Category Archives: Budget & Debt

Some claim that House budget proposal H.R. 1 to reduce the growth of federal government spending will cause a slowdown in the economy and even increase unemployment. Consider, for example, a recent report by Alec Phillips of Goldman Sachs which … Continue reading →

If history is any guide, we are about to hear scores of scare stories about the harm caused by the spending reductions in the 2011 budget resolution (H.R.1) passed by the House early this morning. Maybe you’ve already heard how … Continue reading →

The goal of the new House leadership is to reverse the spending binge of the past three years. They have already laid out the first step: the House Appropriations Committee has agreed to spending levels for nondefense discretionary spending for … Continue reading →

Last Friday I spoke at a conference at the Reagan Presidential library where over 50 currently serving members of Congress–including many new members–met to discuss the future. One of the big issues was the debt limit, which has already been … Continue reading →

The number of economists arguing forcefully against efforts to use more deficit spending to stimulate the economy is increasing. Their arguments differ in important respects, ranging from empirical evidence that the stimulus programs thus far have done little to help … Continue reading →

Everyone now seems to agree that the exploding federal debt is a serious problem that must be addressed. But how? The following two charts provide some data to help answer that question. I put the charts together using budget data … Continue reading →

Just before Americans started celebrating the July 4th weekend, the Congressional Budget Office (CBO) released its annual Long Term Budget Outlook. The chart shows the CBO projection of the federal debt (as a percent of GDP) assuming that current law … Continue reading →

Simple charts vividly demonstrate the immensity of the exploding debt problem now faced by the United States. The large expansion of debt in World War II looks like a small blip compared to what’s coming if we do not change … Continue reading →