Modest adjustments that reduce spending on entitlements do not touch the core of the issue. Real fiscal reform requires deep cuts across the board to all programs and activities that are better managed by state and local entities and by the private sector.
With the recent release of CBO’s budget outlook and the approaching release of the House Republican budget, it is important to put the budget numbers from a variety of proposals into proper perspective.
This week, Mercatus Center senior research fellow Veronique de Rugy examines the growth trends in health care in the Consumer Price Index (CPI) against the average inflation rate of all consumer prices and per capita Medicare spending.
The data show that the average corporate income tax rate of the seven non-territorial countries is 21 percent, much lower than the 39 percent tax rate the U.S. imposes. American corporate profits earned abroad and at home are taxed at a higher rate than in most other countries. As a result, many companies are not bringing their profits back to America.
This chart compares unemployment estimates from the president’s 2010 budget—which contains the original proposed estimates for the impact of the stimulus on unemployment—with actual unemployment rates from the Bureau of Labor Statistics.
Using CBO data on income disparity published in 2010, Antony Davies shows a sharp downward trend in the number of lowest income households – the poorest of the poor are disappearing. For 40 years, the poor and middle-class have been disappearing – they have become richer.