Veronique de Rugy

Veronique de Rugy

  • Senior Research Fellow

Veronique de Rugy is a senior research fellow at the Mercatus Center at George Mason University. Her primary research interests include the U.S. economy, federal budget, homeland security, taxation, tax competition, and financial privacy issues. Her popular weekly charts, published by the Mercatus Center, address economic issues ranging from lessons on creating sustainable economic growth to the implications of government tax and fiscal policies.

She has testified numerous times in front of Congress on the effects of fiscal stimulus, debt and deficits, and regulation on the economy.

de Rugy writes regular columns for Reason magazine, the Washington Examiner, and blogs about economics at National Review Online’s The Corner and at Big Government. Her charts, articles, and commentary have been featured in a wide range of media outlets including the Reality Check segment on Bloomberg Television’s Street Smart, New York Times’ Room for Debate, Washington Post, Wall Street Journal, CNN International, Stossel, 20/20, C-SPAN’s Washington Journal, and Fox News.

She is a former resident fellow at the American Enterprise Institute, policy analyst at the Cato Institute, and research fellow at theAtlas Economic Research Foundation. Before moving to the United States, de Rugy directed academic programs in France for the Institute for Humane Studies-Europe.

Dr. de Rugy received her MA in economics from the University of Paris IX-Dauphine and her PhD in economics from the University of Paris 1Pantheon-Sorbonne and did post-doctorate work on tax revolt at George Mason University. 

Published Research

Robert J. Barro , Veronique de Rugy | May 07, 2013
While the impact of across-the-board federal defense-spending cuts on national security may be up for debate, claims of these cuts’ dire impact on the economy and jobs are grossly overblown.
Veronique de Rugy, Alberto Alesina | Mar 07, 2013
There is still significant debate about the short-term economic impact of fiscal adjustments. However, as we will show in this paper, important lessons have emerged.
Veronique de Rugy, Jason J. Fichtner | Apr 28, 2011
This paper takes a detailed look at the facts behind raising the debt ceiling.
Antony Davies, Veronique de Rugy | Oct 01, 2009
Recent studies have shown preliminary evidence of a tendency for outgoing administrations to generate a flurry of last-minute regulatory activity. This so-called Cinderella effect is described as…

Working Papers

Veronique de Rugy, Matthew Mitchell | Sep 12, 2011
Four years into the deepest recession since World War II, the U.S. economy expanded at a rate of only 0.7 percent in the first half of 2011. This means that the economy is growing at a slower pace than the population and that capita output continues to fall. In response, the president has announced a plan for yet more deficit-financed stimulus spending.
Veronique de Rugy | Aug 04, 2011
This paper takes a look at the nature and size of supplemental appropriations bills and the abuse of emergency spending.
Veronique de Rugy | Sep 16, 2010
With the unemployment rate in the United States lingering just below 10 percent and elections approaching rapidly, job creation has become Washington’s top priority. Arguing that small businesses…
Veronique de Rugy | Jun 15, 2010
For every attempt to cap government spending by regulation or statute, lawmakers seem to find new and creative accounting techniques that allow them to continue spending recklessly. In fact, there is…

Charts

Veronique de Rugy | May 21, 2013
This chart uses data from the US Energy Information Administration to compare federal investments in green energy and the share of green energy in electricity generation.
Veronique de Rugy | May 13, 2013
The recent release of budget plans for fiscal year 2014 makes a proper perspective of projections of public debt even more important. This week’s chart shows the debt held by the public as a percentage of the gross domestic product (GDP) under various budget proposals.
Veronique de Rugy, Keith Hall | May 07, 2013
Unsurprisingly, the slow recovery has been particularly hard on families. New data released last month by the Bureau of Labor Statistics show that 8.4 million families had at least one unemployed member. That makes the family unemployment rate 10.5 percent, well above the average national unemployment rate of 8.1 percent in 2012. Some 20 percent of families had no one working in 2012, a number that includes both the unemployed and looking for work and the jobless and not looking for work. The statistics are grim when we look at families with children under 18 years old, where 12.2 percent have no one working.
Veronique de Rugy | Apr 30, 2013
Since 2009, the Department of Energy (DOE) provided guaranteed loans through its Advanced Technology Vehicles Manufacturing (ATVM) loan program valued at approximately $8.4 billion to Ford, Nissan, Fisker Automotive, and other car manufacturers. The DOE touted the ATVM loan program as a tool for boosting America’s “clean energy economy” by adding nearly 38,700 jobs. Far less attention was paid to how the loan commitments exposed taxpayers to excessive risk, to the tune of about $217,028 per job “created or saved.”…
Veronique de Rugy | Apr 22, 2013
This chart highlights the increasing share of the budget consumed by mandatory spending using projected spending estimates from the president’s FY 2014 budget and historical data from the Office of Management and Budget. The mandatory share (red portions) of the budget entitlement programs and interest costs expands at the expense of the discretionary portion of the budget (which is for spending on things like defense and infrastructure).
Veronique de Rugy | Apr 11, 2013
With the recent release of President Obama’s FY 2014 budget, it is important to put the budget numbers from the various proposals into proper perspective. These charts compare the patterns of future spending projections from the Senate Democratic budget by Chairman Patty Murray, House Republican budget by Chairman Paul Ryan, Senator Rand Paul’s budget, and the president’s budget.
Veronique de Rugy | Apr 09, 2013
Spending on Social Security is now at untenable levels, as this chart, using annual data from the Social Security Administration (SSA) 2012 Trustees Report, illustrates.
Veronique de Rugy | Apr 02, 2013
This chart shows the average monthly enrollment for three major antipoverty programs: the Supplemental Nutrition Assistance Program (SNAP), better known as food stamps, Temporary Assistance for Needy Families (TANF), and Medicaid.

Policy Briefs

Veronique de Rugy, Adam Thierer | Oct 11, 2011
This paper considers the economic implications of an internet sales tax and its effect on trade and competition between states.
Veronique de Rugy, Jason J. Fichtner | May 26, 2011
While the United States should not default on its debt, neither should Congress raise the debt ceiling without addressing the problem that created the debt: excessive spending.
Veronique de Rugy, Jason J. Fichtner | Jan 24, 2011
Lawmakers will consider different options for Social Security reform in the coming year; do they have all the necessary facts to do this? This Mercatus on Policy highlights the key points they need to know.
Veronique de Rugy, Jakina R. Debnam | Jul 14, 2010
In response to the financial crisis, Congress passed the American Recovery and Reinvestment Act(ARRA) in February 2009, which totaled $789 billion in government spending. President Obama reassured…

Testimony & Comments

Veronique de Rugy | May 22, 2013
Good morning, Chairman Murray, Ranking Member Sessions, and members of the committee. Thank you for the chance to discuss the effect of tax increases and spending cuts on economic growth. I appreciate the opportunity to testify today.
Veronique de Rugy | Jul 18, 2012
The Department of Energy’s loan guarantee programs have been the focus of much public attention since energy companies Solyndra, Beacon Power, and Abound went bankrupt, leaving taxpayers to shoulder hundreds of mil- lions of dollars in loan guarantees. The evidence strongly suggests that these programs fall short of their stated goals of developing clean energy and creating jobs.
Veronique de Rugy | Jun 19, 2012
For obvious reasons, more than any other recent events, the waste of taxpayers’ money due to Solyndra’s failure has attracted much attention. However, the problems with loan guarantees are much more fundamental than the cost of one or more failed projects.
Veronique de Rugy | Nov 16, 2011
In her testimony before the Joint Economic Committee, Veronique de Rugy argued that although infrastructure may be a good long-term investment, it is a particularly bad vehicle for stimulus and will not boost short-term job growth.

Research Summaries & Toolkits

Veronique de Rugy, Jason J. Fichtner, Charles Blahous, Matthew Mitchell | Mar 15, 2013
Despite years without a federal budget, trillion-dollar deficits, and ad hoc, crisis-driven fiscal and economic policies that failed to deal with the looming entitlement crisis, leaders on both sides in Washington are now touting seemingly miraculous progress toward a “fix” to our budgetary woes.
Jason J. Fichtner, Veronique de Rugy | Jan 25, 2013
The debt ceiling, or the legal limit the federal government may borrow, is set currently at $16.4 trillion.[1] In his latest report, Secretary of the Treasury Timothy Geithner predicts that the United States will need to increase the debt ceiling sometime between February 15, 2013, and early March 2013.[2] The Congressional Research Service estimates the federal government will have to issue an additional $700 billion in debt above the current statutory limit to finance obligations for the remainder of FY2013…
Veronique de Rugy, Jason J. Fichtner, Matthew Mitchell | Sep 12, 2011
This toolkit provides members and their staffs with tools to help them evaluate spending bills and start the process of reducing government spending.
Veronique de Rugy | Sep 09, 2011
The American Recovery and Reinvestment Act was heralded with promises of jobs and economic growth. In retrospect, how well has it fulfilled those promises?

Media Clippings

Data Sets

Expert Commentary

May 20, 2013

Wind energy is the darling of the green energy sector. Over the past 35 years, the industry has received nearly $30 billion in federal subsidies and cash grants, and Washington has promised another $12 billion in subsidies over the next decade.
May 03, 2013

Meet the Solyndra of the electric car industry: Fisker Automotive. In 2009, the company was awarded a $529 million loan through the Advanced Technology Vehicles Manufacturing program. It is in bankruptcy, and has now fired 75 percent of its workforce.
Apr 19, 2013

Making a profit by delivering goods and services that consumers want to buy at a given price is the first goal of any business. If consumers aren't interested, the business goes under. But that's not the model the U.S. Postal Service follows.
Apr 05, 2013

People follow jobs, and jobs follow freedom. That's one of the main results from the third and much improved edition of the Mercatus Center's "Freedom in the Fifty States: Index of Personal and Economic Freedom."