As illustrated in my previous post, the growth of federal spending under Bush has actually been quite modest, other than in the categories of defense and health care. As a result, if we were to try to imagine what the budget deficit would have been with more restrained spending growth, we find that it would […]
I had the pleasure of seeing this very good movie, which focused on one part of the distinguished journalism career of Edward R. Murrow – his decision to take on Senator Joseph R. McCarthy. Even if you have not seen the movie, the transcript of the March 9, 1954 episode of See It Now can […]
The National Review gives Congressman Thomas space to defend fiscal irresponsibility: When it comes to financial security, “continuity and certainty” are important to America’s households. They are equally important for job creation and economic growth. It is up to Congress to provide Americans with the certainty needed to create a stable, pro-growth, job-creating environment to […]
Jonathan Weisman reports: The House passed three separate tax cuts yesterday and plans to approve a fourth today, trimming the federal revenue by $94.5 billion over five years — nearly double the budget savings that Republicans muscled through the House last month. GOP leaders portray the tax bills — for the hurricane-ravaged Gulf Coast, affluent […]
Are the budget deficits due to profligate spending by the Bush administration? Are Congressional Republicans truly more spendtrift in their ways than French socialists? I find a little historical context helpful in assessing these claims from the right. The chart below shows federal spending broken into several major categories over the past few decades, expressed […]
Think Progress invites Gene Sperling to discuss the facts as to real wages, employment, and other economic matters.
I used to think of Mr. Barbour as just another Republican that read straight from the talking points. But my estimation of this man has just shot up enormously given this: WASHINGTON (AP) – Congressional failures to approve emergency funding for roads, schools and housing construction have stalled Mississippi’s efforts to rebuild after Hurricane Katrina, […]
Edward Leamer’s quarterly forecast was released today. It was quite pessimistic regarding the housing market: LOS ANGELES – A sustained decline will hit the U.S. housing market next year, costing the nation as many as 800,000 jobs, according to a new economic report released Wednesday. The slowdown is likely to last several years, with as […]
I’d like to follow up on PGL’s post from yesterday about tax cuts and GDP growth. The argument from some supply-side tax-cut advocates (see, for example this WSJ op-ed: “The deficit is shrinking, thanks to the Bush tax cuts“) is that the Bush tax cuts have increased economic growth dramatically. So dramatically, in fact, that […]
I’ve been looking for an excuse to post this diagram of real Federal tax revenues (excluding payroll contributions) and Kash’s post “The Budget Deficit in Context” and a few other posts on this topic provide that excuse. I guess the standard supply-side reply to Kash’s noting that revenues as a percent of GDP have fallen […]