The Better Off Are Better Off Now
Today, House Republicans unveil their new slogan “Better Off Now” – trying to convince the American people they are better off now because of GOP policies.
But our question is… WHO is better off now?!
Under Republican leadership of the House, Senate and White House, hard-working families are being offered a raw deal from health care, to taxes, to gas prices and the economy, while the better off are better off now for sure.
U.S. gasoline prices are at a four-year-high this year as a result of the higher price of oil which has reached three-and-a-half-year high in recent weeks.
The increased pump prices are now eating into the disposable income of the average American household that will have a total of $440 less to spend this year on other goods and services because this money is expected to go for buying higher-priced gasoline.
The higher spending on gas could offset one-third of the gains from the tax cuts, with low- and middle-income families feeling the pinch much more than higher-income earners, according to S&P Global economists Beth Bovino and Satyam Panday.
The Trump administration said Saturday that it was suspending a program that pays billions of dollars to insurers to stabilize health insurance markets under the Affordable Care Act, a freeze that could increase uncertainty in the markets and drive up premiums this fall.
“Any action to stop disbursements under the risk adjustment program will significantly increase 2019 premiums for millions of individuals and small-business owners, and could result in far fewer health plan choices,” said Justine G. Handelman, a senior vice president of the Blue Cross and Blue Shield Association. “It will undermine Americans’ access to affordable care, particularly for those who need medical care the most.”
“We are very discouraged by the new market disruption brought about by the decision to freeze risk adjustment payments,” said Matt Eyles, the president and chief executive of America’s Health Insurance Plans, a trade group for insurers.
“We can’t afford any increase in price,” Guernsey said on “Closing Bell” Thursday. “The difference between making money and losing money per head sometimes is just a couple of dollars. And whenever you’re looking at duties like this, it could make or break the operation.”
In fact, the tariffs might only make the situation worse for some farmers. The agricultural economy has been in a down slump for more than a decade. Profits from U.S. farms are forecast to reach a 12-year-low in 2018, according to the Department of Agriculture.
The White House forecasts the tax cuts will lift growth to a 3% rate this year and it sees the economy remaining above that growth rate through 2025.
But Daniel Wilson, a vice president in the San Francisco Fed’s research department, and Tim Mahedy, a former associate economist at the regional bank, said these expectations may not be met.
Republicans’ big roll out this morning is just more smoke and mirrors and broken promises to the American people.
While the GOP Congress and Administration continues to take every opportunity to stack the deck for the wealthy and well-connected against hard-working families and seniors, Democrats are fighting for A Better Deal: Better Jobs, Better Wages, and a Better Future for everyone.