Labor

The White House has released its official statement with regard the CBO score, noting their "consistently inaccurate" and pointing out that "we know the facts."

Following a Tweet right after the release of CBO's official score of the House Healthcare Bill...

The White House issued a full statement on CBO Healthcare Report

The CBO has consistently proven it cannot accurately predict how healthcare legislation will impact insurance coverage.

 

One of the primary reasons why GM files for bankruptcy back in 2009, much to the chagrin of the Obama administration not to mention the company's creditors, was because its pension and retirement benefits had become untenable (ignoring that the GM bankruptcy inverted the liquidation analysis on its head with bondholders crammed down at the expense of unions and pensioners who are a much bigger portion of the US voting population than a few bondholders on Wall Street).

Just last week we noted that McDonalds launched plans to replace 2,500 human cashiers with digital kiosks like the ones below (see: McDonalds Is Replacing 2,500 Human Cashiers With Digital Kiosks: Here Is Its Math):

Academics and economists have repeatedly underestimated the impact that immigration and automation would have on the labor market. As data on productivity gains and labor-force participation clearly show, the notion that innovation ultimately creates jobs by allowing workers to focus on higher-level problems is an illusion. If it were true, then why aren’t we already seeing more of the 20 million prime-age men who have inexplicably dropped out of the labor force welcomed back in?

As Congress spends the next week and a half, if everything goes well, wrestling over how they can screw up healthcare in America even more, perhaps they should take notice of a new study from HealthView Services which highlights the fact that the real source of the healthcare crisis in this country is rising costs.

As Bloomberg notes, healthcare cost inflation is expected eclipse overall inflation and Social Security COLAs over the next decade.