Archive for the ‘Deficits, Debt and Taxes’ Category

1) The deficit is down because of less spending and more revenues 2) themes in tax reform to worry about.

January 22nd, 2015

The picture I’m about to show you is not a shocker if you follow this sort of thing but I made it for a presentation this AM and damnit, I’m gonna use it! It shows federal gov’t spending and receipts since 2007, in dollars adjusted for both inflation and population growth. The deficit/GDP ratio’s in… Read more

Ed Kleinbard calls out “dynamic scoring”

January 3rd, 2015

There are many strong, substantive reasons to be worried about the use of “dynamic scoring” by the new Republican Congress. As Ed Kleinbard tells it in today’s NYT, the new majority is instructing the official scorekeepers of the revenue implications of tax changes to employ models that incorporate macroeconomic feedback. As I argued here, such… Read more

Who you callin’ massive? The CRomnibus actually cuts discretionary spending to historic lows as share of GDP.

December 12th, 2014

If you Google “massive budget bill” you get a lot of hits. “House…Approves Massive Spending Bill” “Congressional leaders unveiled a massive $1.01 trillion spending bill…” “…the House narrowly passed a massive spending bill late Thursday” “A massive federal spending bill finally won the House’s approval Thursday night…” I fear such language is massively misleading. True,… Read more