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economics Uncategorized

Federal Budget Deficit Falls to Smallest Level Since 2008

Federal Budget Deficit Falls to Smallest Level Since 2008 In nominal terms, that is the smallest deficit since 2008, and signals the end of a five-year stretch beginning with the onset of the recession when the country’s fiscal gap came in at more than $1 trillion each year. As a share of the nation’s economy, […]

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economics Uncategorized

Moment of Truthiness

Moment of Truthiness Do people like Mr. Cantor or Mr. Paul know that what they’re saying isn’t true? Do they care? Probably not. In Stephen Colbert’s famous formulation, claims about runaway deficits may not be true, but they have truthiness, and that’s all that matters. And please stop saying both sides are just as bad. […]

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politics Uncategorized

Greg Sargent on Charles Krauthammer and Paul Ryan: “This is worse than a shell game. It’s a shell game without the pea.”

Greg Sargent on Charles Krauthammer and Paul Ryan: “This is worse than a shell game. It’s a shell game without the pea.” There is a real simple two question test I apply when I am trying to sort out the sincerity of a policy opinion. If the facts were different, would the policy opinion be […]

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politics Uncategorized

Obama’s Rope-A-Dope

Last summer during the debt ceiling hostage crisis, Obama appeared to be the loser, but yesterday Republicans woke up to the reality that they lost Big Time–that we were going to get $1.2 trillion in deficit reductions, with 50% of the cuts coming from the military and none of the cuts from Social Security and […]

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politics Uncategorized

How we can succeed through supercommittee’s ‘failure’

How we can succeed through supercommittee’s ‘failure’ Here is a surefire way to cut $7.1 trillion from the deficit over the next decade. Do nothing. That’s right. If Congress simply fails to act between now and Jan. 1, 2013, the tax cuts passed under President George W. Bush expire, $1.2 trillion in additional budget cuts […]

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economics politics Uncategorized

Six plans to balance the budget

Policy teams from the six groups taking part in the Solutions Initiative—the American Enterprise Institute, the Bipartisan Policy Center, the Center for American Progress, the Economic Policy Institute, The Heritage Foundation, and the Roosevelt Institute Campus Network (representing the perspective of younger Americans)—all provided comprehensive plans to meet the budget challenge head on. The goal […]

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Krugman: It’s hard to see that too much democracy was the problem.

Whenever I read pieces like David Brooks’s column this morning — pieces that attribute our budget deficits to the public’s irresponsibility and lack of realism — I find myself wondering how so much recent history went down the memory hole. … Remember, we had a budget surplus in 2000. Where did it go? The two […]

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economics Uncategorized

Center on Budget Top 10 Federal Tax Charts worth a thousand words.

From Center on Budget Top 10 Federal Tax Charts worth a thousand words. – @pourmecoffee

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economics Uncategorized

Ryan and Taxes

The Ryan plan calls for cutting the top marginal rate to 25 percent — lower than it has been at any time in the past 80 years. That in itself should tell you that this is a deeply unserious proposal: anyone who tells you that we have to face hard truths, that everyone must sacrifice, […]

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David Brooks: Democrats unwilling to ask voters to pay for popular programs

Democrats seem to believe that most Americans want to preserve the 20th-century welfare state programs. But they are unwilling to ask voters to pay for them, and they are unwilling to describe the tax increases that would be required to cover their exploding future costs. Raising taxes on the rich will not do it. There […]