States face a combined $112 billion in projected budget shortfalls for their coming fiscal year (2012), according to the Center on Budget and Policy Priorities, showing that states continue to suffer from the shrunken revenues caused by the recent recession. So you might wonder why, as Bloomberg Businessweek reports in its current edition, states continue …
Continue reading “Business Tax Breaks: State Budget Busters”
Florida has joined a handful of states whose leaders think that, at a time of high unemployment and widespread hardship, a good way to save money is to cut benefits for unemployed workers. The New York Times reported yesterday that Florida’s legislature voted Friday night to gradually cut the number of weeks for basic unemployment …
Continue reading “Unemployment Cuts a Cruel Way to Save Money”
That loud hissing sound that you now hear is the air that’s leaving the balloon of serious deficit cutting. During the congressional recess of last week and the one before, many House Republicans faced angry senior citizens at town hall meetings after voting for House Budget Committee chairman Paul Ryan’s budget plan that would turn …
Continue reading “GOP’s Tactical Retreat From Medicare Cuts”
Facing a choice between doing something hard and something easy, lawmakers invariably choose the latter, which explains why the Senate Finance Committee held a hearing Wednesday morning on how to change the budget process in hopes of reducing deficits and debt. On deficit cutting, the hard stuff is evaluating particular tax and spending provisions, making …
Continue reading “Irresponsible Budgeting: Here We Go Again”
With apologies to James Agee, let us now praise not-so-famous federal employees. On this day of rejoicing for the justice that U.S. military forces imposed on Osama bin Laden, the Washington Post highlighted some of the 34 federal workers who have been nominated for the 2011 Samuel J. Heyman Service to America Medal awards (the …
Continue reading “The Federal Employees Who Helped Get bin Laden”
To reduce looming budget deficits, congressional Republicans may have to choose between two of their party‟s traditionally biggest priorities – keeping taxes low or protecting defense spending. They would be wise to compromise on taxes, for two reasons. First, tax increases on those in the middle and at the top would reduce deficits far more …
Continue reading “Budget Deficit: GOP May Have to Bend on Taxes”
I was simultaneously pleased and distressed by President Obama’s fiscal speech yesterday due to the way he portrayed the link between Americans and their government. First, to his great credit, Obama leveled with Americans about what the federal government actually does. For too long, elected officials have nourished the conventional wisdom that we can address …