The Fiscal Slope Exposes Deficit Scolds as Cowards

By: Friday December 21, 2012 10:00 am

Let’s just stipulate something for the record. If the Congressional Budget Office were asked to step in and score John Boehner’s “Plan B,” it would score as an increase to the deficit by about $4.9 trillion over ten yeas. If CBO scored the Obama plan, it would score as an increase to the deficit by [...]

Contra the Deficit Scolds, We Can Keep Medicare and Medicaid Strong Simply By Keeping Them Intact

By: Wednesday November 28, 2012 1:10 pm

This diatribe bestowed upon Rep. Raul Grijalva on CNBC, which has become Fiscal Cliff TV, is really priceless, with the anchor accusing Grijalva of tanking the market because he refuses to cut benefits for poor people and seniors. The means testing angle is really a joke here, too. Medicare is already means-tested. To means-test it [...]

CBO Joins CRS in Finding Almost No Economic Impact From Letting High-End Bush-Era Tax Rates Expire

By: Thursday November 8, 2012 2:20 pm

You may remember that, last week, Republicans forced the Congressional Research Service (basically Congress’ think tank) to take down a study that analyzed 65 years of individual tax rates and found no correlation between lower taxes on the rich and economic growth. This just did not compute with the GOP, so they had to suppress [...]

CBO: Nearly $1 Trillion Saved By Letting Bush Tax Cuts Over $250,000 Expire

By: Monday August 27, 2012 9:34 am

The Congressional Budget Office has calculated that ending the Bush tax cuts for earners on income over the first $250,000 would contribute $950 billion over a ten-year period. $823 billion of that would come from the increased revenue, and another $127 billion would arise from the lower interest on the associated debt. The Center on [...]

CBO: Fiscal Cliff Would Cause Recession, But Punting Fiscal Cliff Would Lead to Stagnant Economy, Too

By: Wednesday August 22, 2012 11:00 am

The Congressional Budget Office released an update to their fiscal projections for 2012 to 2022. And it shows that the US will carry a $1.1 trillion budget deficit this year, down from their earlier projection of $1.2 trillion. As a percentage of GDP, the 2012 deficit will be 7.3%, down by 1/4 from the Fiscal [...]

CBO: 6 Million Will Be Denied Coverage Through Medicaid Expansion, 3 Million Will Stay Uninsured

By: Tuesday July 24, 2012 2:26 pm

From the moment that the Supreme Court handed down its decision on the Affordable Care Act, Democratic pundits by and large dismissed the threat that states, emboldened by the ability to reject the Medicaid expansion without losing access to federal funds for the existing program, would choose to opt out. “Eventually,” the punditry said, all [...]

CBO Looks at the Fiscal Cliff

By: Wednesday May 23, 2012 6:27 am

The Congressional Budget Office is out with their economic projections for the fiscal cliff. They pretty much match Goldman Sachs’ prediction from last week, but these are the numbers Congress is likely to parrot for the next 6 months, so we’d better take a look. CBO projects that $607 billion in deficit reduction items are [...]

Obama Campaign Jumps on Buffett Rule Vote

By: Monday April 9, 2012 12:58 pm

As Jon Walker noted earlier today, the one program that the Obama campaign is pressing forward with as an election-year promise for 2012 is the Buffett rule. This would set an alternative minimum tax of sorts for millionaires, ensuring that they pay a mandatory minimum effective tax rate. The Senate will vote on the proposal, [...]

Ryan Budget: Medicare Privatization, Big Spending and Tax Cuts

By: Tuesday March 20, 2012 7:30 am

Paul Ryan’s budget was released this morning. He kicked it off with another pretentious video preview and a somewhat less pretentious and more standard op-ed in the Wall Street Journal. Ryan’s budget resolution is similar to last year’s version, which passed the House and went nowhere in the Senate. The charges are similar, too. He [...]

Ex-CBO Staffer’s Warnings About Foreclosures Ignored

By: Friday March 16, 2012 8:19 am

Dr. Lan Pham, a former senior staffer financial economist for the Congressional Budget Office, was fired from the organization for her attempts to quantify the economic implications of foreclosures and foreclosure fraud. The CBO rejected her analysis and even dismissed the notion that foreclosures cause a negative hit to the economy. The letter, from February [...]

Republican Innumeracy and Half-Universal Health Care

By: Thursday March 15, 2012 1:40 pm

Republican innumeracy basically explains half of their policy prescriptions, but as these things go, this is a pretty good one. The short story is this. The 2010 Affordable Care Act carried a price tag of $940 billion over ten years. This was mainly accomplished by delaying the implementation until 2014 to keep the 10-year budget [...]

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