scaling back that number by as much as half, aides say, because the current fiscal year, which began Oct. 1, will be nearly half over before spending cuts could become law. This is hardly good news, particularly since the discretionary portion of the budget contains entire departments, such as Housing and Urban Devel... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4322491 Fri, 07 Jan 2011 21:37:59 +0100 4322491 http://www.medworm.com/index.php?rid=4322492&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FhUVgTnkdu6g%2F By Michael F. CannonOne could argue that exempting ObamaCare from the PAYGO requirement is appropriate given the defects in current budget rules. By law, the CBO must follow certain rules when doing cost estimates of legislation and projecting federal spending under current law. Under those rules, CBO projects ObamaCare will reduce the deficit. No question. But Congress often defeats those budget rules by passing legislation with “pay fors” (i.e., spending cuts) that make the budget look better, yet are highly unlikely to be sustained because they are politically implausible. A good example of this is the “sustainable growth rate” formula, where Congress promises to ratchet down the government price controls that Medicare uses to pay physicians in future years. Cong... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4322492 Fri, 07 Jan 2011 20:06:27 +0100 4322492 http://www.medworm.com/index.php?rid=4285185&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F31i8jvdjJy8%2F By Mark A. CalabriaJust in time for the holidays, the Congressional Budget Office has released its analysis of the costs and benefits of various alternatives to our current system of mortgage finance, particularly the role of Fannie Mae and Freddie Mac. The report examines three possibilities: A hybrid public/private model in which the government provides explicit guarantees on privately issued mortgages or MBSs; A fully public model in which a wholly federal entity would guarantee qualifying mortgages or MBSs; or A fully private model in which there would be no special federal backing for the secondary mortgage market. The report doesn’t really push one option over another, but simply lays out the advantages and disadvantages of each.  Some highlights worth keeping in mind as th... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4285185 Thu, 23 Dec 2010 17:52:03 +0100 4285185 http://www.medworm.com/index.php?rid=4179307&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FIy0VAwXbGjc%2F By Michael F. CannonI hit a nerve with my post, “There Ain’t No Such Thing as a Tax Expenditure.”  To recap: The federal tax code has credits, deductions, exemptions, and exclusions that reduce tax revenue.  By convention, budget experts call that forgone revenue a “tax expenditure,” a “tax subsidy,” or even “backdoor spending in the tax code.”  This is incorrect.  To claim that forgone tax revenue is a government expenditure implies that the money at stake actually belongs to the government, which is graciously letting taxpayers keep it, rather than to the people who earned it.  Government is not spending that money; it is merely not extracting that money from the private sector.  Statists deliberately use terms like “tax ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4179307 Thu, 18 Nov 2010 19:25:08 +0100 4179307 http://www.medworm.com/index.php?rid=4151755&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F0pptSTQwFWw%2F By Daniel J. MitchellI’ve already written about the terrible work of the Congressional Budget Office. The CBO did an awful job on the stimulus, for instance, repeatedly asserting that diverting money from the private sector to government somehow would create jobs. CBO also was a disaster on Obamacare, claiming that a giant new entitlement program would reduce budget deficits. And the legislative bureaucracy even has argued that higher tax rates boost growth. That sounds absurd (and it is), but CBO is not the only taxpayer-funded bureaucracy on Capitol Hill producing this kind of nonsensical analysis. The Congressional Research Service just published a new report asserting that higher tax rates will boost economic performance. Here’s an excerpt from that CRS publication. &#8230... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4151755 Tue, 09 Nov 2010 20:44:23 +0100 4151755 http://www.medworm.com/index.php?rid=4018161&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FwUHSuC1bydo%2F By Daniel J. MitchellWhile I’m glad Republicans are finally talking about smaller government, I’ve expressed some disappointment with the GOP Pledge to America. Why “reform” Fannie and Freddie, I asked, when the right approach is to get the government completely out of the housing sector. Jacob Sullum of Reason is similarly underwhelmed. He writes: In the “Pledge to America” they unveiled last week, House Republicans promise they will “launch a sustained effort to stem the relentless growth in government that has occurred over the past decade.” Who better for the job than the folks who ran the government for most of that time? …Republicans, you may recall, had a spending spree of their own during George W. Bush’s recently conclude... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4018161 Thu, 30 Sep 2010 15:15:16 +0100 4018161 http://www.medworm.com/index.php?rid=4013137&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FGw1wIjQHXrQ%2F By Michael F. CannonIn a previous post, I promised to address the negative spin that the Kaiser Family Foundation put on its annual Employer Health Benefits Survey, released this month.  I do so in an op-ed that ran today at the Daily Caller.  An excerpt: The Kaiser Family Foundation recently issued its annual survey of employer-sponsored health benefits, declaring: “Family Health Premiums Rise 3 Percent to $13,770 in 2010, But Workers’ Share Jumps 14 Percent as Firms Shift Cost Burden.” That’s half-right — but the other half perpetuates a myth about employee health benefits that stands in the way of real health care reform…. [Y]ou pay the full cost of your health benefits: partly through an explicit $4,000 premium and partly because your wages are $9,770 lower than ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4013137 Wed, 29 Sep 2010 21:07:03 +0100 4013137 http://www.medworm.com/index.php?rid=3895870&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FRl1g5JzgfnQ%2F I hope the title of this post is an exaggeration, but it’s certainly a logical conclusion based on what is written in the Congressional Budget Office’s updated Economic and Budget Outlook. The Capitol Hill bureaucracy basically has a deficit-über-alles view of fiscal policy. CBO’s long-run perspective, as shown by this excerpt, is that deficits reduce output by “crowding out” private capital and that anything that results in lower deficits (or larger surpluses) will improve economic performance — even if this means big increases in tax rates. CBO has also examined an alternative fiscal scenario reflecting several changes to current law that are widely expected to occur or that would modify some provisions of law that might be difficult to sustain for a ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3895870 Sun, 22 Aug 2010 18:00:18 +0100 3895870 http://www.medworm.com/index.php?rid=3861996&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F7JRVnrsWLHs%2F By Tad DeHavenThe White House Office of Management and Budget homepage currently features the following quote from the president: President Obama says he wants to “invest in our people without leaving them a mountain of debt.” That’s a curious statement because the Congressional Budget Office’s analysis of the president’s current budget proposal projects that publicly held debt as a share of the economy would reach levels last seen at the end of the Second World War. When the CBO’s numbers are plugged into a bar chart, the projected Obama debt levels (red bars) look like…the upward slope of a mountain (!): To be fair, Obama’s predecessors — particularly the previous Bush administration — share in the responsibility for the mountainous rise in federal debt. How... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3861996 Thu, 12 Aug 2010 19:34:32 +0100 3861996 http://www.medworm.com/index.php?rid=3808662&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F1FRwNP5gB4w%2F By Daniel J. MitchellLike the swallows returning to Capistrano, the Congressional Budget Office follows a predictable pattern of endorsing policies that result in bigger government. During the debate about the so-called stimulus, for instance, CBO said more spending and higher deficits would be good for the economy. It then followed up that analysis by claiming that the faux stimulus worked even though millions of jobs were lost. Then, during the Obamacare debate, CBO actually claimed that a giant new entitlement program would reduce deficits. Now that tax increases are the main topic (because of the looming expiration of the 2001 and 2003 tax bills), CBO has done a 180-degree turn and has published a document discussing the negative consequences of too much deficits and debt. A snippet: ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3808662 Sun, 01 Aug 2010 11:39:50 +0100 3808662 http://www.medworm.com/index.php?rid=3757847&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FEg8ON4hme60%2F By Michael F. CannonThe Obama administration announced yesterday its plans for implementing ObamaCare’s mandate that consumers purchase first-dollar coverage for preventive services.  The press release reads (emphasis added): Administration Announces Regulations Requiring New Health Insurance Plans to Provide Free Preventive Care Of course the administration would emphasize that consumers will pay nothing for these services at the moment of service, and elide the fact that this mandate will increase their health insurance premiums. The administration’s use of the word “free” is what we call spin. What’s surprising–and more than a little disappointing–is that journalists and headline writers at major media organizations would repeat the administrat... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3757847 Thu, 15 Jul 2010 18:41:30 +0100 3757847 http://www.medworm.com/index.php?rid=3403863&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F9SCL-r3GqNw%2F By Doug BandowSocial Security is officially in the red.  The New York Times reports that the system will pay out more than it takes in this year.  Explains the Times: The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security. This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office. Stephen C. Goss, chief actuary of the Social Security Administration, said that while the Congressional projection would probably be borne out, the change would have no effect on benefits in 2010 and retirees would keep receiving their checks as usual. The problem, he said, is that payments have risen more... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3403863 Thu, 25 Mar 2010 12:55:25 +0100 3403863 http://www.medworm.com/index.php?rid=3403869&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Ftjws-DzDrxA%2F By Daniel J. MitchellSince we’re already depressed by the enactment of Obamacare, we may as well wallow in misery by looking at some long-term budget numbers. The chart below, which is based on the Congressional Budget Office’s long-run estimates, shows that federal government spending will climb to 45 percent of GDP if we believe CBO’s more optimistic “baseline” estimate. If we prefer the less optimistic “alternative” estimate, the burden of federal government spending will climb to 67 percent of economic output. These dismal numbers are driven by two factors, an aging population and entitlement programs such as Medicare, Medicaid, and Social Security. For all intents and purposes, America is on a path to become a European-style welfare state. If... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3403869 Wed, 24 Mar 2010 17:18:47 +0100 3403869 http://www.medworm.com/index.php?rid=3385340&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FuwSPciq6grY%2F By Michael F. CannonOf course, it depends on what the meaning of “the Obama health plan” is. If the Obama plan is understood not to include the $208 billion Medicare “doc fix” that the House removed from its bill to pass separately, and if the Obama plan would be sealed in an impenetrable vault within the National Archives, never again to be touched by God or man, then yes, the Congressional Budget Office predicts the Obama plan would reduce federal deficits by $138 billion over the next 10 years and by maybe one-half percent of GDP in the 10 years after that. If, however, the doc fix is actually part of the Obama plan, and that law would be subject to normal political forces  plus the new political dynamics the law would create, then the CBO predicts the Obama pla... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3385340 Fri, 19 Mar 2010 21:52:12 +0100 3385340 http://www.medworm.com/index.php?rid=3382805&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F7svclAfcoX4%2F By Daniel J. MitchellWashington is buzzing with news that the Congressional Budget Office has a new cost estimate for the President’s proposal to further expand the federal government’s control over the health care system. The White House is doubtlessly pleased because the takeaway message, as blindly regurgitated by the Associated Press, is that a giant new entitlement program is going to “drive down red ink:” The Congressional Budget Office estimated the legislation would reduce the federal deficit by $138 billion over its first 10 years, and continue to drive down the red ink thereafter. Democratic leaders said the deficit would be cut $1.2 trillion in the second decade – and Obama called it the biggest reduction since the 1990s, when President Bill Clinton... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3382805 Thu, 18 Mar 2010 18:14:48 +0100 3382805 http://www.medworm.com/index.php?rid=3378449&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FD8FXSTYtAVk%2F By Michael F. CannonHouse Democrats claim that a not-yet-released Congressional Budget Office report puts the cost of their revised health care overhaul at $940 billion over the next 10 years. Though I have yet to see the CBO score, I’ll bet anyone a fancy lunch that it does not claim the legislation would cost the federal government just $940 billion from 2010 through 2019. As former Congressional Budget Office director Donald Marron has explained over and over, the figure that Democrats consistently cite for the cost of their bills is only the CBO’s estimate of the cost of federal spending related to the expansion of health insurance coverage.  It is not the full cost to the federal government, because each bill also spends taxpayer dollars on other items. Marron examined th... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3378449 Thu, 18 Mar 2010 15:26:23 +0100 3378449 http://www.medworm.com/index.php?rid=3370387&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FS2ZroGJRum8%2F By Tad DeHavenA battle over higher education loans is coming to a head as Democrats consider including the ill-titled Student Aid and Fiscal Responsibility Act in reconciliation legislation. In one corner, we have private education loan lenders who enjoy the generous subsidies and loan guarantees provided by Uncle Sam. In the other, we have policymakers who want to cut out the middleman by having the Department of Education provide direct loans. Critics of SAFRA correctly point out that the alleged savings of nationalizing student loan subsidies are a sham. The Congressional Budget Office has scored the nationalizing portion of the bill as saving $67 billion over ten years. However, in a letter to Sen. Judd Gregg (R-NH), the CBO acknowledged that when the cost of default risk is factored i... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3370387 Tue, 16 Mar 2010 17:59:43 +0100 3370387 http://www.medworm.com/index.php?rid=3363640&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fl7Qdaq_KMZY%2F By Daniel J. MitchellWhen Dorothy and her friends finally reach Oz, they present themselves to the almighty Wizard, only to eventually discover that he is just an illusion maintained by a charlatan hiding behind a curtain. This seems eerily akin to to the state of Keynesian economics. It does not matter that Keynesianism isn’t working for Obama. It does not matter that it didn’t work for Bush, or for Japan in the 1990s, or for Hoover and Roosevelt in the 1930s. In the ultimate triumph of theory over reality, the Keynesians say all that matters is the macroeconomic model behind the curtain showing that more government spending leads to more jobs and growth. Consider the recent report from the Congressional Budget Office (CBO), which claimed that Obama’s stimulus created at... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3363640 Sat, 13 Mar 2010 22:38:55 +0100 3363640 http://www.medworm.com/index.php?rid=3111402&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FAakMJhyZahk%2F By Chris EdwardsThe Congressional Budget Office has released final budget numbers for fiscal year 2009. The numbers allow us to take a last look at the Bush administration’s record on spending from a statistical point of view. The following three charts show annual average real (or constant dollar) outlays during the tenures of recent presidents. Presidents were in office for either 4 or 8 budget years, except JFK (3 years), LBJ (5 years), Nixon (6 years), and Ford (2 years). President George W. Bush’s last year was fiscal 2009. Outlays that year were $3.522 trillion, according to the CBO. However, $108 billion was spending for the 2009 economic stimulus package passed under President Obama. Bush was thus roughly responsible for $3.414 trillion of spending in 2009, ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3111402 Sat, 19 Dec 2009 22:26:23 +0100 3111402 http://www.medworm.com/index.php?rid=3106720&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FUOSayk4FbN8%2F By Chris EdwardsIn November, the Congressional Budget Office released final budget numbers for fiscal year 2009. The numbers allow us to take a final look at the Bush administration’s record on spending from a statistical point of view. The following three charts show annual average real (or constant dollar) outlays during the tenures of recent presidents. Presidents were in office for either 4 or 8 budget years, except JFK (3 years), LBJ (5 years), Nixon (5 years), and Ford (3 years). The last year of spending that President George W. Bush was responsible for was fiscal 2009. The CBO says that outlays that year were $3.522 trillion. However, $108 billion was spending from the 2009 economic stimulus package, according to the CBO, which Bush was not responsible for. So I have as... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3106720 Sat, 19 Dec 2009 22:26:23 +0100 3106720 http://www.medworm.com/index.php?rid=3096828&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FvG1MFG7RDvc%2F By Michael D. TannerPresident Obama gave what seems like his thousandth exclusive health care interview last night, this one to ABC News’s Charles Gibson.  In trying to sell his health care plan, the president warned that if Congress does not pass legislation controlling health care costs, the federal government “will go bankrupt.”  He also warned that unless health care is reformed, “your premiums will go up.”  The president is absolutely correct about that.  The only problem is that, according to the president’s own chief health care actuary, the bills that Congress is now considering do nothing to restrain either federal health care spending or total health care costs.  In fact, Rick Foster, chief actuary at the Center for Medicare and Medicaid Services (CMS) says that... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3096828 Thu, 17 Dec 2009 15:48:43 +0100 3096828 http://www.medworm.com/index.php?rid=3096833&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F1qB8tjkB-e8%2F By Michael F. CannonJon Walker at FireDogLake says I’ve got the wrong smoking gun: The smoking gun was a manual put out by the CBO in May…It spelled out exactly how much regulation was “too much” regulation. It explained what was the magical threshold that would cause [CBO director] Doug Elmendorf to declare some private market part of the government budget. Now, I’m angry about this for different reasons than the Cato Institute. I think it is insane that there could be any level of regulation that would make the private market part of the federal budget. Either the money is going through the federal treasury or it is not. I don’t think the the CBO director should have the power to see gray areas on this issue…There is no real logic to it, he simply decided what h... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3096833 Thu, 17 Dec 2009 13:52:07 +0100 3096833 http://www.medworm.com/index.php?rid=3096837&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FsKnypt1sG80%2F By Michael F. CannonHere’s my answer to today’s “Big Question” on The Hill’s Congress Blog: Now that the “public option” is dead, both the Left and the Right should be able to agree: the Senate bill is nothing but a $450 billion bailout of the private insurance companies. In fact, the bailout may be several multiples of that figure. That $450 billion just represents checks that the Treasury would write to private insurance companies. The Reid bill would also force nearly every U.S. citizen to fork over cash to the private insurance companies — no matter how lousy a deal they offer. A recent CBO memo reveals that Reid has been meticulously working behind closed doors to conceal the full cost of his private-insurer bailout. The Left and the Right should in... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3096837 Wed, 16 Dec 2009 20:26:10 +0100 3096837 http://www.medworm.com/index.php?rid=3092673&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fl1yte5YcJcI%2F By Michael F. CannonThis weekend, the Congressional Budget Office released “a very strange memo” titled, “Budgetary Treatment of Proposals to Regulate Medical Loss Ratios.”  You wouldn’t know it from the title, but that little memo is the smoking gun that shows how congressional Democrats have very carefully hidden more than half the cost of their health care bills. First, a little history.  Like both the House and Senate bills, the Clinton health plan would have mandated that individuals and employers purchase private insurance.  In its 1994 score of the Clinton plan, Bob Reischauer’s CBO included those mandated “private” payments in the federal budget –- i.e., as federal revenues and federal expenditures. And yet, none of the CBO scores of this ye... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3092673 Wed, 16 Dec 2009 13:49:13 +0100 3092673 http://www.medworm.com/index.php?rid=3089263&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FfiG4XwzHgWA%2F By Michael F. CannonIt has been 178 days since Democrats introduced the first version of President Obama’s health plan, and a growing chorus of voices is demanding that the Congressional Budget Office reveal the full cost of Sen. Harry Reid’s health care legislation — including the cost of the private-sector mandates. Philadelphia Inquirer columnist Kevin Ferris writes: “Have the CBO score the entire Senate bill — both on-budget expenses and off. Let senators and taxpayers see the real cost – before a vote is taken. Then decide what the nation can afford.” Former New Jersey Governor and EPA administrator Christie Whitman — who should know a little something about private-sector mandates — writes: “the CBO estimates do not count t... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3089263 Mon, 14 Dec 2009 21:36:28 +0100 3089263 http://www.medworm.com/index.php?rid=3056885&cid=t_238815_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2FLdYhC8jK_Cg%2F A new report from the Congressional Budget Office examines promotional spending by drugmakers, including an analysis of direct-to-consumer advertising in recent years. For those in the know, there are probably few surprises. Nonetheless, the summary is interesting and worth noting. Here are some highlights… - In 2008, spending on DTC ads totaled $4.7 billion, nearly one-fourth of industry spending for all promotional activities. Promotional spending, which includes detailing, ad journals, meetings and DTC ads, was $20.5 billion last year, or 10.8 percent of US sales last year. The CBO, which says spending was typically between 10 percent and 12 percent since the early 1990’s, cited sales data reported by PhRMA, which presumably relies on annual reports. DTC advertising has decl... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=3056885 Thu, 03 Dec 2009 18:57:10 +0100 3056885 http://www.medworm.com/index.php?rid=3035872&cid=t_238815_87_f&fid=34470&url=http%3A%2F%2Fwww.thehealthcareblog.com%2Fthe_health_care_blog%2F2009%2F11%2Fthe-phony-price-tag-for-health-reform.html By DAVID HANSEN A few days ago my daughter, a physician serving largely the uninsured, came home emotionally drained from a typical day at the office. Most of her afternoon's patients were seriously ill, facing expensive, complex care, and needlessly... (Source: The Health Care Blog) The Health Care Blog blogs http://www.medworm.com/rss/comments.php?id=3035872 Fri, 27 Nov 2009 00:00:00 +0100 3035872 http://www.medworm.com/index.php?rid=3008066&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FKtH96XM6uNc%2F Michael Cannon has some astute analysis of the Senate health care bill below. I posted these thoughts at Politico’s Arena: According to the Chamber of Commerce polls, strong majorities in every state they polled believe the health care bills will increase the deficit. In this case the public’s cynical instincts are almost certain to be more accurate than the computer models of the CBO. As David Dickson of the Washington Times reviewed yesterday, government health care programs have a history of cost overruns. And not small overruns, like overdrawing your checking account — massive, order-of-magnitude cost overruns. Is that because politicians intentionally overstate the benefits and underestimate the costs of their proposals? Or just that computer models aren’t very... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3008066 Thu, 19 Nov 2009 15:33:18 +0100 3008066 http://www.medworm.com/index.php?rid=3008069&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FKau_XyoF57Y%2F Senate Majority Leader Harry Reid (D-NV) has finally unveiled his massive 2,074-page health care bill.  The Congressional Budget Office reports that the insurance-expansion provisions would cost the feds $848 billion over 10 years.  To raise those funds, the bill would tax wages, medical devices, prescription drugs, sick people, health insurance premiums (twice), HSAs, FSAs, HRAs, and — why not? — cosmetic surgery.  The remainder would supposedly come from $491 billion of Medicare cuts, even though Medicare’s chief actuary says such cuts are “unrealistic” and “doubtful.”  But don’t worry.  Somehow, this thing’s gonna reduce the deficit. Of course, that $848 billion only accounts for part of the federal government’s share of t... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3008069 Thu, 19 Nov 2009 14:05:27 +0100 3008069 http://www.medworm.com/index.php?rid=2967273&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fp7YBAVv_WCo%2F If House Democrats hold a vote on their health-care overhaul this weekend, they might as well vote to abolish the Congressional Budget Office too. It would be no more audacious (and much more honest) than the way they have gamed the CBO’s rules to hide $1.5 trillion of the cost of their legislation — which has to be the biggest fiscal obfuscation in the history of American politics. Here’s how they did it. C/P Politico (Source: Cato-at-liberty) Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2967273 Fri, 06 Nov 2009 14:58:39 +0100 2967273 http://www.medworm.com/index.php?rid=2923236&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FKY3gAJpeA5U%2F In late July, the Senate Homeland Security and Governmental Affairs Committee passed a new version of PASS ID, the REAL ID revival bill. I’ve posted about various dimensions of it: the national ID question, the politics of PASS ID, whether PASS ID protects privacy, a run-down of the Senate hearing on it, and the inexplicable support of the Center for Democracy and Technology for this national ID law. Three months later, the committee still has not reported the bill, meaning that the public doesn’t get access to the version the committee passed. (A resolution in the House would require committees there to publish amendments to bills within 24 hours.) But the Congressional Budget Office scored the bill this week. That is often a signal that legislation is on the move. So it&#821... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2923236 Fri, 23 Oct 2009 21:38:18 +0100 2923236 http://www.medworm.com/index.php?rid=2916083&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FG7xTnco9RUA%2F According to The Hill, House Democrats are considering re-branding their new government-run health insurance program.  A “public option” evidently isn’t catchy enough.  Now they’re thinking, “Medicare Part E” as in, Medicare for Everyone. By all means, model a new government program after Medicare, which: Drags down the quality of care for all patients, both publicly and privately insured Literally kills people by fueling the epidemic of deaths due to medical errors (as many as 100,000 annually) Is responsible for the fragmented delivery system about which the Left complains Has required one tax increase every four years, still has an unfunded liability approaching $90 trillion, and will therefore be the driving force behind income-tax rates essential... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2916083 Wed, 21 Oct 2009 20:11:20 +0100 2916083 http://www.medworm.com/index.php?rid=2904862&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FKJVwVWrl6K8%2F I’m not a fan of the House Democrats’ proposed takeover of the health care sector.  (If there’s one thing that legislation is not, it’s “reform.”)  But at least House Democrats were honest enough to include the cost of the $245 billion bump in Medicare physician payments in their legislation, unlike some committee chairmen I could mention. Unfortunately, House Democrats have since decided that dishonesty is the better strategy.  They, like Senate Democrats, now plan to strip that additional Medicare spending out of health “reform” and enact it separately.  (Democrats are already trying to exempt that spending from pay-as-you-go rules, making it easier for them to expand our record federal deficits.)  Why enact it separately?  Because excising that spending from the �... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2904862 Mon, 19 Oct 2009 12:44:36 +0100 2904862 http://www.medworm.com/index.php?rid=2894483&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F3_gU7Hwygh0%2F When the Senate Finance Committee released CBO scoring of its health care reform proposal last week, we warned that its claim of reducing future budget deficits was achieved only through dishonestly assuming that Congress will implement a 21% reduction in Medicare payments that is scheduled under current law. We pointed out that Congress has been supposed to make those reductions since 2003, and never has.  Now—surprise, surprise—Democrats have introduced a bill to eliminate the scheduled cut, at a cost of $247 billion.  But Democrats cleverly are putting the new spending in a separate bill, so it won’t change scoring of health care reform.   Have they no shame? (Source: Cato-at-liberty) Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2894483 Thu, 15 Oct 2009 12:55:11 +0100 2894483 http://www.medworm.com/index.php?rid=2876024&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fz3uyza6fyC4%2F The CBO report that said the health care bill won’t raise deficits makes it clear that the Baucus bill’s reduction in future budget deficits comes not from controlling government spending or reducing health care costs, but because of a rapid escalation in tax revenues. The bill imposes a 40 percent excise tax on health-insurance plans that offer benefits in excess of $8,000 for an individual plan and $21,000 for a family plan. Insurers would almost certainly pass this tax on to consumers via higher premiums. As inflation pushes insurance premiums higher in coming years, more and more middle-class families would find themselves caught up in the tax. In fact, overall, the tax increases in the bill are more than double the amount of deficit reduction. This isn’t a health care effici... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2876024 Thu, 08 Oct 2009 14:55:32 +0100 2876024 http://www.medworm.com/index.php?rid=2796364&cid=t_238815_87_f&fid=34470&url=http%3A%2F%2Fwww.thehealthcareblog.com%2Fthe_health_care_blog%2F2009%2F09%2Fus-healthcosts-panel-to-rebut-stingy-budget-office-savings-.html By TIM MULLANEY The U.S. can cut health-care spending by $250 billion a year within a decade, a congressionally chartered panel will say this month in a bid to show costs can be contained even if all Americans are insured.... (Source: The Health Care Blog) The Health Care Blog blogs http://www.medworm.com/rss/comments.php?id=2796364 Mon, 14 Sep 2009 23:00:00 +0100 2796364 http://www.medworm.com/index.php?rid=2793137&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fusr6_D_mguM%2F That’s my favorite placard from the Washington tea party protests on Saturday. No Child Left a Dime underlines perhaps the central concern of the protesters — the ongoing massive fiscal irresponsibility in Washington by both parties. We’ve got deficits of more more than $1 trillion for years to come. Federal debt will approach World War Two levels within a decade. Even so, the Democrats are trying to ram through a $1 trillion health care expansion, and the head of the Republican National Committee, Michael Steele, is defending against any cuts to Medicare, the program that is the single biggest threat to taxpayers. People are marching not just because Obama and the Democrats are scaring their pants off, but because most Republicans in positions of power are spen... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2793137 Mon, 14 Sep 2009 12:42:55 +0100 2793137 http://www.medworm.com/index.php?rid=2793121&cid=t_238815_87_f&fid=34470&url=http%3A%2F%2Fwww.thehealthcareblog.com%2Fthe_health_care_blog%2F2009%2F09%2Fcbo-help-bills-public-plan-not-much-help-on-costs.html By MERRILL GOOZNER The green-eyeshade meanies in the Congressional Budget Office took another whack at the public plan today, at least the one contained in the health reform bill passed by the Senate Health Education Labor and Pensions committee last... (Source: The Health Care Blog) The Health Care Blog blogs http://www.medworm.com/rss/comments.php?id=2793121 Sun, 13 Sep 2009 23:00:00 +0100 2793121 http://www.medworm.com/index.php?rid=2744054&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fim1QPFz52KY%2F The White House and the CBO announced this week that: The nation’s fiscal outlook is even bleaker than the government forecast earlier this year because the recession turned out to be deeper than widely expected, the budget offices of the White House and Congress agreed in separate updates on Tuesday. The Obama administration’s Office of Management and Budget raised its 10-year tally of deficits expected through 2019 to $9.05 trillion, nearly $2 trillion more than it projected in February. That would represent 5.1 percent of the economy’s estimated gross domestic product for the decade, a higher level than is generally considered healthy. What is the right response to these deficits? One view holds that most current expenditure is desirable — indeed, that expenditure should ideall... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2744054 Fri, 28 Aug 2009 14:55:57 +0100 2744054 http://www.medworm.com/index.php?rid=2667425&cid=t_238815_87_f&fid=34470&url=http%3A%2F%2Fwww.thehealthcareblog.com%2Fthe_health_care_blog%2F2009%2F08%2Fthe-case-for-taxing-cadillac-healthcare-coverage-.html By CLAYTON MCWHORTER With President Obama’s plan for healthcare reform recently being dealt a tough blow by the Congressional Budget Office over soaring federal deficit projections, I am beginning to wonder if it is time for the President to modify... (Source: The Health Care Blog) The Health Care Blog blogs http://www.medworm.com/rss/comments.php?id=2667425 Mon, 03 Aug 2009 23:00:00 +0100 2667425 http://www.medworm.com/index.php?rid=2645293&cid=t_238815_87_f&fid=34470&url=http%3A%2F%2Fwww.thehealthcareblog.com%2Fthe_health_care_blog%2F2009%2F07%2Fspeculators-bet-reform-wont-hurt-industry.html By DON JOHNSON Speculators seem to be betting that a watered down health insurance reform bill won't hurt health insurers, hospitals, drug makers or medical device and supply manufacturers. Stocks for almost all of these health sectors and for exchange... (Source: The Health Care Blog) The Health Care Blog blogs http://www.medworm.com/rss/comments.php?id=2645293 Sun, 26 Jul 2009 23:00:00 +0100 2645293 http://www.medworm.com/index.php?rid=2576583&cid=t_238815_87_f&fid=34470&url=http%3A%2F%2Fwww.thehealthcareblog.com%2Fthe_health_care_blog%2F2009%2F07%2Fhelp-is-the-cbo-getting-suckered-.html By ROGER COLLIER In a comment on my previous post on the Senate Health, Education, Labor, and Pensions reform bill, tcoyote explained some of the political thinking behind what seem like totally spurious cost projections. While I can readily accept... (Source: The Health Care Blog) The Health Care Blog blogs http://www.medworm.com/rss/comments.php?id=2576583 Sun, 05 Jul 2009 23:00:00 +0100 2576583 http://www.medworm.com/index.php?rid=2424033&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F3dH6-XcTItA%2F Over at Salon, Michael Lind takes me to task for raising the alarm about the latest Social Security Trustees report showing that a) Social Security’s insolvency date is growing closer, and b) the system’s unfunded liabilities have increased dramatically since last year’s report. Like most of those who resist having an honest debate about Social security’s finances, Lind relies on a combination of economic flim-flam and political sophistry to obscure the true problem. For example, Lind points out that when I quote the Trustee’s assertion that the system’s unfunded liabilities currently top $17.5 trillion, that “assumes there are no changes made between now and eternity.” Well, duh! All estimates of US budget deficits assume that spending won’t be cut or taxes raised enough... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2424033 Tue, 19 May 2009 15:26:17 +0100 2424033 http://www.medworm.com/index.php?rid=2416803&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FcRUH9mrbSMI%2F Last Monday, when lobbyists for the six biggest health care industry groups joined President Obama to announce their support for reducing health care spending by $2 trillion over 10 years, I penned and voiced my suspicion that the real motivation was to pressure the Congressional Budget Office to assume that Democrats’ health care reforms would reduce spending, despite the lack of evidence.  My wife said that hypothesis sounded a little . . . conspiratorial. Last Thursday, when it was revealed that there was no actual agreement and that the White House basically manipulated the industry to get a week’s worth of good health care press, I started to doubt whether strong-arming the CBO was really the goal of that media stunt.  Then Jonathan Cohn set me straight. In an article fo... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2416803 Mon, 18 May 2009 14:33:50 +0100 2416803 http://www.medworm.com/index.php?rid=2414747&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fvoum9yQVfCs%2F On Monday, the Obama administration held a well-publicized love-fest with lobbyists for the health care industry.  It turns out that rather than a “game-changer,” the event was a fraud.  And the industry got burned. At the time, President Obama called it a “a watershed event in the long and elusive quest for health care reform“: Over the next 10 years — from 2010 to 2019 — [these industry lobbyists] are pledging to cut the rate of growth of national health care spending by 1.5 percentage points each year — an amount that’s equal to over $2 trillion. By an amazing coincidence, $2 trillion is just enough to pay for Obama’s proposed government takeover of the health care sector. Yet The New York Times reports that isn’t the magnitude of sp... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2414747 Fri, 15 May 2009 17:52:08 +0100 2414747 http://www.medworm.com/index.php?rid=2386828&cid=t_238815_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FyYxaQssHdR0%2F So far the Obama administration has been enjoying the ultimate fiscal free lunch.  Massive borrowing, massive spending, lower taxes, and low interest rates. Alas, all good things must come to an end. Reports the New York Times: The nation’s debt clock is ticking faster than ever — and Wall Street is getting worried. As the Obama administration racks up an unprecedented spending bill for bank bailouts, Detroit rescues, health care overhauls and stimulus plans, the bond market is starting to push up the cost of trillions of dollars in borrowing for the government. Last week, the yield on 10-year Treasury notes rose to its highest level since November, briefly touching 3.17 percent, a sign that investors are demanding larger returns on the masses of United States debt being issued to ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2386828 Mon, 04 May 2009 12:50:52 +0100 2386828