State and local governments often increase sales taxes to generate additional revenue; however, projections of added revenue tend to be over-optimistic, in part because sales tax exemptions tend to increase along with the tax rate. These charts illustrate the relationship between average sales taxes and exemptions among the states (five states without sales taxes were removed, as was Hawaii because of its complex tiered system).
This week’s charts use data from the Congressional Budget Office’s (CBO) recently released update to its Budget and Economic Outlook to show the trends and components of projected debt and deficit increases. The charts show that debt and deficits will continue to grow over the coming decade, although enacting certain policy changes—such as freezing most discretionary spending at current levels or extending expiring tax cuts—could over the next decade shrink deficits by $615 billion or add $897 billion to baseline deficit projections, respectively.
These charts show that the federal government will not be able to provide the same level of services without significant reforms to entitlement programs that drive the bulk of spending and compound future interest payments on the federal debt.
This week's charts use new data from the recently released 2014 Old-Age and Survivors Insurance and Federal Disability Insurance (OASDI) Trustees Report to update a previous Mercatus Center chart series presenting projected cash flows and worker-to-beneficiary ratios for Social Security programs.
When confronted with regulation, producers are likely to alter production levels and processes in ways that they would not have otherwise chosen. We also expect competition to decline in heavily regulated markets since the burden imposed by regulation functions as a barrier to new firms who wish to enter the market. Consequently, productivity in industries should decline as the regulatory burden placed on them increases.
RegData 2.0 is a newly launched regulation database that permits users to view regulatory statistics for hundreds of federal agencies. The chart uses statistics pulled from the new RegData website to determine which federal regulators published the most restrictions in the year 2012 and compare the number of restrictions from these regulators in 2012 to the number of restrictions they published ten years earlier.
This chart series includes updated versions of previous Mercatus Center charts presenting the long-term projections for Medicare programs. The first chart compares total Medicare cost projections under a current law assumption with two alternative projections under more realistic baseline assumptions, measured as a percentage of the economy.
This chart updates a previous Mercatus Center chart comparing the projected enrollment and costs for Medicare programs in 1975, 2013, and 2040. The number of Medicare enrollees more than doubled to 51.9 million between 1974 and 2014 and the real cost per enrollee quintupled. Based on these projections, by 2040 Medicare will cover about 89.2 million people, at roughly three times today’s cost per beneficiary.
This week’s maps use data from the Export-Import Bank and the US Census Bureau to display the effect of Ex-Im Bank financing on each state. The maps show that Washington state, home of Boeing, garners the bulk of the benefits in terms of both Ex-Im Bank disbursements and as a percentage of total state export value, even though taxpayers across the nation are equally exposed to liability.
This chart shows the relationship between the relative minimum wage (the minimum wage as a fraction of the average hourly wage) and unemployment rates for workers with different educational attainments.
This program will: provide an introduction to net neutrality and briefly explain the history of the debate, lay out the arguments for and against net neutrality, and discuss mechanisms to ensure the Internet remains a vibrantly free conduit and tool for ideas, innovation and economic growth.
To reflect on the significance of Hayek’s Nobel Prize and the various strands of influence his work has had in subsequent decades of scholarship, please join us for a keynote speech and panel discussion by some of Hayek’s most prominent colleagues and interlocutors.