October 28, 2016

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Monday, August 6, 2012 - 2:00 PM

Updated 8/17 with "History of Debt" infographic below

The Concord Coalition is proud to be partnering with a new effort called "Face the Facts USA." This nonpartisan initiative is a project of the George Washington University School of Media and Public Affairs and will be providing a new fact every day until the election (for 100 total).

The exciting part of the project is that along with their facts, they are producing great infographics and video content that make it easier to understand significant issues and trends that are (or should be) part of the national discussion as we approach election day.

They have also solicited involvement from some important organizations in the policy community to shed further light on the information in their facts -- and that is where The Concord Concord fits in. Many of the facts the project will be presenting falls into categories that Concord writes about and discusses, which allows us to add supplemental material to go along with the fact of the day.

Already, there have been two debt related facts. On...

Monday, November 22, 2010 - 5:52 PM

My least favorite argument in deficit reduction debates is that a particular option can’t be chosen because it is too unpopular. If that criterion is strictly applied, we might as well fold our tents and wait for the inevitable fiscal crisis because we’ll never eliminate trillion-dollar deficits with “popular” options.

That message was clearly conveyed last week by the Bipartisan Policy Center’s Debt Reduction Task Force, led by two veterans of past deficit-reduction efforts, Pete Domenici and Alice Rivlin. Their report followed a similarly tough message from Erskine Bowles and Alan Simpson, co-chairs of the President’s bipartisan fiscal commission.

Elected officials have not flocked to embrace these reports and it is easy to see why. They propose spending cuts in popular programs. They challenge cherished tax breaks and raise revenues in the process. They produce howls of protest from powerful interest groups on the political left and right.

But they each do one more thing: They outline plausible paths to a sustainable fiscal policy.

As a member of the Bipartisan Policy Center’s task force, I’m very proud of the resulting report. We worked together in a spirit of cooperation and compromise....

Thursday, November 11, 2010 - 3:07 PM

The problem with campaign rhetoric is that you’re stuck with it if you win.

The danger is that people might just believe you can really do all the wondrous things you promise and if you don’t deliver, they get angry. That, in part, helps to explain what happened to President Obama and congressional Democrats last week.

Now, it’s the Republicans’ turn to see if they can live up to their campaign rhetoric. On the fiscal front, they have set a very high bar for themselves.

Republicans campaigned on a written pledge to put the nation on a path to a balanced budget by cutting spending and not raising taxes.

It is easy to see the political appeal in that promise. Most people think the deficit is too big and that the federal government spends too much. Very few want to see their taxes go up.

The problem with the Republicans’ pledge is that the numbers don’t add up.

Forget ideology and just look at the projections. Last year’s deficit came in at $1.3 trillion. This year, the nonpartisan Congressional Budget Office (CBO) projects a deficit of $1.1 trillion. Beyond then, CBO projects 10-year deficits totaling $6.2 trillion.   


Monday, November 1, 2010 - 12:15 PM

By the end of the week, the political landscape in Washington will have changed. We will have a new Congress and attention will quickly turn to the 2012 presidential contest.

Yet, regardless of who ends up in charge of Congress, or who begins making frequent trips to Iowa and New Hampshire, certain facts will remain the same.

Health care costs, including Medicare and Medicaid, will still be growing faster than the economy. Social Security will still promise more benefits than it can pay under current law. We’ll still be fighting two wars. The costs of extending all the expiring 2001 and 2003 tax cuts will still top $4 trillion. The economy will still be stagnant. And for all these reasons, the debt will still be on an unsustainable track.

Welcome to Washington, 112th Congress. The nation awaits your solutions to these continuing threats.

Not since 1992, when independent presidential candidate Ross Perot captured 19 percent of the popular vote, has fiscal policy been such a dominant issue in a national election. Voters are clearly uneasy with trillion dollar deficits and a growing debt that is on track to reach World War II levels over the next decade.

As retiring...

Saturday, October 16, 2010 - 11:20 PM

The Social Security Administration announced on Friday that for the second year in a row there would be no cost-of-living increase in Social Security benefits for 2011.  Why not?  As the SSA explains, this is a straightforward, non-political determination based on historical economic data:

The Social Security Act provides for an automatic increase in Social Security and SSI benefits if there is an increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a cost-of-living adjustment (COLA) was determined to the third quarter of the current year.

Very objectively, there will be no cost-of-living increase in Social Security benefits in 2011 because there was no increase in the cost of living, as measured by the CPI-W, from the 3rd quarter of 2008 (the last time a COLA was triggered, for 2009 benefits) to the 3rd quarter of 2010.  The latest data on consumer prices from the Bureau of Labor Statistics show that the...

Monday, October 4, 2010 - 8:49 AM

In an op-ed article on Sept. 26 in the Des Moines Register, I pointed out that “…regardless of age, socio-economic status or political ideology, we are all affected by inefficiencies in our health system, irresponsible tax and spending policies in Washington, and snowballing government debt.”

I urged average citizens to become more engaged in the search for solutions to our fiscal and economic challenges: “Getting involved is the right thing to do. If we don't take action, who will?”

Well, last week Des Moines rose to the challenge, and then some. People there demonstrated the interest and personal involvement that can help our nation move onto a better, more responsible course. Over the course of 24 hours, about 1200 people in the Des Moines area turned out for events – presented by The Concord Coalition and its partners – that included a health care conference, Rotary Club and Ray Society programs, the Kelly Insurance Center conference and the marquee Fiscal Solutions Tour program at Drake University.

As Concord’s Midwest field director, I appreciate everyone who came out to join us. The civic engagement was fantastic; we had questions and comments from people of all ages and backgrounds. This generated lively discussions that focused on improving social security and health care, specifically, and...

Wednesday, November 12, 2008 - 2:24 PM

Even though my job as Policy Director means I spend a fair amount of time sitting at my desk and staring at my computer, I also get to play "in the field" giving chart talks or running budget exercises. Earlier this month, I conducted a "Principles and Priorities" exercise at American University, and had a a wonderful "teaching moment" where I was able to link the hypothetical budget simulation to perhaps the primary fiscal policy debate that will surround President-Elect Obama as his administration sets their priorities.

In the exercise, students divide into groups and act like special congressional committees designated with making budget choices. They pick choices in four areas: domestic discretionary spending, defense and national security spending, taxes and revenues, and entitlements. Groups can either cut programs or increase taxes to reduce the deficit, or spend more on programs they consider important, or cut taxes to increase the deficit. At the beginning of the exercise they are supposed to develop a target goal for the deficit and by the end they add up their choices to see how they did. Because we are an organization that stresses fiscal responsibility, the students tend to think the more they can do to lower the...

Wednesday, November 5, 2008 - 1:30 PM

The Concord Coalition congratulates Barack Obama on his victory in the presidential election. As we detailed in a recent issue brief, the challenges he faces are formidable. Let's hope that after a campaign lasting nearly two years, politicians, the public and the media will now turn to the crucial business of governing. On fiscal policy, it will help to suspend partisan preconceptions and focus instead on practical problem solving. Inevitably, there will be differences on the appropriate level of spending, taxes, and debt. However, these differences should be engaged in a spirit of cooperation and mutual respect with a healthy dose of fact-based analysis.

Three issues stand out: the economic downturn, the financial sector crisis and the federal budget's long-term unsustainability. While there are linkages among these issues--most specifically the debt increase all three portend--they represent different ailments and should thus be treated with different remedies. The Obama Administration will need to calibrate fiscal policy to accommodate these differences. Short-term stimulus need not and should not increase the long-term structural deficit, just as reducing the long-term...

Wednesday, October 29, 2008 - 12:41 PM

There is a good article in the New York Times today, as part of their "If Elected..." series, that tries valiantly to add up the candidates' taxing and spending promises with an emphasis on their deficit implications. As a budget policy analyst, I know how tough such a task is during an election campaign, and empathize with any reporter who attempts to do so.

What I try to keep remembering to tell members of the media as I go through the numbers with them, is that the numbers are certain to change, and the candidates and their advisors know that, but what really matters is the commitment to fiscal responsibility once in office and what flexibility they have left themselves with, after the campaign ends, to alter their plans. 

Sometimes plans change because campaigns are two-year long processes, and the plans a candidate designed at the beginning, might no longer be what can be written into legislation and enacted once the campaign ends. I think that has clearly happened in the last couple months with the crisis in the financial markets.

Unfortunately, more often than...

Wednesday, October 22, 2008 - 12:45 PM

Today, the Concord Coalition released our second issue brief during the general election. In this one, called “Fiscal Policy Beyond Election Day: Nine Challenges for ’09," we discuss how the reality of the nation’s current economic and fiscal transformation will affect the plans the presidential candidates have developed. Additionally, we propose that recent events, and the unrealsitic nature of the plans even before the financial crisis required massive government intervention, will require whoever becomes president to re-prioritize to fit current circumstances and to improve the well-being of future generations.

Our first issue brief looked more closely at the specifics of the candidate's taxing and spending plans and how by accepting currently policy trends as the baseline by which their plans should be judged, they were setting lower expectations for themselves than they should, and certainly lower expectations than the American public should...