The Budget Control Act of 2011 increased the debt limit by $2.1 trillion to $16.4 trillion. The President and Congress suspended the debt limit from February 4, 2013, through May 18, 2013, adding $300 billion in debt in less than four months. ▲ $900 BILLION ▲ $300 BILLION (NO DEBT LIMIT) ▲ $1.2 TRILLION Area of Detail Sources: U.S. Office of Management and Budget and

CHART 3 Maximum Wage Retiree Average Retired Worker Minimum  Wage Retiree EXCESS RETIREE BENEFITS COMPARED TO CHAINED CPI Under its current inflation adjustment rather than the more accurate chained CPI, Social Security will provide $3,549 in excess benefits to the average retiree over 10 years. Maximum  wage earners will receive $7,623 in excess benefits over 10

Chart 2 The current cost-of-living adjustment used to calculate Social Security benefits is a less accurate method of adjusting for inflation than the chained CPI. As a result, Social Security spending rises unnecessarily, which benefits maximum earners more than twice as much as the average retired worker. Difference compared to chained CPI 2023 Current Index 2023

CHART 1 Difference compared to 2013 MAXIMUM WAGE RETIREE AVERAGE RETIRED WORKER MONTHLY BENEFIT PAYMENTS MINIMUM WAGE RETIREE 2023 Current Index 2023 Chained CPI 2013 Note: A maximum wage retiree is a worker who earned the Social Security taxable maximum income or higher in each of his or her working years. In 2011, the taxable maximum income was

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CHART 3 Government employment in the Washington, D.C. area—primarily federal jobs—is up 6.5 percent since the beginning of the recession. All other government jobs across the U.S. are down 2.6 percent. All Other Government Figures for March 2013 D.C.-Region Government Employment index (january 2008 = 100) Note: Figures exclude temporary Census workers but include

CHART 2 Since the recession began, federal employment has grown rapidly, while state and local employment and private employment remain below pre-recession levels. Employment index (January 2008 = 100) State and Local Employment Index Private Employment Index Figures for April 2013 Federal Employment Index* * Excludes postal workers and temporary Census

CHART 1 President Obama promised that government spending would “stimulate” the economy and quell rising unemployment by “creating or saving” millions of jobs. In January 2009, Obama’s advisers produced a chart visualizing the positive results of his recovery plan. But actual unemployment (in red) has far exceeded the White House estimates. WHITE HOUSE ESTIMATES April

CHART 2 The number of pending regulations expected to cost $100 million or more annually has been the highest under the Obama Administration. Economically Significant Regulations Start of Obama Administration * No Unified Agenda was released for Spring 2012. Fall Spring Source: Data obtained from Office of Information and Regulatory Affairs, Office of Management and

CHART 1 Figures are for January 21, 2009, to January 20, 2013. Federal agencies issued 131 new major regulations during Obama’s first term, dwarfing the 12 that reduced regulations. The most prolific issuer was the Securities and Exchange Commission. Federal agencies have reported new annual regulatory costs totaling about $70 billion. The highest costs come from the

United States China IMPORTS OF GOODS AND SERVICES AS A PERCENTAGE OF GDP In 1982, the United States and China both had imports make up about 9.3 percent of their economies. As China cut tariffs, imports and economic growth both took off. CHART 3 Source: The World Bank, “Imports of goods and services (% of GDP),” http://data.worldbank.org/indicator/NE.IMP.GNFS.ZS

New Zealand, China, Chile, Australia GROSS DOMESTIC PRODUCT, IN LOCAL CURRENCIES, IN BILLIONS These four countries saw their economies grow faster after enacting major tariff cuts. * Data for Chile only goes back to 1970. CHART 2 Source: International Monetary Fund, World Economic Outlook Database, September 1999,

Trade Freedom Score Groups from the 2013 Index of Economic Freedom AVERAGE PER CAPITA GROSS NATIONAL INCOME CHART 1 Sources: Terry Miller, Kim R. Holmes, and Edwin J. Feulner, 2013 Index of Economic Freedom (Washington, D.C.: The Heritage Foundation and Dow Jones & Company, Inc., 2013), http://www.heritage.org/index, and The World Bank, “GNI Per Capita, Atlas Method

As a Percentage of GDP, Q3 2012 CHART 1 Greece, Italy, Portugal, Ireland, Belgium, Euro-zone, France, United Kingdom, EU–27, Cyprus, Germany, Hungary, Spain, Austria, Malta, Netherlands, Poland, Slovakia, Finland, Slovenia, Denmark, Czech Republic, Lithuania, Latvia, Sweden, Romania, Luxembourg, Bulgaria, Estonia Source: Eurostat news release, “Euro area and EU27

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