On October 25, the Congressional Budget Office (CBO) published an analysis of changes in the distribution of household income between 1979 and 2007. CBO argues that the 62 percent gain in average household income over this 28-year period mostly went to households in the top 20 percent of the income …
Recently, the Congressional Budget Office (CBO) released its latest statistics on income inequality. Economists, bloggers and others have been furiously debating their implications. Over at the American Enterprise Institute, Jim Pethokoukis has been bludgeoned by various left-wing bloggers for pointing out that the story of growth of income inequality is …
Americans’ confidence in the economy is sitting at its lowest point since March 2009, and in every state in the country, a vast majority of Americans see the economy as getting worse. Meanwhile, the number of people claiming new jobless benefits rose again last week. Under those circumstances, it’s no wonder the …
Contrary to tradition, the Congressional Budget Office (CBO) today released its mid-year assessment of the budget and economic situation. Traditionally, CBO releases its mid-year assessment after the White House’s Office of Management and Budget (OMB) releases its statutorily required Mid-Session Review (MSR). The law requires the MSR to be produced …
The Congressional Budget Office (CBO) announced yesterday that the Budget Control Act of 2011 would lead to $2.1 trillion in deficit reductions. But the CBO’s letter to congressional leaders is somewhat misleading. Table 3 of the document shows how much in discretionary and mandatory deficit reduction the CBO estimates would …
Senate Majority Leader Harry Reid (D–NV) introduced legislation to raise the debt ceiling this week. In evaluating his plans for future government spending, it becomes clear that budgeting for prudent defense is considered just another line item. While Americans intuitively know that national security is unlike any other category of …
The Congressional Budget Office (CBO) recently released its annual Long-Term Budget Outlook, which highlights the effects of existing policy on the federal budget. The verdict: The current trajectory is “unsustainable.” Growing federal health care spending is a major driver of future deficits. As CBO explains, “Spending for health care in …
It’s a big day in Washington for domestic and foreign news. This morning the Congressional Budget Office releases its annual Long-Term Budget Outlook. Then in the evening President Obama outlines his Afghanistan withdrawal plan in a primetime address beginning at 8. There are two noteworthy events happening at Heritage today: …
When Obamacare was passed into law, its proponents touted the Congressional Budget Office’s analysis showing that it would reduce the deficit. A lot has changed since then. Heritage research reveals that “a close examination of what CBO said, as well as other evidence, makes it clear that the deficit reduction …
