House Committee's Budget Resolution Is Unrealistic

Submitted by swinn on Tue, 06/26/2018 - 09:06

This post was written by Concord Coalition intern Rob Ryan.

Months behind schedule, the House Budget Committee took action last week on the first step in the regular congressional budget process: approving a budget resolution.

The plan aims to balance the budget in nine years and calls for $8.1 trillion in deficit reduction relative to the CBO’s baseline projections, which assume current laws remain unchanged.

Fiscal Check-up Shows U.S. Is Ailing

Submitted by swinn on Fri, 06/22/2018 - 16:33

Uncle Sam just got a fiscal health check-up from the Government Accountability Office (GAO) and it didn’t go well.

The patient should be alarmed. So should the American taxpayer.

Trust the Trustees

Submitted by swinn on Mon, 06/18/2018 - 13:22

“The story we expected and the story we got was that the shortfall was becoming a more urgent situation,” said Charles Blahous, a former public trustee of the Social Security and Medicare Trust Funds about the latest reports on the programs’ finances.

Congress, he added, “is running out of good options for dealing with it.”

The OECD Weighs In On Dangers Of U.S. Fiscal Policy

Submitted by jgordon on Wed, 06/13/2018 - 14:23

This is a guest post by Concord Coalition intern Rob Ryan

While the fundamentals of the United States economy are strong in the near term, the nation faces major challenges that may put the sustainability of current economic growth at risk. Chief among these challenges is the already massive and quickly increasing federal debt, which is at its highest level in over 70 years as a percentage of the economy.

The Tax Code is Still a Mess

Submitted by jgordon on Mon, 06/11/2018 - 08:47

This is a guest post by Concord Coalition intern Rob Ryan

Politicians and economists have long stressed the importance of simplifying our nation’s tax code. Tax reform that eliminates many tax breaks, also known as “tax expenditures,” can foster economic growth and make meaningful progress in reducing future federal deficits -- perhaps even while lowering tax rates.

Science Fiction Doesn’t Work for Fiscal Policy

Submitted by jgordon on Mon, 06/11/2018 - 08:41

“I think our issue is in outer space at the moment,” said Robert L. Bixby, executive director of The Concord Coalition.

The fiscal challenges facing our nation, and the lack of attention given them, seem unreal. Add in vast and expansive numbers, and you may have the beginnings of a work of science fiction.

Realistic Approach Needed on Economic Growth

Submitted by swinn on Wed, 06/06/2018 - 11:10

By Rob Ryan

Despite recent 3 percent growth of the American economy, our nation's long-term fiscal challenges are likely to hinder the sustainability of such robust growth. To maximize growth in a sustainable fashion, elected officials must enact a more realistic, pro-growth strategy by supporting investment, encouraging expansion of the work force, and putting the federal budget on a responsible path.

Reports on Medicare, Social Security Underscore that Younger Americans Have the Most at Risk

Submitted by jgordon on Tue, 06/05/2018 - 16:12

WASHINGTON -- The Concord Coalition said today that this year’s reports from the Social Security and Medicare trustees again show that these programs need substantial reforms to put them on sustainable paths without squeezing other national priorities out of the federal budget.

Don't Be Penny Wise and Pound Foolish With the Budget

Submitted by swinn on Mon, 06/04/2018 - 17:28

“As we look at keeping discretionary spending under control we do want to be careful and maintain a fiscally responsible approach, but we don’t want to cut the heart out of things that are needed for investment or national security,” said Robert L. Bixby, executive director of The Concord Coalition.

On the latest "Facing the Future" episode, Bixby joined the program to discuss discretionary spending and entitlement programs.

What the Government Spends on Health Care

Submitted by jgordon on Fri, 06/01/2018 - 16:35

The Congressional Budget Office (CBO) recently released an update to its estimates and projections of the cost and use of federal government subsidies for health insurance for people under age 65.

The headline number is that the government will spend $685 billion in 2018 on such subsidies, helping 89 percent of the 273 million people under age 65 in the United States get health insurance.