Fast Fact

Bush Tax Cuts Leave a Deficit

Armand Biroonak — Thu, 17 Jul 2008 11:31:51 -0400

The Bush tax cuts that promised to pay for themselves, in fact will cost American taxpayers $300 billion last year. The tax cuts are primarily responsible for the deficit.

Bush Takes Budget Surplus to a Deficit

Armand Biroonak — Thu, 17 Jul 2008 11:04:01 -0400

When Bush entered office he took command of a $236 billion surplus, now he will leave the American public with a 2008 deficit of more than $400 billion.

Public Health Plans More Economical than Private Counterparts

Eric Lotke — Wed, 09 Jan 2008 12:17:38 -0500

The latest Associated Press report on health care costs contains some hidden gems. The headline is that health spending increased to $2.1 trillion in 2006, an average of $7,021 per person and 16.1 percent of the economy.

The first hidden gem relates to the ability of public plans to use their bulk buying power to negotiate lower drug prices. Medicaid does it. Medicare is legally prohibited:

"[U]nder the drug benefit, many of the poorest beneficiaries were moved from Medicaid into Medicare, where private plans administer the drug benefit. Those private plans failed to negotiate discounts as large as those that the states got. Officials said the discounts drug manufacturers were required to give states typically lowered costs by about 30 percent. Meanwhile, the private plans typically negotiated discounts of 5 percent to 10 percent."

The second gem is about the cost of Medicare compared to private plans. It's cheaper:

"Medicare economists said the increase [in spending] occurred because millions of people left traditional Medicare to enroll in private plans subsidized by the government. Medicare's economists said they could not say whether such a transfer led to greater health spending overall in the U.S. But they did note that the government spends about $10,133 per enrollee in the private plans versus about $9,538 per enrollee in traditional Medicare."

MAIN STREET PAYS

Rick Perlstein — Tue, 13 Nov 2007 17:08:12 -0500

Households earning less than $23,000 receive on average $23 from the 2001 Bush tax cuts.

MAIN STREET PAYS

Terrance Heath — Tue, 13 Nov 2007 17:07:04 -0500

Wages aren't keeping up with inflation. Between 2004 and 2005, men's median earnings decreased 1.8% and women's median earnings decreased 1.3%.

WALL STREET PROFITS

Bill Scher — Tue, 13 Nov 2007 17:06:08 -0500

Households earning more than $ 1 million receive on average $111,549 from the 2001 Bush tax cuts.

Wall Street Profits

Robert Borosage — Tue, 13 Nov 2007 17:05:20 -0500

Corporate profits are up 18.5% compared to this time last year.

Financial Realities

Bill Scher — Tue, 13 Nov 2007 13:47:24 -0500

In 2006, what an average middle-income earner would spend on such necessities as health care, gasoline, and college tuition would range from $13,879 to $28,064.

TAX BREAKS

Eric Lotke — Tue, 13 Nov 2007 13:42:50 -0500

In 2006 the average tax break for middle-income earners is $746 dollars.