Last night, the Senate released legislative language for the tax cut-unemployment insurance compromise negotiated between President Obama and Congressional Republicans. The Joint Committee on Taxation (JCT) released an official cost estimate for the revenue portions of the bill shortly thereafter. These graphs illustrate the various components of the legislation and their costs; click here for details.
BEYOND THE NUMBERS
The provisions of the new deal on tax cuts and unemployment insurance that would give a huge windfall to the heirs of the nation’s wealthiest estates cannot be justified on the grounds of either economic growth or fiscal responsibility.
The Center’s executive director, Robert Greenstein, has issued a statement on the deal announced yesterday between President Obama and Republican leaders:
Chief Economist Chad Stone weighed in on the New York Times’ “Room for Debate” forum, which features commentary from policy experts on a variety of pressing issues. The topic was “The Income Gap and Deficit Reduction,” and Stone explained that deficit reduction is essential but should be designed in a way that does not worsen income inequality.
As we think about what we have to be thankful for this holiday season, it’s important to remember that millions of Americans are having trouble affording basic necessities. Below are the most current figures available in five important areas.
In 1926, F. Scott Fitzgerald wrote that the rich “are different from you and me,” and Ernest Hemingway supposedly retorted, “Yes, they have more money.” The recent recession didn’t change things much.
Describing the social and economic costs of growing income inequality, economist Robert Frank explained in yesterday’ New York Times that while the first three decades after World War II were a time of broadly shared prosperity, income gains over the next three decades went almost entirely to the very wealthy. You can see the striking contrast in the graph below.
Today, we sat down with Arloc Sherman, Senior Researcher in the Center’s Welfare Reform and Income Support Division, to discuss “deep poverty” and how it affects families.
Several thousand impoverished elderly or disabled refugees who fled persecution in such troubled places as Afghanistan, Somalia, the former Yugoslavia, and Cuba lost their badly needed Supplemental Security Income (SSI) benefits last week. Thousands more will lose their SSI eligibility over the coming year. A last-minute push in Congress to preserve these modest benefits failed before lawmakers left town to campaign for re-election; restoring those benefits should be high on lawmakers’ to-do list when they return to work in mid-November.