2 items from 2011
Unlike unpopular budget plans by Obama and Paul Ryan, the People's Budget saves Social Security, jacks up taxes on the rich, and produces a surplus within a decade. David A. Graham explains why the plan is flying under the radar.
As members of Congress talk to constituents during recess, they're getting an earful. Just as angry crowds of constituents greeted Democratic members during the health-care reform debate, angry voters are coming out to tell their representatives that they're mad about Paul Ryan's proposed changes to Medicare and Medicaid. They want to know why corporate giants like Ge aren't paying any taxes. And they want the rich to shoulder more of the tax burden. Even President Obama's plan is too lenient, some say.
Related story on The Daily Beast: Democrats' Negotiator in Chief
So what if there were a plan that proposed keeping entitlements intact, closed corporate tax loopholes, »
- David A. Graham
Next year's deficit will run up to $1.5 trillion, according to new figures from the Cbo-thanks in no small part to a deal extending the Bush tax cuts. Benjamin Sarlin asks the pro-stimulus crowd when it's time to rein in spending.
The Democrats' line on the budget, shared by most mainstream economists, has been the same throughout the economic crisis-when the economy is weak, you run a deficit. Jobs are still scarce, growth is still fragile, so the borrowing must continue.
Related story on The Daily Beast: Nice Rhetoric, but Need Real Results
But until when? The latest figures from the Cbo, released today, put the deficit projections for next year ballooning to $1.5 trillion thanks to a bipartisan tax deal and weak growth. President Obama has called for new investment in future growth, which would add further billions to the deficit. A number of economists have called on lawmakers to push »
- Benjamin Sarlin
2 items from 2011
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