The Congressional Budget Office (CBO) estimate of the President’s budget reveals a reckless fiscal plan that shirks the spending cuts in the Budget Control Act and increases spending by more than $1 trillion over the next 10 years. It confirms that Obama is the first President to preside over four …
America’s fiscal condition is dauntingly dismal. The national debt is well on its way to $17 trillion, 13 million Americans are out of work, and the country is stuck in the slowest recovery in the post-war era. Despite Washington bleeding taxpayers dry with reckless overspending, the U.S. Senate has not …
Defense officials need to rethink the way they award contracts, says Daniel Goure, vice president of the Lexington Institute. Goure argues that, in its effort to promote competition, the Pentagon has actually convoluted its system and potentially weakened the defense industrial base. Frequent changes to regulations make it difficult for …
According to the nonpartisan Congressional Budget Office (CBO), measurements of the budget impact of federal credit do not adequately address the risks involved, and may, in some cases, dramatically understate the costs of those programs. Under the current system, federal accounting practices do not “fully incorporate the cost of market …
While the President’s FY2013 budget ignores the looming crisis of entitlement spending, the House and Senate Budget Committees, to their credit, are keeping their eyes on the ball this week with hearings on the three largest threats to the country’s economic health: Medicare, Medicaid, and Social Security. These hearings usefully …
One reason economists sometimes compare themselves to astrologers is that their forecasts are often equally accurate. But when it comes to analyzing government policy, economists have trouble even figuring out what happened in the past. Case in point: The most recent Congressional Budget Office (CBO) report of President Obama’s $831 …
The Congressional Research Service (CRS) recently issued a report that attempts to explain the usage of the term “hollow forces.” The report argues that given the context of the term, it cannot be used to describe dramatic cuts befalling the U.S. military today. Proponents of shrinking America’s armed forces have …
Remember last year’s titanic struggle over increasing the debt ceiling? A mighty contest that threatened to leave the nation in default, lasted for much of the year, and resulted in a $2.1 trillion increase in the national debt—papered over in part by the cover of the not-so-super committee? Well, this …
