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  • congressional budget office

    CBO Report Estimates 2014 Deficit at Half a Trillion Dollars: Why The Real Deficit Number is Actually Higher

    Today the Congressional Budget Office (CBO) released its updated projections for the 2014 federal budget. CBO reports the 2014 deficit at $492 billion, just shy of a half a trillion dollars. However, this estimate should be taken with a heap of salt: It is arguably misleading to the extent that … More

    Jordan Weissmann Thinks Economics Is a Gimmick

    Jordan Weissmann of Slate writes that using modern economic methods in budgetary analysis is a “trick…gimmick…fantasy…miraculous…flight of fancy…picking a number out of a hat.”  Weissmann’s immediate target is Rep. Paul Ryan’s (R–Wis.) new budget. But his haphazard insults implicitly spread to the Congressional Budget Office (CBO) and the general use … More

    A Temporary Medicare SGR “Patch” Is Better Than Permanent Deficits

    House Speaker John Boehner (R–OH) and Senate Majority Leader Harry Reid (D–NV) have just reached an agreement on a temporary, 12-month Medicare “doc fix” that would block a 24 percent cut in Medicare physician payment, which was scheduled to go into effect on April 1. It would also keep Medicare … More

    More Than 500 Economists Agree with the CBO: $10.10 Minimum Wage Would Kill Jobs

    More than 500 economists—including three Nobel laureates—told Congress this week that President Obama’s proposal to hike the minimum wage to $10.10 per hour is a job killer. They explain in a letter how it could threaten the fragile economic recovery and destroy jobs. Economists who signed the letter include Nobel … More

    Medicare: An Irresponsible "Doc Fix" Could Cost $2.3 Trillion—or More

    Flawed solutions to complex health policy problems can be very costly. Scrutinize, therefore, the congressional compromise legislation (H.R. 4015 and S. 2000) to repeal the unworkable Sustainable Growth Rate (SGR) formula, which updates Medicare payments to physicians. The initial 10-year cost of the SGR repeal legislation would be $138 billion, … More

    CBO Again Repeats Faulty Methodology to Estimate Impact of Stimulus

    There they go again. The Congressional Budget Office (CBO) just released yet another report on the beneficial impacts on the economy of President Obama’s 2009 stimulus. This latest one uses the same faulty methodology CBO used in prior reports. The CBO report follows closely on the heels of a similarly … More

    The White House Doesn't Like These Particular Facts

    A funny thing is happening to President Obama in his pursuit of redistributive economic policies: Facts are getting in the way. The facts in this case are being pronounced by the Congressional Budget Office (CBO), a nonpartisan federal agency that crunches numbers for the government, which concluded that raising the … More

    The Problem with Giving America a Raise

    In his State of the Union Address, President Obama told Congress to “give America a raise.” But as the job forecasts are revealing, he might as well have told them to “kill some American jobs.” Why? Heritage experts forecasted months ago that a proposed minimum wage hike would kill the … More

    She Dreamed Obamacare Was Harmless

    Obamacare is working, and it’s not costing any jobs. Shhh…keep quiet, or you’ll wake Health and Human Services Secretary Kathleen Sebelius from her dream. “There is absolutely no evidence, and every economist will tell you this, that there is any job loss related to the Affordable Care Act,” she said … More

    The New Medicare SGR Bill: Time for Close Scrutiny and Fiscal Responsibility

    House and Senate negotiators have just come to an agreement on a policy framework to repeal the unworkable Medicare Sustainable Growth Rate (SGR) formula, which annually updates Medicare payment for doctors, and replace it with a new payment program. According to a joint press release issued today by the Senate … More