Blog posts

Blog Post

Expressions of Concern About the Deficit Are Not Always What They Seem

October 05, 2017
Almost every politician at the national level has expressed concern at one point or another about the federal government’s budget deficits. But one clear takeaway from the past 25 years is that these concerns are often situational and quickly abandoned as soon as they become politically inconvenient.
Blog Post

The Broken Budget Process Should Be Refocused on Long-Term Planning

September 21, 2017
The official federal budget process was established in 1974 by the Congressional Budget and Impoundment Control Act. In practice, the process prescribed by the law has never been followed to the letter, and in recent years it’s been abandoned almost entirely. The broken budget process has resulted in policymakers applying quick fixes to avert artificial crises such as government shutdowns instead of making strategic long-term decisions.
Blog Post

Why the National Debt Just Hit $20 Trillion

September 13, 2017
On Sept. 8 the national debt increased by over $300 billion, surpassing $20 trillion for the first time in history -- a symbolic reminder of the federal government’s flawed fiscal policy. But how exactly did we get to this point, and why was there such a sharp increase in a single day?
Blog Post

The Debt Limit is More Trouble Than It’s Worth

September 06, 2017
The original purpose of creating a statutory debt limit in 1917 was not to prevent the government from running up too much debt, but to remove the requirement that Congress authorize individual issuances of debt. The intent was to help ensure that sufficient and timely credit would be available to finance World War I. One hundred years later, things are very different. The main use of the debt limit now is to prevent the government from paying its bills on time, putting the nation’s creditworthiness at risk and threatening a global financial crisis.
Blog Post

Tax Cuts Don't Pay for Themselves

August 30, 2017
Some argue that cutting taxes will generate a level of economic growth sufficient to offset a substantial part, if not all, of the revenue lost. Under this theory, tax cuts do not cause deficits, but generate the growth necessary to reduce deficits. Yet, there is little historical or academic evidence from the past decades to suggest that tax cuts alone pay for themselves.
Blog Post

Effective IRS Actions Can Help Cut Deficit

August 17, 2017

During budget negotiations in the coming weeks, Congress should ensure that the Internal Revenue Service (IRS) has sufficient funding to effectively enforce the tax laws and improve taxpayer assist