Economy Archive
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Chart Book: The Bush Tax Cuts
December 10, 2012
To provide context for the debate about addressing expiring tax provisions and reducing long-term deficits, we’ve collected some of our charts related to the Bush tax cuts, which show that the tax cuts (1) are costly, (2) have worsened inequality, and (3) should be allowed to expire on schedule for incomes over $250,000. 1. The Bush Tax Cuts Are Costly … -
Statement by Chad Stone, Chief Economist, on the November Employment Report
December 7, 2012
Beyond the surprising news that Hurricane Sandy had little effect on overall job creation and unemployment, today’s report paints a familiar picture of moderate job creation and stubbornly high unemployment (see chart). Though unemployment fell, that’s because the labor force … -
Statement of Robert Greenstein, President, in Response to Republican Budget Offer
December 4, 2012
House Republican leaders portray the deficit-reduction offer that they issued yesterday as a fair middle ground. It isn’t. On the crucial issue of revenues, the new Republican offer proposes $800 billion over ten years. Contrast that with the plan that Erskine Bowles, Alan Simpson, and some members of their commission issued in December 2010, … -
Restraining Tax Expenditures Should Complement, Not Replace, Letting High-Income Bush Tax Cuts Expire
November 29, 2012
Some policymakers have suggested capping itemized deductions for taxpayers with incomes over $250,000 (for couples) and $200,000 (for singles) as an alternative to letting President Bush’s tax cuts for these taxpayers expire on schedule. To raise the same amount of revenue, however, would require tax changes that pose serious … -
Statement by Chad Stone, Chief Economist, on the October Employment Report
November 2, 2012
As today’s jobs report shows, the economy continues to create jobs but not fast enough to erase the huge job losses from the Great Recession (see chart). The unemployment rate has dropped more than two points from its peak, but it remains too high for policymakers to let emergency … -
A Guide to Statistics on Historical Trends in Income Inequality
Revised October 23, 2012
The broad facts of income inequality over the past six decades are easily summarized: The years from the end of World War II into the 1970s were ones of substantial economic growth and broadly shared prosperity. Incomes grew rapidly and at roughly the same rate up and down the income ladder, roughly doubling … -
Payroll Tax Cut and Emergency Unemployment Insurance Still Needed to Support the Recovery
October 16, 2012
Among the various tax and spending measures scheduled to expire at the end of this year, the temporary payroll tax cut enacted in 2010 and emergency federal unemployment insurance (UI) are among the most cost-effective at supporting the economic recovery without endangering efforts to control long-term deficits and debt. Given the state … -
Downturn and Legacy of Bush Policies Drive Large Current Deficits
Updated October 10, 2012
This analysis has been updated. To view the updated analysis, click here. Some lawmakers, pundits, and others continue to say that President George W. Bush’s policies did not drive the projected federal deficits of the coming decade — that, instead, it was the policies of President Obama and Congress in 2009 and 2010. But, the fact remains: … -
Statement by Chad Stone, Chief Economist, on the September Employment Report
October 5, 2012
Today’s jobs report sent mixed signals about the overall job market but left no doubt that long-term unemployment remains a significant problem — making clear that policymakers must not let emergency federal unemployment insurance (UI) expire at the end of the year. Two-fifths of the … -
Misguided “Fiscal Cliff” Fears Pose Challenges to Productive Budget Negotiations
Updated September 24, 2012
The sooner policymakers enact legislation to put the budget on a sustainable long-term path without threatening the vulnerable economic recovery, the better. But, as they prepare for an almost certain post-election "lame duck" session of Congress, policymakers should not make budget decisions with long-term consequences based … -
2011’s Decline in Uninsured is Largest in 13 Years, but Median Income Fell, Inequality Widened, and Poverty Stayed Flat
September 17, 2012
The Census Bureau last week released a mixed set of data about poverty, income, and health insurance coverage in 2011.[1] On the positive side, the number of Americans without health insurance dropped by 1.3 million and the share of uninsured Americans fell by more than in any year since 1999. Young adults took advantage of a … -
Statement of Robert Greenstein, President, on Census’ 2011 Poverty, Income, and Health Insurance Data
September 12, 2012
Today’s Census data contained the good, the fair, and the ugly. The good news is that the number of uninsured Americans dropped by 1.3 million and the share of Americans without insurance fell by more than in any year since 1999; the fair news is that the poverty rate stayed flat after … -
Media Briefing: Examining the 2011 Census Data on Poverty, Health Insurance Coverage, and Income
September 12, 2012
The Center on Budget and Policy Priorities held a conference call briefing to examine the Census Bureau data for 2011 on poverty, health insurance coverage, and income trends.
Robert Greenstein, the Center’s President, was joined by Jared Bernstein, Senior Fellow, to discuss the new data.
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What to Look for in Wednesday’s Poverty Data — And What the Official Data Won’t Tell Us
September 10, 2012
On September 12, the Census Bureau will release official poverty figures for 2011, as well as additional data related to the impact of various safety net programs in keeping people out of poverty last year. What to Look For: Poverty could rise again; if it does, it will have risen significantly in 8 of the last 11 years. Such an … -
Declines in Unemployment Benefits and Government Employment Shaped Poverty Trends in 2011, Preliminary Data Suggest
September 7, 2012
The Census Bureau will release official 2011 poverty figures on September 12. If the figures show that poverty rose, as some analysts predict, two key factors will almost certainly be a reduction in unemployment insurance benefits in 2011 and a decline in public-sector jobs, particularly among state and local government workers. In … -
Statement by Chad Stone, Chief Economist, on the August Employment Report
September 7, 2012
Today’s disappointing jobs report shows that despite 30 straight months of private-sector job creation — including 103,000 new private-sector jobs in August — unemployment will likely remain high for the foreseeable future, suggesting policymakers should extend federal … -
House Agriculture Committee Farm Bill Would Throw 2 to 3 Million People Off of SNAP
Updated September 5, 2012
On July 12th the House Agriculture Committee passed its 2012 farm bill, H.R. 6083, the Federal Agriculture Reform and Risk Management Act of 2012 (FARRM.) [1] The bill would cut the Supplemental Nutrition Assistance Program (SNAP, formerly known as the Food Stamp Program) by $16.5 billion over the next decade, eliminating food … -
Statement by Chad Stone, Chief Economist, on the July Employment Report
August 3, 2012
Today’s jobs report showing some pickup in job creation does not reduce the need for policymakers to implement measures to give the flagging recovery a needed boost, including preparing to extend emergency federal unemployment insurance (UI) past its scheduled expiration at the end of the … -
Proposed “Tax Reform” Requirements Would Invite Higher Deficits and a Shift in Taxes to Low- and Moderate-Income Families
July 31, 2012
Republican legislation that was introduced in the Senate by Minority Leader Mitch McConnell (R-KY) and Finance Committee ranking member Orrin Hatch (R-UT) and in the House by Ways and Means Committee Chairman Dave Camp (R-MI) would establish requirements for tax-reform legislation that could generate higher deficits and substantially shift tax burdens … -
Allowing High-Income Bush Tax Cuts to Expire Would Affect Few Small Businesses
July 19, 2012
Allowing the top two marginal tax rates to return to pre-2001 levels as scheduled next year would affect very few small businesses, a recent Treasury Department study found.[1] The study shows that only 2.5 percent of small business owners face the top two rates. The claims that allowing the Bush tax cuts for high-income people … -
Statement by Chad Stone, Chief Economist, on the June Employment Report
July 6, 2012
The weak June employment report shows that it remains difficult to find a job in today’s job market, especially for the long-term unemployed (those who have been looking for work for 27 weeks or longer). The percentage of people in the labor force who are long-term unemployed remains … -
Testimony of Jared Bernstein, Senior Fellow, Before the Subcommittee on Human Resources of the Committee on Ways and Means on Work Disincentives and the Safety Net
June 27, 2012
Chairmen Davis and Tiberi and ranking members Rep. Doggett and Rep. Neal, I thank you for inviting me to testify on this important question of our safety net and tax benefit programs and their impact on work. My first point, however, is that I believe it is essential to broaden the question at the heart of this hearing. For policy makers to gain a full … -
States Continue to Feel Recession’s Impact
Updated June 27, 2012
As a new fiscal year begins, the latest state budget estimates continue to show that states’ ability to fund services remains hobbled by slow economic growth. The budget gaps that states have had to close for fiscal year 2013, the fiscal year that begins July 1, 2012, total $55 billion in 31 states. That amount is smaller … -
Policy Basics: Unemployment Insurance
Updated June 25, 2012
The federal-state unemployment insurance (UI) system helps people who have lost their jobs and are eligible for benefits by temporarily replacing part of their wages. Created in 1935, it is a form of social insurance, with contributions being paid into the system on behalf of working people so that … -
How Tax Reform Could Become a Trap:
June 8, 2012
Policymakers are increasingly discussing the need for tax reform, with a number of them calling for large cuts in tax rates — to levels well below the Bush tax rates — as a core element of reform. They contend that sweeping but unspecified cuts in tax expenditures (credits, deductions, and other tax preferences) will offset … -
Statement by Chad Stone, Chief Economist, on the May Employment Report
June 1, 2012
Today’s disappointing employment report shows that the labor market remains far below full strength. The unemployment rate edged up to 8.2 percent and forecasters expect it to remain near 8 percent by the end of the year, which has important implications for the current temporary … -
Video: Jared Bernstein and Hannah Shaw Discuss the May Employment Report
June 1, 2012
Jared Bernstein, the Center’s Senior Fellow, and Hannah Shaw, one of the Center’s Research Associates, discuss the policy implications of the disappointing jobs report for May.
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New CBO Report Finds Hundreds of Thousands of People Still Owe Their Jobs to the Recovery Act
Updated May 29, 2012
A new Congressional Budget Office (CBO) report estimates that the American Recovery and Reinvestment Act (ARRA) increased the number of people employed by between 200,000 and 1.5 million jobs in March.[1] In other words, between 200,000 and 1.5 million people employed in March owed their jobs to the Recovery Act. This estimate, … -
Cantor Proposal for 20 Percent Business Tax Deduction Would Provide Windfall for Wealthy, Not Create Jobs
Updated May 11, 2012
Though billed as a measure to create jobs by aiding small businesses, House Majority Leader Eric Cantor's (R-VA) proposal for a 20 percent tax deduction in 2012 for businesses with fewer than 500 employees would benefit many high-income taxpayers — including many affluent doctors, lawyers, and stockbrokers — while failing to … -
Testimony of Stacy Dean, Vice President for Food Assistance Policy, Before the House Committee on Agriculture’s Subcommittee on Nutrition and Horticulture
May 8, 2012
Thank you for the invitation to testify today. I am Stacy Dean, Vice President for Food Assistance Policy at the Center on Budget and Policy Priorities, a nonpartisan policy institute located here in Washington. The Center is an independent, non-profit policy institute that conducts research and analysis on a range of federal and … -
Statement: Chad Stone, Chief Economist, on the April Employment Report
May 4, 2012
Today’s employment report shows that April’s job growth was disappointing for the second straight month and that the economic costs in terms of fewer jobs, less income, and lower growth remain very high. In particular, the number of workers in the Labor Department’s … -
The False Choice of National Defense Versus Helping the Poor
April 20, 2012
House committees this week approved sharp cuts in the Supplemental Nutrition Assistance Program (SNAP, formerly known as food stamps), the elimination of the Social Services Block Grant, and other cuts that would harm large numbers of low- and moderate-income Americans.[1] Proponents claim the cuts are needed to generate enough savings … -
Statement by Chad Stone, Chief Economist, on Pending House Tax Cut and House Committee SNAP Benefit Cuts
April 18, 2012
The House majority is pursuing legislation this week that makes no economic sense. The full House will pass a $46 billion tax cut that’s advertised as a “job-creating” measure, while the House Agriculture Committee approved a plan today to save $36 billion by cutting the … -
House Agriculture Committee Proposal Would Cut 2 Million Off Food Stamps, Reduce Benefits for More Than 44 Million Others
April 18, 2012
The House Agriculture Committee, which the House-approved budget requires to quickly produce $33 billion in savings over the next decade, approved a proposal today that would obtain the entire amount from cuts to the Supplemental Nutrition Assistance Program (SNAP), formerly known as food stamps.[1] The cuts — which would come … -
Testimony: Robert Greenstein Before the House Budget Committee Hearing on Strengthening the Safety Net
April 17, 2012
Thank you for the invitation to testify today. I am Bob Greenstein, President of the Center on Budget and Policy Priorities, a policy institute located here in Washington. I also served many years ago as Administrator of the Food and Nutrition Service at USDA, which operates the Supplemental Nutrition Assistance Program (SNAP, … -
Video: Chad Stone and Hannah Shaw Discuss the March Employment Report
April 6, 2012
Chad Stone, Chief Economist, and Hannah Shaw, Research Associate, discuss the disappointing jobs report for March and what it indicates about job creation and economic growth. Click the video for the full discussion. -
Statement: Chad Stone, Chief Economist, on the March Employment Report
April 6, 2012
Today's jobs report disappointed expectations, with employers adding only 120,000 jobs in March, making clear that a strong jobs recovery remains elusive. The unemployment rate dipped to 8.2 percent, but that decline reflected people leaving the labor force, not finding jobs. The … -
Cooper-LaTourette Budget Significantly to the Right of Simpson-Bowles Plan
March 28, 2012
Reps. Jim Cooper (D-TN) and Steven LaTourette (R-OH) unveiled a budget plan on March 27 that they call the “Simpson-Bowles Budget.” It departs significantly, however, from the Bowles-Simpson commission plan in key respects — raising taxes much less, cutting much more from non-security discretionary programs and less from defense and … -
Statement: Chad Stone, Chief Economist, on the February Employment Report
March 9, 2012
Today brought another solid monthly employment report. Nevertheless, the economic recovery still has a long way to go to erase the lingering effects of the Great Recession and restore full employment and a healthy labor market. Moreover, economic forecasters expect only modest economic growth … -
New CBO Report Finds Up to Two Million People Still Owe Their Jobs to the Recovery Act
Updated February 24, 2012
View the most recent version of this report: New CBO Report Finds Hundreds of Thousands of People Still Owe Their Jobs to the Recovery Act Updated May 29, 2012 A new Congressional Budget Office (CBO) report estimates that the American Recovery and Reinvestment Act (ARRA) increased the number of people employed by between 300,000 and 2 million jobs … -
Conference Agreement Far Better For Unemployed Workers and UI System Than Original House Bill
February 17, 2012
The conference agreement on legislation that continues federal emergency unemployment insurance (UI) gives unemployed workers a far better deal than UI legislation that the House passed last December. It also rejects extreme proposals in the House bill that would have changed the essential character of the UI system, which policymakers created … -
Contrary to "Entitlement Society" Rhetoric, Over Nine-Tenths of Entitlement Benefits Go to Elderly, Disabled, or Working Households
February 10, 2012
Some conservative critics of federal social programs, including leading presidential candidates, are sounding an alarm that the United States is rapidly becoming an “entitlement society” in which social programs are undermining the work ethic and creating a large class of Americans who prefer to depend on government benefits rather … -
Testimony of Jared Bernstein Before the Senate Budget Committee on Assessing Inequality, Mobility, and Opportunity
February 9, 2012
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Video: Jared Bernstein Discusses the January Employment Report with Chad Stone
February 3, 2012
Jared Bernstein, Senior Fellow, and Chad Stone, Chief Economist, discuss what the encouraging January employment report indicates about job creation and economic growth.
Chad Stone: “We’re smiling and the markets are smiling and this is actually a good jobs report. It’s one of the few good jobs reports we’ve had in this recovery. We had 240,000 jobs on private and government payrolls combined. 257,000 jobs in the private sector. 23 straight months of private sector job creation. Another two years of that, we’ll have erased the hole that got created by the Great Recession.”
Duration: 4:32
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Statement: Chad Stone, Chief Economist, on the January Employment Report
February 3, 2012
Today's jobs report is encouraging, but we should judge it against the overall sluggishness of the economic recovery and a persistently large jobs deficit that remains after 23 straight months of private-sector job creation. Payroll employment is still 5.6 million jobs short of where … -
Testimony of Jared Bernstein Before the House Committee on Education and the Workforce
February 1, 2012
Chairman Kline, Ranking Member Miller, and members of the Committee, I thank you for the opportunity to testify today and applaud you for holding this hearing on the issue that matters most to most Americans right now: opportunity, jobs, and the living standards of the broad middle class. Introduction: Current Conditions and the American Middle … -
Video: "You Ask, I Answer" with Jared Bernstein
January 31, 2012
Jared Bernstein, Senior Fellow at the Center on Budget and Policy Priorities, answers questions from his readers.
Duration: 6:15
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House Republican Proposal Would Undermine Foundation of Unemployment Insurance System
January 17, 2012
A provision that some policymakers may seek to include in legislation to extend the payroll tax cut through the end of 2012 would authorize the Secretary of Labor to let up to ten states per year use unemployment insurance (UI) funds for purposes other than paying benefits. The provision, part of the full-year payroll-tax bill … -
Hundreds of Thousands of Lower-Wage Workers, Many of Whom Worked for Decades, Would Be Denied Unemployment Insurance Under Provision Now Under Consideration
January 6, 2012
A provision that congressional negotiators will consider for legislation to extend the payroll tax cut through the end of 2012 would deny unemployment insurance (UI) to hundreds of thousands of lower-wage workers who worked for years or even decades, effectively paid UI taxes while they worked, and then were laid off. The provision, part … -
Statement: Chad Stone, Chief Economist, on the December Employment Report
January 6, 2012
Today’s employment report shows glimmers of hope for the job market, most notably the addition of 200,000 payroll jobs in December. Yet a strong jobs recovery remains elusive. The overall jobs deficit remains large, the labor force shrank for the second straight month, and the proportion …
