OIRA’s most recent draft report for fiscal year 2003 through 2012 estimated that the major regulations the agencies evaluated would produce benefits ranging from $192.7 to $799.7 billion (2001$), at a cost of $56.6 to $83.7 billion (2001$).
In 2012, public-sector employment made up more than 16 percent of the US labor market. Direct government employment fails to capture the full impact of government spending on state labor markets. Using federal contract data obtained from USAspending.gov, we estimated the percentage of private sector jobs actually financed by federal contract dollars in each state. The following four maps visualize our findings.
This week’s charts use data from the Bureau of Economic Analysis and Bureau of Labor Statistics to analyze GDP growth and payroll changes before and after the government shutdown that occurred from December 16, 1995 to January 6, 1996.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) significantly expanded the regulatory authority of the Federal Reserve Board of Governors (the Board) over banking institutions, financial firms, and their subsidiaries.
What is the best way for the United States to get its fiscal house in order in the short term? Last week, we analyzed how much the US economy would have to grow by each year for public finances to balance by 2023. This week, we will compare this option to minor changes in public spending. This week’s charts use data from the Congressional Budget Office to highlight the US fiscal position over the next ten years. These charts display revenue and outlay projections over the next ten years under different assumptions of growth rates and spending changes.
The United States has both a debt and deficit problem, driven by years of overspending and unfunded promises made by politicians of both parties to pay for health care and retirement benefits to current and future seniors. The solution to the problem is relatively straightforward (although far from simple) and involves cutting spending; in particular, reforming programs like Social Security, Medicare, Medicaid, and the Affordable Care Act.
Elected amid a wave of anti-austerity sentiment, French President François Hollande promised to reverse the course of former President Sarkozy’s allegedly draconian spending cuts. A look at the data shows that there was very little that is austere about France's recent spending and a large number of tax increases under both Sarkozy and Hollande.
This week’s charts use International Monetary Fund data to make international comparisons of the public debt burden. The ratio of debt to Gross Domestic Product is one important indicator of a country's economic health. A higher debt-to-GDP ratio is generally correlated with lower rates of growth.
The Office of Information and Regulatory Affairs (OIRA) was created by the 1980 Paperwork Reduction Act. Since 1981, OIRA has reviewed regulatory actions by federal agencies. OIRA review is intended to ensure that regulations meet the basic standards set forth by presidential Executive Orders governing regulatory review. These minimum standards include identifying the problem the agency is seeking to solve through regulation, considering a variety of alternatives, and assessing the benefits and costs of each alternative.
This week’s chart uses the level of spending to examine the share of the federal budget affected by the government shutdown. The shutdown has limited 17 percent of spending, amounting to $626 billion. This means 83 percent of projected 2014 spending of $3.6 trillion, amounting to $2.9 trillion, is unaffected and is continuing uninterrupted. Even if Congress is unable to agree on a spending bill, the government is still functioning, and many Americans who are dependent on various federal programs continue to receive funds.
To explore the fiscal realities of the ACA and discuss principles for successful healthcare reform, the Mercatus Center at George Mason University hosted a new Capitol Hill Campus featuring Dr. Robert Graboyes, Mercatus Center senior research fellow specializing in the economics of healthcare. This discussion concentrated on the economic implications of healthcare reform.
For an exploration of the economic situation and more, the Mercatus Center at George Mason University invites you to join Dr. Bruce Yandle as he presents a year end, quarterly economic commentary and discusses the outlook for the year ahead.
Mercatus Senior Research Fellow Keith Hall explains the economics behind the jobs numbers and how to read between the lines to get a better understanding of what they mean for our economy and different groups of Americans.
In this book, Paul Dragos Aligica discusses some of the most challenging ideas emerging out of the research program on institutional diversity associated with Elinor Ostrom and her associates, while outlining a set of new research directions and an original interpretation of the significance and future of this program.