First Impression of the Jobs Report for May

June 3rd, 2011 at 8:42 am


Payrolls up only 54,000 and unemployment ticked up to 9.1%.

Details to follow, but…YUK.

You want my second impression?  Double YUK.

(Chad Stone’s more in depth analysis will be up soon at CBPP.)

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5 comments in reply to "First Impression of the Jobs Report for May"

  1. foosion says:

    Triple yuk.

    Contractionary policy is contractionary. Who coulda known?

  2. Jeff H says:

    I believe there was a “Mission Accomplished” sign going up in the Republican caucus’ offices.

    • Loxinabox says:

      From the CBO review of the Ryan Plan:
      People who become eligible for Medicare in 2023 and subsequent years would receive a payment that was larger than $8,000 by an amount that reflected the increase in the consumer price index for all urban consumers (CPI-U) and the age of the enrollee. The premium support payments would increase in each year after initial eligibility by an amount that reflected both the increase in the CPI-U and the fact that enrollees in Medicare tend to be less healthy and require more costly health care as they age. (For example, projected net federal spending per capita for all people age 65 and older in traditional Medicare would be about $15,000 in 2022, CBO estimates, in comparison with about $8,000 for 65-year-olds.)
      So according to the CBO, the baseline premium support is set when the member turns 65….Each year thereafter, the premium subsidy INCREASES. The insurance companies within the exchange are forbidden from charging a member of the same age a different premium based on their health status. All 65 year olds have to be charged the same premium….All 66 year olds have to be charged the same premium and so on….Beginning in 2022, beneficiaries are guaranteed a choice among Medicare-approved private health options and a premium-support payment to help pay for the cost of that plan. The plans, which will also be listed on a new Medicare exchange, are required to provide coverage to any Medicare beneficiary that asks. As the Congressional Budget Office notes: “Plans would have to issue insurance to all people eligible for Medicare who applied”. . . In other words, all Medicare beneficiaries are guaranteed that a health plan will be available for them. As always you can contact me at work and yes keep those jokes coming. Obamacare is so bad that the Democrats came up with a new name for it. They call it “waiversforfavors”. “There’s no doubt about it, Obama has secured the anti-semitic vote in the 2012 election.”

      • Chigliakus says:

        What this wall of text is trying to hide is the fact that the Ryan plan would not guarantee that the insurers on these private exchanges offer insurance that any of these seniors could actually -afford-. When their vouchers come up short they’re out of pocket for the difference. You can continue to call the Ryan plan Medicare, but that doesn’t mean it’s the Medicare we all know and love.

        • Mojo says:

          Ryan himself makes clear that he’s advocating a transition from the “Medicare we know and love,” which is a defined-benefit program, to a defined-contribution program, as part of a raft of cost-controlling measures.

          What’s disingenuously not mentioned by Ryan’s critics is that the program that will be gutted by a projected $15.5 billion by the “non-rationing” fiat decisions of the IPAB will also not be the “Medicare we know and love.” The distinction between a program that doesn’t provide seniors with the money insurers want for premiums, and one that doesn’t reimburse providers for the costs they have in providing services, is that at least SOME seniors still get access to care under Ryan’s plan.

          The “Medicare we know and love” is suffocating under its own weight; the most recent projections shortened its lifespan by five years, compared to projections made only a year previously. By 2015, when the next President sees IPAB unleashed barring Obamacare repeal, the “Medicare we know and love” will be virtually dead on its feet.

          And what about Medicaid? Or Social Security?