The Congressional Budget Office (CBO) is expected to release its report later in the week detailing a budget surplus of $58 billion. This news comes as a great indicator of the economic recovery currently occurring in the U.S. Claims from Republicans blaming President Obama for the current status of the economy enrage taxpayers with a fury previously unseen. Voters are angry because of the lack of jobs, mortgage foreclosures and poor economy. A budget surplus should help quell some of those concerns, although doubt seems to override reason when people become emotionally charged about the issues.
The last time the U.S. government recorded a surplus was in September 2008 - one month before the housing bubble burst. The surplus is due, in part, from receipts in April 2012 exceeding those in April 2011 by $30 billion. Spending also fell $69 billion since the same time last year. This decreased spending came from less funding to defense, Medicaid and the Postal Service.
Small business job growth is very encouraging and offers hope for many unemployed citizens currently seeking employment. At this time, small businesses are offering more new jobs than big businesses. Small businesses employ one half of the nations’ workers and job growth in small businesses is a strong indicator that small businesses will help carry the nation to continued economic recovery. Many jobs from big businesses have been shipped overseas and there is not much hope of those jobs returning to the U.S.
The crackdown on Medicare billing fraud is saving taxpayers millions of dollars. Medicare billing fraud leads to wasted taxpayer dollars spent on bogus services that have never actually been provided. This crackdown by the Medicare Fraud Task Force led to arrests in “Tampa, Miami, Chicago, Los Angeles, Baton Rouge and Houston brought in 100 people in the biggest roundup in a crackdown that began three years ago." President Obama initiated the Medicare Fraud Task Force three years ago.
Seniors are saving billions of dollars with changes to prescription costs every year with the new rules under Obamacare. Due to changes in costs seniors incur in the “donut hole” under the Affordable Care Act, out of pocket expenses have been reduced by $3.4 billion for 5.1 million seniors.
Economic recovery is a slow and painful process. Seeing good news like this is not only encouraging- it is refreshing. As our nation continues to pull out of the biggest economic disaster since the Great Depression, we look forward to even more wonderful news about the recovery.
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