Fiscal Policy

The Assets Report 2006

  • By
  • Ray Boshara,
  • Reid Cramer,
  • New America Foundation
February 15, 2006

The second year of the Bush Administration’s second term is underway and the prospect of a large breakthrough for asset building policy appears remote at this time. The President’s second Inaugural Address, which highlighted the transformative potential of “ownership” and an “ownership society,” has given way to the political realities of budget deficits, international commitments, and uncertain electoral prospects.

The Dollar-Cost of War Doesn't End When it's Over

  • By
  • James Pinkerton,
  • New America Foundation
January 24, 2006 |

When nations go to war, government spending goes up. First for the fighting, then for the social-welfaring.

So all the fond dreams of reducing the size and cost of government in the years ahead are just that--fond dreams and nothing more. If a country calls its young people to rally to the colors, it had better be prepared to pay for their service, in the short run and also the long run. To do otherwise is to risk disaster, on the homefront as well as the warfront.

Colleges' New Economics

  • By
  • Jennifer Washburn,
  • New America Foundation
January 23, 2006 |

A trend toward privatization and a shift in spending priorities is putting California's public colleges and universities at risk of forsaking their mandate to deliver a quality public education to the state's growing ranks of would-be college students.

Douglas Holtz-Eakin Joins the Committee for a Responsible Federal Budget

January 4, 2006

WASHINGTON -- The Committee for a Responsible Federal Budget is pleased to announce that the Honorable Douglas Holtz-Eakin has joined the Committee's Board of Directors. All of the past Directors of the Congressional Budget Office serve on the Committee's Board.

For the full release, please see the attached PDF file. 

Budget Update -- Stumbling to the Finish Line

  • By
  • Maya MacGuineas,
  • New America Foundation
January 4, 2006

Although being a budget watchdog generally requires a healthy dose of skepticism, recent months have provided reasons for cautious optimism. The sticker shock associated with the costs of responding to Hurricane Katrina on top of large structural deficits appears to have made the nation’s fiscal health a higher priority for policymakers and the public.

Senate Should Strictly Enforce Existing PAYGO Rule

December 21, 2005

WASHINGTON, DC -- The Committee for a Responsible Federal Budget called on the Senate to adhere to the limited pay-as-you-go rules currently in place.

Specifically, the Senate should not credit the "paygo scorecard" with the savings from spending reconciliation. Doing so would allow for larger tax cuts rather than ensuring that the savings be used for deficit reduction. The Committee also recommended that if Congress completes action on tax legislation early next year as Congressional leaders have stated they plan to, the costs of all tax cuts be included on the paygo scorecard.

Outgoing CBO Director Discusses The Long-Term Budget Outlook

Thursday, December 15, 2005 - 11:12am

CBO Director Douglas Holtz-Eakin discussed the hot off the presses "Long-Term Budget Outlook" at the New America Foundation on December 15th, 2005. The report is released every two years, and examines the challenges facing lawmakers over the coming decades as they consider ways to alleviate the looming fiscal crisis confronting our federal budget. Following Holtz-Eakin's presentation, Maya MacGuineas, Director of New America Foundation's Fiscal Policy Program and President of the Committee for a Responsible Federal Budget, moderated a lively question and answer session.

Nonpartisan Social Security Reform Plan

  • By
  • Maya MacGuineas,
  • New America Foundation
  • and Jeffrey Liebman, Andrew Samwick
December 14, 2005

The three of us -- former aides to President Clinton, Senator McCain, and President Bush -- did an experiment to see if we could develop a reform plan that we could all support. The Liebman-MacGuineas-Samwick (LMS) plan demonstrates the types of compromises that can help policy makers from across the political spectrum agree on a Social Security reform plan. The plan achieves sustainable solvency through progressive changes to taxes and benefits, introduces mandatory personal accounts, and specifies important details that are often left unaddressed in other reform plans.

From Tinkering to Fundamental Reform

Monday, December 5, 2005 - 12:12pm

Tax reform will be on the national agenda this coming year. Considered the opening salvo in a much-needed debate, the President's Advisory Panel on Tax Reform recently released its recommendations to reform the federal tax code. Tax experts with differing goals and differing perspectives will come together to discuss their own recommendations for reforming the tax code. Key questions to be addressed include: What constitutes a fair tax code? What are the priorities in reforming the tax code? Do taxes raise enough to pay for government spending?

New America's Tax Reform Plan

  • By
  • Maya MacGuineas,
  • New America Foundation
December 5, 2005

The tax code is backwards in many ways. It discourages saving, job creation, and economic growth while encouraging consumption, energy dependence, and environmental degradation. It has become less progressive at a time when income inequality is growing and it bestows the largest targeted tax breaks on those who need them least. It has failed to keep up with changes in the global economic environment, harming U.S. competitiveness. It is highly complex, non-transparent, and it does not raise enough money to pay for government spending.

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