President Obama’s budget commission which is supposed to craft a plan by year-end to significantly reduce budget deficits and debt in the coming years, showed signs of veering off course this morning on the question of what kind of “debt” needs controlling. That may sound technical but it could prove important, focusing attention on a measure of our fiscal situation that makes little economic sense.
BEYOND THE NUMBERS
Today, we sat down with Paul Van de Water, Senior Fellow, to discuss some of the major provisions in the health reform law that will help reduce the deficit.
Misplaced budgetary concerns are impeding major legislation that would create and preserve jobs, continue unemployment and health benefits for those who are out of work, and fix Medicare’s flawed payment formula for physicians for several years.
Last night, the Center’s executive director, Robert Greenstein, received the 2010 Daniel Patrick Moynihan Prize, from the American Academy of Political and Social Science “to honor those whose careers in the academic or public arena have been dedicated to the use of social science research to improve public policy.” Daniel Patrick Moynihan was U.S. Senator from New York, U.S. Ambassador to the United Nations, official in four presidential administrations, Harvard professor, prolific author, and leading public intellectual on a wide range of domestic and international issues.
Has the Congressional Budget Office (CBO) just upped its cost estimate for the new health care law by $115 billion, as several media outlets are reporting? Not at all.
This Q & A is part five in a series on myths about health reform and its impact on the federal budget deficit with Jim Horney, our director of federal fiscal policy.
This Q & A is part four in a series on myths about health reform and its impact on the federal budget deficit with Jim Horney, our director of federal fiscal policy.
Following up our post yesterday about the Peterson Foundation’s National Fiscal Summit, here’s a bit of what the Center’s executive director, Robert Greenstein, had to say:
If we continue current policies, the federal debt will skyrocket to almost three times the existing record by 2050. That’s from 53 percent of the gross domestic product (GDP) at the end of fiscal year 2009 to more than 300 percent of GDP in 2050. The existing record was set when the debt reached 110 percent of GDP at the end of World War II.