13 Sep 2018

Image of burning money, symbolizing our nation's fiscal insanity
Fiscally sane commentators are abuzz with the stark data coming out of the latest Congressional Budget Office (CBO) report, showing our nation's dire deficit situation after 11 months of this fiscal year have passed. As has been the case for a long time, the primary problem boils down to one simple fact... Partisan Ideologues Refuse to Accept Basic Fiscal Math Every time either major party has had control of the White House and Congress, they've pushed through legislation that made the debt and deficit worse, while rejecting plans (like the Simpson-Bowles Debt Commission recommendations, or Rivlin-Domenici from the Bipartisan Policy Center) that would start lowering the debt to manageable levels that don't pose a serious threat to our economic future, and stop stealing so much from our children, their children and future generations. That's true for both major parties, but the party, and administration, currently in power is - as it has with s...

23 Mar 2011

So yeah... I do in fact read the blog of the Director of the Congressional Budget Office. I amm indeed that big of a political nerd. In his latest post, he talks about how the CBO has a revised estimate that shows that the health care bill passed last year will cost about $90 billion more than originally thought. Shocker here right? Here is what he said: As we explained in Friday’s analysis, updating baseline projections of federal spending on health care programs does not automatically result in a complete reestimate of the budgetary impact of last year’s major health care legislation—the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act of 2010—under the assumptions of the new baseline. However, the costs or savings from some aspects of that legislation can be separately identified in the baseline projections. In particular, the provisions related to expanding health insurance coverag...

28 Jan 2011

Center-left think tank public policy fellow William Galston, in today's The New Republic, gives us some perspective on how our deficit problems - which are expected to amount to 1.5 trillion this year - is actually worse than it looks: Here’s why the headlines understate the gravity of our situation. CBO is required to use current law as the basis for its estimates—to assume, for example, that all the Bush tax cuts will expire at the end of 2012, that Medicare payments to physicians will be cut sharply, and that the alternative minimum tax will be allowed to affect millions more Americans. Even if we let these things occur, our deficits continue to rise. If parts of them are blocked, as republicans are sure to attempt to do with the Bush tax cuts, and democrats are likely to attempt with the alternative minimum tax, then the deficits will continue to skyrocket. We're long past the point where anything that will lower how much money the governme...