"GOVERNMENT debt dynamics, once an esoteric subject of interest only to macroeconomists, are suddenly in vogue. With Greece flirting with default, Italy's bond yields rising fast, and America's government bonds losing their AAA status, public-debt burdens have become dinner-party talk. Our interactive chart
shows current IMF forecasts but also allows you to input some basic economic assumptions to see where general government debt as a percentage of GDP might head."
posted by storybored
on Dec 12, 2011 -
Where Federal taxes are raised and spent.
"Some American states receive more in federal spending than they pay in federal taxes; others receive less. Over twenty years these fiscal transfers can add up to a sizeable sum."
A graph of the United States, color-coded to indicate surplus or deficit.
posted by dubold
on Aug 6, 2011 -
The Program for Public Consultation
carried out a different kind of budget poll -- they asked each of their respondents to generate a package of tax increases and spending cuts sufficient for substantial deficit reduction, then averaged the results. The outcome was not what you might expect
. The mean package included twice as much tax increase as spending cut: big deficit-reducing moves included substantial income tax increases for the highest brackets and deep cuts in defense spending. Republicans cut less spending than Democrats, as did people who identified as "very sympathetic to the Tea Party." Hardly anybody likes the reduction of the estate tax. Why is the public consensus so different from the Washington consensus? Read the full report (.pdf)
Or try the interactive budget exercise
posted by escabeche
on Mar 6, 2011 -
Introducing The Real Reagan.
"There is much to appreciate and even like about America's 40th president, and his two terms in office were not without significant achievements. But Ronald Reagan and his presidency are also badly misunderstood. To mark the 100th anniversary of his birth, we are offering what we hope will be a respite from the hagiography that has taken hold elsewhere -- a critical, but fair and respectful, exploration of the real Ronald Reagan
posted by homunculus
on Feb 6, 2011 -
The High Budgetary Cost of Incaceration
) "The United States currently incarcerates a higher share of its population than any other country in the world. We calculate that a reduction in incarceration rates just to the level we had in 1993 (which was already high by historical standards) would lower correctional expenditures by $16.9 billion per year, with the large majority of these savings accruing to financially squeezed state and local governments. As a group, state governments could save $7.6 billion, while local governments could save $7.2 billion."
posted by OmieWise
on Jun 18, 2010 -
or: How I Learned[4,5]
to Stop Worrying
and Love Deficit Spending[7,8,9]
(during a general glut
at the zero bound
) -- When I was a kid, if I was sitting around the house and complained I didn't have anything to do, my mom would always respond the same way. "I'll find something for you to do," and she would. It was make work, she was finding something for me to do on the spot to cure my unemployment problem... [more inside]
posted by kliuless
on Jun 8, 2010 -
Katrina Ushers in Return of Big Government
We have a larger govt now (people working for the govt) than we have ever had. We have now the Patriot Act, overseeing much of our activities. We have intelligence agencies doing lord knows what domestically, and security checks etc. Now we learn that Big govt is back? Where had it been before the storm?
posted by Postroad
on Sep 15, 2005 -
I.M.F. Report Says U.S. Deficits Threaten World Economy
With its rising budget deficit and ballooning trade imbalance, the United States is running up a foreign debt of such record-breaking proportions that it threatens the financial stability of the global economy, according to a report released Wednesday by the International Monetary Fund. Prepared by a team of I.M.F. economists, the report sounded a loud alarm about the shaky fiscal foundation of the United States, questioning the wisdom of the Bush administration's tax cuts and warning that large budget deficits pose "significant risks" not just for the United States but for the rest of the world. The report warns that the United States' net financial obligations to the rest of the world could be equal to 40 percent of its total economy within a few years--"an unprecedented level of external debt for a large industrial country," according to the fund, that could play havoc with the value of the dollar and international exchange rates.
From The Brookings Institute: Sustained Budget Deficits: Longer-Run U.S. Economic Performance and the Risk of Financial and Fiscal Disarray
(Full Report PDF
posted by y2karl
on Jan 8, 2004 -
A flood of red ink This time the turnaround will be much tougher. There will be no “peace dividend” from the end of the cold war (indeed, the pressure on military spending may continue to increase). America is unlikely to see another stockmarket bubble, with its surge in tax revenues. As baby-boomers retire, the pressure from entitlement spending will be more acute. Set against this background, the path back to a sustainable fiscal policy will be extremely painful, even without any dramatic fiscal crisis. Long after Dubya is back on his ranch, Americans will be trying to recover from the mess he created.
posted by y2karl
on Nov 6, 2003 -
Is the budget deficit
going to be the other shoe that drops on the Bush administration? In the OMB's mid-session review [pdf]
, it admits the federal budget deficit would balloon to a record $455 billion this fiscal year after absorbing immediate costs from the war in Iraq, and then climb $20 billion higher in 2004. That's a 50% increase since the administration's last forecast five months ago. At least a few economists
think even that number is underestimated. To top it off, the consequences of an increasingly large deficit and accompanying tax cuts are being passed on to the states.
How's that for a neat twist on federalism?
posted by monju_bosatsu
on Jul 15, 2003 -
Drowning the government in a bathtub
- "My goal is to cut government in half in twenty-five years, to get it down to the size where we can drown it in the bathtub."
Thus spoke Grover Norquist, of Americans for Tax Reform
. "The lunatics are now in charge of the asylum"
, quipped the conservative UK Financial Times
. Hardly, says Paul Krugman
. The strategy?: "Instead of challenging popular liberal programs directly, the Republicans are creating fiscal conditions that make those programs unsustainable." [lead post, Am. Prospect]. In other words, the 400 billion dollar deficit
, coupled with the Bush tax cuts, is designed to shift the obligations of the Fed onto the States
and, later, to cause a fiscal train wreck after Bush is out of office.
posted by troutfishing
on Jun 12, 2003 -
The GOP is reportedly [+
] proposing $15 billion of cuts — or is it $25? — in veterans' benefits between now and 2007, and groups like the Veterans Against the Iraq War
are hopping mad. Hell, I imagine the pro-war wing is pretty peeved, too. It's part of a plan with delusions of grandeur
to deliver massive tax cuts AND kill the deficit ... you know, the one that did not exist before W was elected, as I understand it ... in six years. The original tip is from Stand Down
. The actual status of the cuts is nebulous at this point, however, with the SF Chron
reporting that they will likely fail in the Senate as the tax cut is halved and others
reporting that the die is not yet cast. The House budget resolution, for metafilter accountants who like these things, is here
posted by hairyeyeball
on Apr 1, 2003 -
"Only in the case of war, a recession, or a national emergency",
Bush promised during his 2000 campaign, would he ever enter deficit spending. He now repeatedly and rather mordidly jokes that he never imagined that he'd hit the "trifecta" by getting all three- perhaps to explain why we are now experiencing a $100 billion dollar deficit this year. One tiny problem: Bush never made
this supposed campaign promise despite frequently claiming just such as thing, as Jonathan Chait of TNR notes in his recent column. These "special conditions" for deficit spending and depleting the Social Security surplus were spun out of thin air just last summer, and modified post- 9/11, as a necessary escape clause when the budget crunch hit.
posted by hincandenza
on May 13, 2002 -