The credits cost the state over $1.3 billion per year with a 19 percent return on investment. Lawmakers' proposals will do little to change that.
The reality raises questions about the kind of future we want to leave for the next generation.
His speech in Davos challenged the growing worldwide trend of increased government involvement in economic affairs.
They will either reduce the ability to spend money or to cut taxes.
That's bad news for Americans.
Lawmakers can take small steps that are uncontroversial and bipartisan to jumpstart the fiscal stability process.
A fiscal commission might be a good idea, but it's also the ultimate expression of Congress' irresponsibility.
The Copenhagen Consensus has long championed a cost-benefit approach for addressing the world's most critical environmental problems.
In the last 50 years, when the budget process has been in place, Congress has managed only four times to pass a budget on time.
Years ago, when interest rates were low, calls for the federal government to exercise fiscal restraint were dismissed. That was unwise.
It's a maneuver that makes little fiscal, philosophical, or political sense, but thankfully it also seems unlikely to work.
Higher rates lead to more debt, and more debt begets higher rates, and on and on. Get the picture?
Especially because the once-dismissed possibility of rising rates is now a reality.
The Federal Reserve's higher interest rates were supposed to trigger changes to fiscal policy. So far, that hasn't happened.
Those sounding the loudest alarms about possible shutdowns are largely silent when Congress ignores its own budgetary rules. All that seems to matter is that government is metaphorically funded.
Since Congress won't cut spending, an independent commission may be the only way to rein in the debt.
America’s biggest fiscal challenge lies in the unchecked growth of federal health care and old-age entitlement programs.
Legislators abuse the emergency label to push through spending that would otherwise violate budget constraints.
Federal officials ignore repeated warnings, and we all pay the price.
The lack of oversight and the general absence of a long-term vision is creating inefficiency, waste, and red ink as far as the eye can see.
Since Congress designed and implemented the last budget process in 1974, only on four occasions have all of the appropriations bills for discretionary spending been passed on time.
The U.S. tax system is extremely progressive, even compared to European countries—whose governments rely on taxing the middle class.
The ideology champions the same tired policies that big government types predictably propose whenever they see something they don't like.
The longer we wait to address our debt, the more painful it will be.
In 2019, discretionary spending was $1.338 trillion—or some $320 billion less than what Republicans want that side of the budget to be.
The main driver behind the reduction is inflation—inflation that politicians created with their irresponsible spending.
A responsible political class would significantly reform the organization. Instead, they will likely continue to give it more power.
In 10 years, the programs' funds will be insolvent. Over the next 30 years, they will run a $116 trillion shortfall.
If you look closely, you'll find a lot of contradictions.
Fiscal stimulus during the pandemic contributed to an increase in inflation of about 2.6 percentage points.
In 1950, there were more than 16 workers for every beneficiary. In 2035, that ratio will be only 2.3 workers per retiree.
Social Security, Medicare, and Medicaid are still the chief drivers of our future debt. But Republicans aren't touching them.
This week's Republican revolt against Kevin McCarthy is actually a rank-and-file revolt against the top-down process that both parties have used to control the House in recent years.
Ignoring the Anti-McCarthy Faction's Avowed Goals, The New York Times Sees Only 'Chaos and Confusion'
The paper attributes the fight over the election of the next House speaker to "anti-establishment fervor" and a lust for "personal power."
If lawmakers keep spending like they are, and if the Fed backs down from taming inflation, then the government may create a perfect storm.
The Failure To Enact Marijuana Banking and Crack Sentencing Reforms Is a Window on Congressional Dysfunction
Although both bills have broad bipartisan support, they never got a vote in the Senate and were excluded from the omnibus spending bill.
$70 Million for Salmon, $3 Million for Bee-Friendly Highways, and More Absurdities in the Omnibus Spending Bill
Plus: An attempt to criminalize porn, D.C. hopes making tourism more expensive will boost tourism, and more…
It's still the economy, stupid.
The biggest beneficiaries of economic growth are poor people. But the deepest case for economic growth is a moral one.