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  • Middle Class Tax Relief and Job Creation Act of 2011
    Posted in HBC Publications on December 9, 2011 | Preview rr
    Tags: Taxes, Economy / Financial

    Budget Impact H.R. 3630 extends the payroll tax holiday, reforms and extends unemployment insurance benefits, and provides for a two-year extension of the Medicare “doc fix.” The bill is fully offset over a ten-year period based on Congressional Budget Office estimates. The table below shows the budgetary impact of the legislation. Read the CBO estimate of H.R. 3630 here. Read more

  • A Deeper Look at Income Inequality
    Posted in HBC Publications on November 17, 2011 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Taxes, Economy / Financial

    KEY POINTS: The question for policymakers is not how best to redistribute a shrinking economic pie. The focus ought to be on increasing living standards, expanding the pie of economic opportunity, and promoting upward mobility for all. Conventional wisdom on government’s role in inequality often has it backwards: tax reforms have resulted in a more progressive federal income tax; government transfer payments have become less progressive (due in large part to growing entitlement payments to wealt... Read more

  • FACT SHEET: The Optimist’s Guide to Repeal and Replace
    Posted in HBC Publications on September 27, 2011 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Taxes, Economy / Financial

    The Problem: According to the CBO, spending on Medicare and Medicaid is pulling America towards a debt-fueled economic collapse and, unless reformed, the programs will implode, thus depriving the neediest in our society of a crucial safety net. Moreover, the President’s healthcare law has made things worse by increasing the cost of care and adding to the national debt. From the speech: “At its core, the health care problem is one of inflation, driven by the overutilization of services, dramatic... Read more

  • The Empty Promise of Green Jobs
    Posted in HBC Publications on September 22, 2011 | Preview rr
    Tags: Energy

    In the fall of 2008, then-candidate Barack Obama made a campaign promise to jumpstart the economy with an influx of green jobs. “We’ll invest $150 billion over the next decade and harness private efforts to build a clean-energy economy,” he said. This expenditure of taxpayer dollars, averaging $15 billion a year, would then “create 5 million new jobs that pay well, and can never be outsourced.”[1] The President has kept his promise to spend billions of borrowed dollars on green energy, but his p... Read more

  • Credibility Deficit Widens with President’s Third “Budget” in Seven Months
    Posted in HBC Publications on September 21, 2011 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Taxes, Economy / Financial

    In the span of seven months, President Obama has offered three different budget plans for the federal government. He offered an actual budget in February, a budget “framework” in April, and yet another tax-and-spend plan this past week (more spending in the “American Jobs Act”; more taxes in a new plan unveiled yesterday). Unfortunately, none of these approaches has provided the kind of leadership that America needs to lift the crushing burden of debt while promoting sustained economic growth. T... Read more

  • In Speech on U.S. Credit Downgrade, President Proposes to Add $250 Billion to the Deficit
    Posted in HBC Publications on August 9, 2011 | Preview rr
    Tags: Economy / Financial

    Yesterday, the President gave another speech on the budget. His remarks addressed the recent downgrade by Standard and Poor’s (S&P) of the U.S. Government’s credit rating, and he called for additional reductions in deficits and debt. Towards the end of that speech, the President mentioned three initiatives designed to address an unemployment rate that has remained stubbornly high during his Administration, despite the expenditure of hundreds of billions of dollars in “stimulus” funds. While the... Read more

  • A Trillion-Dollar Gimmick
    Posted in HBC Publications on July 25, 2011 | Preview rr
    Tags: Economy / Financial , Defense

    “Why, one wonders, not ‘save’ $5 trillion by proposing to spend that amount to cover the moon with yogurt and then cancelling the proposal?” -George Will, Washington Post, March 12, 2009 Claim 1: “Winding down the wars in Iraq and Afghanistan will save $1 trillion.” Reality: The Reid plan relies on the inaccurate assumption that surge-level spending in Iraq and Afghanistan is scheduled to continue over the next decade. An honest budget cannot claim to save taxpayers’ dollars by cutting spending... Read more

  • The Gang of Six Budget Effort
    Posted in HBC Publications on July 19, 2011 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Taxes, Economy / Financial

    Earlier today, a group of U.S. Senators (“Gang of Six”) released “A Bipartisan Plan to Reduce Our Nation’s Deficits.” The plan is not a budget. It is a set of talking points and graphs that outlines an ambitious proposal that has serious flaws but also the potential for worthwhile budget and tax reforms. The following analysis examines these problems, raises questions about the lack of detail in the plan, and notes the areas where there is potential to make progress on spending restraint and tax... Read more

  • A Brief History of President Obama’s Fiscal Record
    Posted in HBC Publications on July 15, 2011 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Taxes, Economy / Financial

    Despite newfound concern with the debt overhang stifling economic growth, President Obama’s record falls far short of his rhetoric. Let’s review the decisions made by President Obama and Congressional Democrats over the past couple of years, and the disappointing results of their policy choices: January 20, 2009 President Obama sworn into office President tells the American people in his Inaugural Address: “Those of us who manage the public's dollars will be held to account, to spend wisely, ref... Read more

  • Actions Speak Louder Than Words
    Posted in HBC Publications on July 15, 2011 | Preview rr
    Tags: Economy / Financial

    While President Obama has recently professed a newfound – and vague – desire to cut government spending, it’s useful to recall what the President has actually done since taking office in 2009. The President signed into law a massive spending spree that plunged us deeper into debt, and failed to deliver on its promise to create jobs. 24% Increase in Base Spending. Non-defense discretionary spending grew by 24% for the first two years of the Obama Administration, adding $734 billion in spending ov... Read more