Long Term Projected Deficit Appears Easily Manageable

By: Friday June 28, 2013 4:00 pm

While Washington failed to reach the so-called “grand bargain”, it did end up passing a series of significant small deficit reduction bills. Combined with the fact that public health care spending has slowed noticeably over the past several years, the projected long term deficit now appears relatively manageable. Our projected long term deficit has improved remarkably.


The Concern Trolls Very Serious People Are Out

By: Friday April 12, 2013 1:19 pm

Word leaked last Friday (April 5) that Chained CPI was going to be part of President Obama’s budget, prompting me to point out a simple truth, “A Bad Idea Is a Bad Idea, No Matter Who Proposes It.” Of course, starting Monday, all the usual suspects and even a few somewhat surprising suspects started pushing the idea as a wonderful thing, maybe even as good as sliced bread.

A Bad Idea Is a Bad Idea, No Matter Who Proposes It

By: Saturday April 6, 2013 5:43 pm

Let me state this right up front – Chained CPI is a bad idea. A very bad idea.

The Fiscal “Cliff” and the Real Problem

By: Friday November 16, 2012 4:31 pm

Like many others, I’m not worried about the so-called fiscal “cliff,” and the ravages to the economy that are likely to occur if Congress doesn’t do something about it before the end of the year. That’s because a lot of the impact can be cushioned in the short run by Executive Branch manipulations while negotiations continue to go on. But if measures aren’t taken to reverse the contractionary effect of the sequestration-induced changes, we’re looking at deficit cuts of $487 Billion over 9 months of the fiscal year.

By comparison, the American Recovery and Reinvestment (ARRA) of 2009 produced only $350 B in stimulus during its first year. And, if the full sequestration were allowed to proceed unmodified, then it would result in a “claw-back” of about 60% of the total ARRA stimulus.

CBPP on Pelosi’s Bush Tax Cut Shift

By: Thursday May 31, 2012 6:45 am

The Center on Budget and Policy Priorities has put hard numbers to Nancy Pelosi’s shift on the Bush tax cuts. So now we know specifically that raising the dividing line on the tax cuts from $250,000 to $1 million gives back $366 billion in revenue over a ten-year time frame. This is in line with Citizens for Tax Justice’s calculations of 43% less revenue from the shift. CTJ also pointed out that half of that revenue would go to millionaires, since they would get a tax break on all of their earnings from $250,000 to $1 million. So that results in a $183 billion gift to millionaires.

Contrasting Reports on State Revenues and Spending Tell Us Who’s Paying the Price for Harmful National Economic Policy

By: Saturday April 21, 2012 1:00 pm

An article in today’s New York Times tells us about two new reports, one from the Rockefeller Institute (RI), the other from the Center on Budget and Policy Priorities (CBPP), which together tell us about the fiscal health of state and local governments. The RI report gives us data on the amount of tax revenues state and local governments have been collecting — they’re up in many states — while the CBPP report tells us what the states have been doing on the spending side to balance their budgets.

CBPP Destroys Catfood Commission Dems’ Plan for Deficit Reduction

By: Friday October 28, 2011 12:20 pm

Robert Greenstein of the Center on Budget and Policy Priorities has not been traditionally opposed to a deficit reduction plan. The CBPP supports chained CPI, for example. So it’s quite something to see Greenstein, along with Paul van de Water and Richard Kogan, savage the Democratic opening bid in the Catfood Commission II, describing it as to the right of Bowles-Simpson, the Gang of Six and other deficit plans.

Altman and Kingson Respond to CBPP’s Support For Social Security Cuts

By: Sunday July 24, 2011 10:27 am

Progressives need to send a strong message that a COLA cut is unacceptable, no matter what it is called and most especially when it is being used to show that Democrats are willing to give up their historic support for Social Security in exchange for getting Republican sign-on to a disastrous deficit-reduction deal.

Jared Bernstein: The Latest Casualty of Deficit Fever

By: Friday April 22, 2011 10:41 am

The Wall Street Journal scoops that Jared Bernstein, Joe Biden’s chief economist and the one person on the economic team seen as reliably liberal, will leave the White House soon.

More Leaks That Obama Will Turn Deficit Hawk in 2010

By: Saturday November 14, 2009 4:00 am

With voters giving voice to concerns about deficit spending at the prompting of political opponents, President Obama may be pressed to do what Congress won’t do with regard to budgetary restraint. But is it wise to do so during a nascent economic recovery?

Follow Firedoglake
CSM Ads advertisement