Beware of Policies and Legislation Based on the Generational Accounting Scam

By: Sunday October 12, 2014 4:03 pm

The Peter G. Peterson Foundation (PGPF) and its allied army of associated deficit hawks want the Congressional Budget Office (CBO), the General Accountability Office (GAO), and the Office of Management and Budget (OMB) to do fiscal gap accounting and generational accounting on an annual basis and, upon request by Congress, to use these accounting methods to evaluate major proposed changes in fiscal legislation.


For Obama, Deficit Reduction Is the Goal; for the GOP, It Is Just a Tool

By: Monday May 6, 2013 1:25 pm

President Obama and Congressional Republicans actually view concerns about the deficit in two different ways and that is what has prevented a deal.

Obama for whatever reason actually thinks reducing the long term deficit should be important. He has put forward plans to include spending cuts and tax increase in order to achieve this goal. He has repeatedly tried to tailor his plan to get enough buy in from different groups for it to become law.

Make ‘em Prove the Causality Before They Cause Any More Suffering: Part One

By: Saturday May 4, 2013 6:40 pm

OK, austerity has always been about the causality. The people who are trying their best to get us to cut more and more spending, somewhat less than their best to get us to raise taxes, and who are doing nothing to fix our fraud-laden financial system, or the worst period of dis-employment we’ve experienced since the Great Depression, have been making other people (never themselves) suffer, because they believe the theory that excessive public debt hurts economic growth, and that to get rid of it we must follow a plan of long-term deficit reduction. And I’m being very charitable when I opine that they believe in this theory, because the alternative is that they don’t believe it, but are just using it as an excuse to make other people suffer, and widen the wealth gap between themselves and the rest of the population.

Either way it’s important for the rest of us to demand that before we do anything more based on that theory, they should be forced to prove that it is the best theory out there about the causal relationship between public debt and economy growth.

Americans Care About Job Creation Not Deficit Reduction

By: Wednesday April 3, 2013 9:25 am

Overwhelmingly the American people think job creation, not deficit reduction, should be top priority in Washington. Not surprising, with millions of Americans unemployed or underemployed, regular people are far more concerned about a serious immediate problem rather than a possible future issue.

Americans Value Protecting Social Security More Than Deficit Reduction

By: Friday March 22, 2013 1:25 pm

While you might not think it from watching cable news the reality is that the American people overwhelmingly believe protecting Medicare and Social Security benefits is more important than deficit reduction. According to Pew Research, 55 percent think keeping Medicare and Social Security is more important than reducing the deficit.

The Three Huge Ifs in Obama Sequester Strategy

By: Thursday February 28, 2013 11:30 am

As far as I can tell this is the entirety of the President Obama’s strategy when it comes to the sequester. The administration seems to be banking on the fact that once the sequester starts it will do real destruction to the economy. This destruction will get the public up in arms. That in turn will make the Republicans fold.

This strategy though is predicated on three very big ifs.

When It Comes to Specifics, Spending Cuts Are Very Unpopular

By: Friday February 22, 2013 1:30 pm

The progressive goal of increasing Social Security benefits to make up for the steady erosion of traditional pensions is substantially more in line with the true center of the country than the position of the President.

There Is No Money

By: Wednesday February 13, 2013 4:02 pm

The great problem with President Obama’s State of the Union is that he has created a bizarre reality in which there is no money. This is a narrative that is not only going to continue to hinder our weak recovery, but also make new progressive spending programs impossible.

President Obama Uses State of the Union to Feed Deficit Hysteria

By: Tuesday February 12, 2013 7:16 pm

While President Obama dedicated a significant portion of his State of the Union speech to deficit reduction is not totally unexpected, it is truly disappointing. Not only did Obama spend more time on the deficit than on any other issue, but he placed it at the begin of the speech and effectively labeled it the top priority.

Obama Will Keep Pushing for Deficit Reduction

By: Wednesday January 2, 2013 10:55 am

In short, deficit hysteria will remain the singular focus of President Obama and the rest of Washington for the foreseeable future.

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