2013 WHAT DOES It HOLD ECONOMICALLY FOR FAMILIES?
2013 is going to have Americans digging deeper into their pockets next year to pay for costlier healthcare, more expensive grocery bills and higher taxes, an extra drag on the country’s already slow-moving economy.
The government’s fiscal policies can have an affect on our actual output as well as the potential output. This is based on taxes and spending our government does. Nonfarm business sector labor productivity shows an increase of 1.9 percent according to the U.S. Bureau of Labor Statistics. ( Infor: http://www.bls.gov/news.release/pdf/prod2.pdf
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PRODUCTIVITY AND COSTS
Third Quarter 2012, Preliminary
Manufacturing sector productivity declined 0.4 percent in the third quarter of 2012, as output and hours worked decreased 0.6 percent and 0.2 percent, respectively. The tables for Labor Hours, Output, Productivity, Labor Compensation, Unit Labor Costs, and Presentation of the data, may be viewed at http://www.bls.gov/news.release/pdf/prod2.pdf.
(Info. Link: http://www.cbo.gov/sites/default/files/cbofiles/attachments/04-20-Economic_Budget.pdf) This link presents the President’s 2013 Budget.
This chart below reflects the Safety Net (Credit: Posted by:Arloc Sherman) that has helped to keep our average earning American families afloat. The guidelines for public assistance has gotten even strictor:(see chart and link below this chart Please) Many of our families are having to work two and sometimes three jobs to make ends meet. I ponder at how some get the assistance they do while I personally see and know from personal experience what it like to go thru the stress from today’s economy. What are the Americans going to do when the Obama Care takes affect? Unless a new administration is in place and this issue is revisited: I DO NOT forsee families being able to sustain even a hand to mouth daily life. There is no way on this earth families can afford health insurance on top of sustainable daily living. The medical and pharmaceutical companies need rethink their strategy in the public sector and actually look to help our fellow Americans and put the “Greedy Green Eyed Monster“ in the dungeon of no return. I may be old school; but somehow I can see the “Barter and Trade” aspect working if it was given a fair spin. The public needs medical access and medicines, and the companies that have these services/products need people to help produce them. What do you think?
Households have to meet income tests unless all members are receiving TANF, SSI, or in some places general assistance. Most households must meet both the gross and net income tests, but a household with an elderly person or a person who is receiving certain types of disability payments only has to meet the net income test. Households, except those noted, that have income over the amounts listed below cannot get SNAP benefits.
(Oct. 1, 2012 through Sept. 30, 2013)
|Household size||Gross monthly income
(130 percent of poverty)
|Net monthly income
(100 percent of poverty)
|Each additional member||+429||+330|
Gross income means a household’s total, nonexcluded income, before any deductions have been made. Net income means gross income minus allowable deductions.
* SNAP gross and net income limits are higher in Alaska and Hawaii.
Deductions are allowed as follows:
|A 20 percent deduction from earned income;|
|A standard deduction of $149 for households sizes of 1 to 3 people and $160 for a household size of 4 (higher for some larger households);|
|A dependent care deduction when needed for work, training, or education;|
|Medical expenses for elderly or disabled members that are more than $35 for the month if they are not paid by insurance or someone else;|
|Legally owed child support payments;|
|Some States allow homeless households a set amount ($143) for shelter costs; and|
|Excess shelter costs that are more than half of the household’s income after the other deductions. Allowable costs include the cost of fuel to heat and cook with, electricity, water, the basic fee for one telephone, rent or mortgage payments and taxes on the home. (Some States allow a set amount for utility costs instead of actual costs.) The amount of the shelter deduction cannot be more than $469 unless one person in the household is elderly or disabled. (The limit is higher in Alaska, Hawaii and Guam.)|
|Gross Income Computation||Example|
|Determine household size…..||4 people with no elderly or disabled members.|
|Add gross monthly income…|| $1,500 earned income + $550 social security =
$2,050 gross income.
| If gross monthly income is less than the limit
for household size, determine net income.
| $2,050 is less than the $2,498 allowed for a 4-
person household, so determine net income.
|Subtract Deductions to Determine Net Income and Apply the Net Income Test||Example|
| Subtract 20% earned income
| $2,050 gross income
$1,500 earned income x 20% = $300.
$2,050 – $300 = $1,750
$1,750 – $160 standard deduction for a household size of 4 = $1,590
$1,590 – $361 dependent care = $1,229
$1,229 adjusted income/2 = $614.50 $700 total shelter – $614.50 (half of income) = $85.50 excess shelter cost
$1,229 – $85.50 = $1,143.50 Net monthly income
Since the net monthly income is less than $1,921 allowed for a household of 4, the household has met the income test.
The Department of Health and Human Services 2013 Fiscal Year report can be found here:
This post is just to show how our economy is in dire straights and the next administration needs look hard at what the American families are going thru daily. Raising taxes is not the answer. It is the Private sector of the Market Place that helps create the jobs needed. If you they persist in continuing the job creators will stop at a level and not go above it ( the attitude being; if I’m only going to be taxed more and more, this is where I stop; hence the creativity of new jobs stops.) The taxing of the Low/Middle class is not going create anything except more Americans on public assistance! This mentality of tax and more tax is OLD = Roman “social reform” appears to have been revived in 1953 The Cabinet-level Department of Health, Education and Welfare was created under President Eisenhower, officially coming into existence April 11, 1953. In 1979, the Department of Education Organization Act was signed into law, providing for a separate Department of Education. HEW became the Department of Health and Human Services, officially arriving on May 4, 1980. Some highlight dates in HEW and HHS history. (Credit: revived http://www.hhs.gov/about/hhshist.html)
Question: Is this Presidential Election going to make or break America; based upon what each Presidential – Nominee has outlined in his campaign?
You may visit this link for each candidates views and stances for his campaign:
CONGRESSIONAL BUDGET OFFICE:
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