Tag Archive | "economist"

Why Seniors Fear GOP Medicare Plan

The Republican’s plan to privatize Medicare is steering fear on most of the country’s senior citizens.

Walter Dotson, 72, for example knows that the plan would not touch his benefits, but is afraid for what it might bring for his grandson’s future. Dotson, who is raising his high school sophomore grandson, said that he’d hate to see his kin be slashed of all the health benefits he is enjoying today.

The loudest and strongest objection on the GOP Medicare plan are coming from the seniors’ sector as they complain during town-hall meetings and even in the congressional elections last year.

A lot of experts say that the policymakers responsible for the GOP overlooked an all-encompassing trait among the seniors – their concern about the succeeding generations.

One other thing that bothers the seniors so much is the fear that the budget may be hazed with self-interest. If the Congress can do such a drastic change on the health care system of future retirees, many asks what is the assurance that they won’t come back and apply the Medicare plan to everyone who are currently in the program.

The budget that House Republicans passed a few weeks ago aims to remove Medicare and replace it with a government payment to purchase private insurance for people age 65 in 2022. Although dubbed as bold and visionary by others in Washington, many oppose the plan around the country.

Although seniors are exempted from this plan, economist Alice Rivlin said that they are not just thinking about themselves. They want to be guardians of the policies that can affect the children of their children.

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Jobless Rate Drops in the U.S.

Employment rate in the United States grew steadily for the second straight month in March, as the unemployment rate dropped at 8.8 percent. The shift in trends in the labor market is likely to help the United States recover from economic crisis in the past few years.

The Department of Labor said Friday that the nonfarm payroll has increased by 216,000 last month. The gain was pre-empted by 194,000 new positions that opened February 2011.

As a result of the very favorable pace of job growth lately, the unemployment rate has been pulled down ever since November 2011. Reports said that the decrease from November to March is the greatest decline since 1984.

An independent result also indicated that there is an elevation in factory activity March this year. This means there would be more jobs in the industrial area in the United States.

However, economist Julia Coronado said that although these reports tell us that our economy is slowly regaining strength, it also means that the United States has a very long way to go in terms of employment.

The U.S. economy is clearly gaining momentum but it has only recovered a small fraction of what it has lost during the recession. There are said to be 8 million jobs lost when a recession hit the U.S.

Many Wall Street investors are more than pleased with the reports. They also cheered the modest augment to the U.S government bond and the strengthening U.S. dollar exchange rate against the Japanese yen.

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