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@budgethawks
We introduced our new #DebtFixer interactive budget tool with a live chat. Marc Goldwein explained how it works and how it can be used to better inform the discussion about the federal budget and national debt.
Check out the Debt Fixer at http://www.crfb.org/debtfixer/.
Now that President Trump has unveiled his full budget proposal and Congress is working on its own budget resolution, CRFB is launching a new tool that makes it easy to create your own budget and see if you can do better than lawmakers at putting the country on a sustainable fiscal path. The Debt Fixer lets you make the types of budget choices that lawmakers face and see how the decisions affect the national debt in the near and long term.
Our new #DebtFixer budget tool is generating lots of buzz. Tune in tomorrow at 1 pm ET for a Facebook Live chat on how it can educate the federal budget and national debt debate at https://www.facebook.com/BudgetHawks.
In the meantime, check it out at http://www.crfb.org/debtfixer/.
Introducing the brand new Debt Fixer interactive tool. Show policymakers how to make a responsible federal budget and fix the debt http://www.crfb.org/debtfixer/.
Join us on Facebook Live tomorrow (Thursday) at 1 pm ET to learn how to get the most out of this new tool https://www.facebook.com/BudgetHawks/.
CRFB co-chair Mitch Daniels says that the national debt "is the single biggest transcendent issue we face" and that all pro-growth policies should be offset. https://www.bloomberg.com/news/videos/2017-02-16/purdue-s-daniels-sees-border-tax-as-part-of-growth-policy
Social Security, health care, and interest on the national debt will drive the growth of government spending. We highlight the latest numbers. http://crfb.org/papers/cbos-january-2017-budget-and-economic-outlook
The Affordable Care Act (ACA), also known as “Obamacare,” includes a number of provisions to expand health care coverage, as well as several offsets that raise taxes and slow the growth of Medicare spending. According to our latest estimates, repealing the ACA in its entirety would cost roughly $350 billion through 2027 under conventional scoring and $150 billion using dynamic scoring. In this paper, we offer rough estimates for a variety of full and partial repeal options. In addition to our full repeal score, we find that:
Our new analysis says repealing "Obamacare" entirely will cost roughly $350 billion over 10 years under conventional scoring or $150 billion with dynamic scoring.
As 2016 comes to a close, it’s time to look back at the top fiscal developments of the year. Being optimists here at the Committee for a Responsible Federal Budget, we had hoped to offer a list of stirring accomplishments that would get the nation’s fiscal house in order. But it was not that type of year. Instead, we must once again offer our Fiscal Follies: the 10 worst fiscal moments of 2016. But lest we be accused of being too gloomy, we do offer a few rays of hope as well. And, there’s always next year….
Start off 2017 by checking out the Fiscal Follies of 2016 to avoid.
Step #1 for President-elect Trump to secure our #FiscalFuture: Use the power of the presidency to elevate the importance of fiscal responsibility. See the other steps http://crfb.org/papers/governing-through-leadership-steps-secure-our-fiscal-future
The Federal Reserve yesterday decided to raise interest rates and expects more increases next year. As our new paper shows, we already spend more on interest on the national debt than on the Departments of Veterans Affairs and Homeland Security combined. Also more than the Departments of Education, Labor, Housing and Urban Development, and Transportation combined. And in a decade, interest will surpass Medicaid spending and equal defense spending. http://crfb.org/papers/cost-rising-interest-rates
This is one priority of the president-elect that other Republicans are likely to support, no matter how fiscally irresponsible.
"Trump did not simply ignore questions of fiscal responsibility; he flung them down and danced upon them, offering a large and regressive tax cut that the Committee for a Responsible Federal Budget estimated would add about $4.5 trillion to the deficit over 10 years. And that’s before you consider the additional interest we’d have to pay on all that new debt. 'Under Trump’s campaign proposals,” the organization has written, “debt would exceed the size of the economy before the end of a theoretical second term and approach 150 percent of GDP after two decades.'”
"The Committee for a Responsible Federal Budget (CRFB) on Thursday released an open letter to the incoming president urging him to take control of exploding spending levels — even if the stance runs counter to his lofty campaign promises."
Read the new memo at http://crfb.org/papers/governing-through-leadership-steps-secure-our-fiscal-future.
In the Washington Post, Maya MacGuineas answered the question, "What should the next president’s plan be for the national debt?" https://www.washingtonpost.com/news/in-theory/wp/2016/08/29/the-first-step-towards-solving-the-debt-crisis-stop-digging/?utm_term=.a5dd9d527b5e
The national debt increased dramatically during and after the Great Recession, rising from 35 percent of Gross Domestic Product (GDP) in 2007 to 66 percent by 2011. Though that recession was uncharacteristically large, debt has also risen in every other recession since 1970 by an average of 5 percent of GDP. In past recessions, the country has had reasonably low debt levels, allowing us to withstand automatic increases in debt as unemployment rose and incomes fell, while also having flexibility to adopt fiscal stimulus measures to boost the economy.
"[T]he United States is more poorly equipped to handle the next recession than it was to handle the most recent one." Our brand new paper explores what that means.
We Can't Borrow Our Way to Prosperity http://www.realclearpolicy.com/articles/2016/08/15/we_cant_borrow_our_way_to_prosperity_1693.html
The Social Security Trust Funds are on a path to run out. Use this tool to find out what you stand to lose unless Washington acts.
Social Security turned 81-years-old this weekend, but without reform its trust funds won't make it to 100.
Find out how old you will be when the trust fund runs out and just how much you stand to lose with our new interactive tool.
The federal budget process needs to be fixed. See ideas at http://crfb.org/project/better-budget-process-initiative.
Clinton and Trump are making lots of promises. How much will they cost? How will they affect deficits and national debt? Our new report has answers http://crfb.org/papers/promises-and-price-tags-fiscal-guide-2016-election