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Category Archives: Financial System

Cmte. for a Responsible Federal Budget challenges Trump’s huge spending cuts

Committee for a Responsible Federal Budget President Maya MacGuineas said the following:

“President Trump’s first full budget was previewed tonight. [America First – A Budget Blueprint to Make America Great Again] The budget calls for $3.6 trillion of spending reductions and reforms over the next decade. The White House Office of Management and Budget estimates that under the President’s budget debt would decline from 77 percent of GDP today to below 60 percent by 2027, and deficits would disappear in that year. However, the budget relies on a number of very rosy assumptions….While we appreciate the Administration’s focus on reducing the debt, when using more realistic assumptions, the President’s budget does not add up. The budget balances on paper – and having a specific fiscal goal is an important first step. But it only achieves that goal by relying on incredibly rosy economic growth assumptions along with very aggressive and unrealistic future cuts while omitting a potentially extremely costly tax reform plan. If the Administration is serious about meeting the nation’s fiscal challenges, it will need to focus on structural reforms to our nation’s largest spending programs along with new revenue to finance them. Relying on heroic assumptions and vague promises instead of confronting tough policy choices will not fix our country’s fiscal woes….But to make the numbers work, the budget assumes 3 percent economic growth, which is unlikely to occur even in the best of circumstances. The budget also uses the entirety of the dynamic revenue from growth to pay down the debt – a move that we support but that is inconsistent with their past statements that economic growth would help pay for tax reform. The same money cannot be used twice. Furthermore, while the budget does put forward many serious and specific spending cuts, it also assumes some areas of spending – particularly non-defense discretionary spending – get to unrealistically low levels by the end of the decade. At the same time, too much of the pressure for cuts falls on too small a sliver of the budget. The President does not address two of our largest and fastest-growing programs – Medicare and Social Security old-age insurance. Promising to ‘protect’ these programs will ultimately hurt those who depend on these programs the most since reforms are needed to ensure solvency and sustainability. We hope that Congress and the President work together to build on the budget’s best policies and replace its gimmicks with thoughtful reforms to Social Security, Medicare, and the tax code. We need a full plan to fix the debt, not just wishes it away.”

States Where the Most People Work for the Government

24/7 Wall St – “Despite consistent urging from a portion of the American public to slim down government, a large number of residents continue to make a living by working in government. In 2016, more than 3 out of every 20 American jobs involved working for the federal, state, or local government. Not all states,… Continue Reading

OECD Economic Survey of China 2017

“The latest OECD Economic Survey of China projects that the Chinese economy will remain the major driver of global growth for the foreseeable future, with per capita GDP on course to almost double by 2020 from 2010 levels. The Survey recommends continued efforts to rebalance the economy from investment to consumption and to address key risks… Continue Reading

Financial Times 2017 Ranking of world’s best MBA programs

Global MBA Ranking 2017 – Every year, the FT ranks the world’s best MBA programmes using multiple criteria. Use the interactive table below to compare schools. Continue Reading

This Map Reveals the Top 2017 Brands for each Country

“You can probably rattle off the names of a few dozen countries around the world. But can you name each of those countries’ biggest brands? Probably not. And yet, many of those brands have more money and power than most countries. So perhaps schools should teach less geography, more global brands. This map is a… Continue Reading

Wall St 24/7 – The Value of a Dollar in Each State

“The value of a dollar is not the same everywhere. Prices even of identical items vary dramatically depending on where they are sold. The Bureau of Economic Analysis calculates regional price parities — differences in the price levels of goods and services — in each state. Using this data from the BEA, 24/7 Wall St.… Continue Reading

Household Debt Reaches New Peak Driven by Gains in Mortgage, Auto, and Student Debt

Federal Reserve Bank of New York: “The Center for Microeconomic Data’s latest Quarterly Report on Household Debt and Credit reveals that total household debt achieved a new peak in the first quarter of 2017, rising by $149 billion to $12.73 trillion—$50 billion above the previous peak reached in the third quarter of 2008. Balances climbed… Continue Reading

GAO – Gov’t Opportunities to Address Pervasive Management Risks and Challenges while Reducing Federal Costs

Government Efficiency and Effectiveness: Opportunities to Address Pervasive Management Risks and Challenges while Reducing Federal Costs, GAO-17-631T: Published: May 17, 2017. Publicly Released: May 17, 2017: “The federal government is on a long-term, unsustainable fiscal path—it is spending more money than it is collecting. We’ve made hundreds of recommendations through our High Risk list and… Continue Reading

Annual Survey of State Government Finances

“The 2015 Annual Survey of State Government Finances provides a comprehensive summary of annual survey findings for state governments. The findings show revenues, expenditures, debt, and cash and security holdings for each state, as well as a national summary of state government finances. The major source of these public finance statistics are the states’ own… Continue Reading

Trends in Prevailing Wage Laws, 2017

Council of State Governments: “Prevailing wage laws are laws created by state governments or local municipalities to set a rate of pay that is thought to be standard for a labor group contracted to do public-sector projects in that area. The standard rate of pay is oftentimes determined by analyzing local wage data and identifying… Continue Reading

CNN: Senate Russia investigators ask Treasury criminal division for Trump financial information

“Senate Russia investigators have sent a request to the Treasury Department’s criminal investigation division (..FinCEN is the federal agency that has been investigating allegations of foreign money-laundering through purchases of US real estate…) for any information related to President Donald Trump, his top officials and his campaign aides, the top Democrat (Sen. Mark Warner –… Continue Reading

Treasury launches upgraded federal spending website

“Beta.USAspending.gov is the new official source of accessible, searchable and reliable spending data for the U.S. Government. Treasury released this new version of the USAspending.gov site in accordance with the Digital Accountability and Transparency Act (DATA Act) requirements. The “Beta” site will run concurrently with the previous version of the USAspending.gov website over the summer… Continue Reading