Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds.
THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
Office of Management and Budget Report for 2011
By Children’s Home Society of Florida Foundation
On September 1st, 2011, the White House Office of Management and Budget (OMB) released an updated estimate of the budget deficit. OMB Director Jacob Lew indicated that the deficit projections are now reduced.
OMB Projections
The February projection by OMB had been a deficit of $1.65 trillion for the current fiscal year. The new deficit number for fiscal year 2011 is $1.32 trillion. The larger number would be 10.9% of the economy. The reduced deficit number is still approximately 8.8% of the gross domestic product.
Lew gives credit to the Budget Control Act of 2011, signed by President Obama on August 2nd. Under the provisions of that act, there are substantial spending reductions.
Budget Committee Pleased
Senate Budget Committee Chair Kent Conrad (D-ND) was pleased with the lower budget numbers, but indicated there still is a long road to recovery. Referring to the Joint Select Committee on Deficit Reduction, he stated, “It is my hope the committee exceeds its $1.5 trillion target. It is also critical that the special committee considers measures to address the near-turn struggling economy.”
Assessment
In his address on September 8th 2011, President Obama is expected to discuss both the Joint Select Committee and long-term budget goals.
The OMB report also estimated the total debt by the end of 2011. The federal debt is a combination of debt held by the public and various government trust funds. The debt held by the public at the end of 2011 is estimated to be $10.26 trillion or 72% of the economy.
Conclusion
And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
Our Other Print Books and Related Information Sources:
Health Dictionary Series: http://www.springerpub.com/Search/marcinko
Practice Management: http://www.springerpub.com/product/9780826105752
Physician Financial Planning: http://www.jbpub.com/catalog/0763745790
Medical Risk Management: http://www.jbpub.com/catalog/9780763733421
Healthcare Organizations: www.HealthcareFinancials.com
Physician Advisors: www.CertifiedMedicalPlanner.com
Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.
Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise
Share this:
Filed under: Accounting, Taxation | Tagged: Budget Control Act of 2011, Jacob Lew, Kent Conrad, OMB, US Budget Deficit |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Healthcare adds 30,000 jobs – more than any other sector
Healthcare added nearly 30,000 jobs last month — by far the most of any sector of the economy.
The health industry added 29,700 jobs in August, according to data the Labor Department released Friday morning. No other sector came close to those numbers. Overall, growth in healthcare and other sectors was offset by job losses. The economy did not gain any jobs and the unemployment rate remained flat at 9.1 percent.
http://thehill.com/blogs/healthwatch/other/179341-healthcare-adds-30000-jobs-more-than-any-other-sector
Some good news for this Labor Day 2011.
Ann Miller RN MHA
LikeLike
Ann,
The world stock markets took a beating this Labor Day after a report showed US companies stopped hiring in August – except for the healthcare sector – reviving fears that the world’s largest economy is heading back into recession.
Clark
LikeLike
Taxes and Bridges
President Obama spoke to a joint session of Congress on September 8. He proposed a $447 billion plan to reduce unemployment and benefit the economy.
As anticipated, a portion of the plan involved expenditures for infrastructure, bridges, roads, mass transit and other types of infrastructure projects. These are designed to increase employment in the construction industry.
The major tax reduction is a proposal to cut Social Security payroll taxes in half for employees in 2012. The business side of the Social Security payroll tax would also be reduced by one-half for the first $5 million in wages. If a company increases its payroll by $50 million in 2012, it also would enjoy a complete payroll tax holiday for the year. The proposed payroll tax reductions will cost $240 billion.
Other tax provisions include various credits for new employees. There would be a $9,600 potential credit for hiring injured veterans and a $4,000 tax credit for employers who hire the long-term unemployed.
President Obama indicated that the $447 billion will be “paid for” by tax increases and other spending reductions. He will submit his tax and spending recommendations to the Joint Select Committee on Deficit Reduction by September 19.
Democratic Senators and Representatives were generally supportive of the plan. Senate Finance Committee Chair Max Baucus (D-MT) is also a member of the Joint Select Committee. He thought that the President’s statement to “pass this now” was helpful. He suggests that Congress needs a “sense of urgency.” However, Baucus also noted that increasing the obligation of the Joint Select Committee to find not just $1.5 trillion in deficit solutions but now nearly $2 trillion will “make our job a little more difficult.”
Senator John Kerry (D-MA) also is a member of the Joint Select Committee. In his statement to the committee, he noted that it is important now to send “the message loud and clear that Congress is serious and prepared at last to make the hard choices.”
Ways and Means Committee Chairman Dave Camp (R-MI) expressed concern about the plan. He stated, “I was disappointed that the President did not discuss the one area that can truly spark sustained private-sector job creation in the country – comprehensive tax reform.”
Senate Minority Leader Mitch McConnell (R-KY) echoed the concern of Chairman Camp. He suggested that it is time to reform “an outdated tax code and getting out of the business of winners and losers. It means lowering the U.S. corporate tax rate, which is currently the second-highest in the world.”
Source: Children’s Home Society of Florida Foundation
LikeLike
Balancing The Budget is a Progressive Priority
[Kindle Edition]
Progressives need a balanced federal budget more than Conservatives, because we believe that government has an important role to play in modern life. Lack of a long term plan to move toward a sustainable budget crowds out short term Progressive priorities: infrastructure spending, green technology, education and needed governmental interventions in the short term to support and improve our weak economy.
The federal budget is unsustainable. For all the bluster of the debt ceiling debate, the plan passed so far does not address the changes most obviously needed if we are to ever have a balanced budget again: an increase in taxes and the next steps on health reform to address the biggest driver of our long term budget deficit, health care costs.
Slowing the rate at which health care costs are growing is a necessary, but not a sufficient condition to developing a long range balanced budget.You should ask any politician saying they think a balanced budget is a priority one question: what is your health reform plan? Without one, they have no hope of achieving their goal.
Our country needs a bipartisan way forward on health reform if we are going to ever have a balanced budget. The book provides a clear set of policy steps that are designed to enable both political parties to claim some credit, while also giving them both responsibility for the hard work of addressing health care costs in the future. We have no hope of a balanced budget without a way forward on health reform.
Before offering my health reform prescriptions, the book analyzes the root of our health care problems; addresses what health reform did and did not do; describes how the politics of health care reform never matched the policy reality of what was passed; and details how our cultural fear of death and inability to discuss limits in medicine enable the politics of health reform to be so potent.
The book concludes with other necessary details for a balanced budget: Social Security reform, Tax reform that increases tax revenue received while creating incentives for economic growth and job creation, and other spending cuts including Defense. The book describes the importance of picking a level of revenue and spending at which a balanced budget will be sought in the future. This is needed in order to make the spending and tax trade offs clear. I believe that seeking a balanced budget at 21 percent of GDP will be difficult, but feasible in the long run. These next steps are placed in the context of the political and economic upheaval that has defined our country for the past three years.
The Super Committee created by the debt ceiling deal will begin work in September, 2011 seeking further deficit reduction, and this book provides practical guidance for what the outline of a plan that could provide a realistic route to a balanced budget would look like.
Source: Amazon e book review: http://www.amazon.com/Balancing-Budget-Progressive-Priority-ebook/dp/B005HDOK88
LikeLike