This week on Off the Charts, we focused on job creation, the economy, and deficits.
Chief Economist Chad Stone explained why members of Congress should focus on the jobs deficit over the federal deficit as they consider jobs legislation. Michael Leachman, senior policy analyst, commented on a new Congressional Budget Office (CBO) study finding that the Recovery Act saved or created as many as 2.8 million jobs. Nick Johnson, director of federal fiscal policy, discussed cuts at the state level to education and services, highlighting that “the loss of education jobs alone stands at 105,000 and is expected to keep rising.”
On deficits, Jim Horney, director of federal fiscal policy, questioned whether the President’s budget commission was veering off track as it examined debt measures, and Paul Van de Water, senior fellow, was the next expert featured in our Q & A series on health reform and the deficit.
Chuck Marr, director of federal tax policy, explained why Congress shouldn’t be persuaded by the private equity industry to keep a tax break for carried interest when the nation is facing huge deficits. At the state level, Jon Shure, deputy director of state fiscal policy, commented on New Jersey Governor Christie’s proposal to limit yearly property tax revenue growth to 2.5 percent. Shure explained why limits like this are ill-advised, especially when states are facing budget shortfalls.
Lastly, Will Fischer, senior housing policy analyst, explained why the President’s proposal to preserve public housing is realistic and should move forward (the House began discussing it this week).
In other news, the Center released reports on how low-income consumers fare in the Kerry-Lieberman climate-change bill, the Sessions-McCaskill proposal to establish discretionary funding limits, the new CBO report on the Recovery Act’s effect on jobs, and developments with the President’s budget commission. We also updated our reports on state budget cuts and shortfalls.