Minimum Wage President Obama’s budget proposes raising the minimum wage to $9 an hour. This would hurt the very workers the President wants to help. When the price of something rises, people—both consumers and employers—purchase less of it. Americans responded to the higher cost of gas by driving less. Businesses …
When the President’s budget comes out Wednesday, it will complete the last piece of the budget puzzle, as the House and Senate have each duly passed a budget according to law. Never mind that the President’s budget is supposed to lead Washington budget discussions, rather than follow. The key question …
Last week, the President declared April 2013 National Financial Capability Month in an effort to encourage Americans to budget responsibly. This is a commendable goal. However, with the President’s budget more than two months late, it’s worth considering how the President is managing the nation’s finances: He grew the national …
This week, the budget committees of both chambers of Congress released their budgets ahead of President Obama’s budget—marking the first time in 92 years that Congress kicked off the budget process instead of the President. The House budget, under the helm of Chairman Paul Ryan (R–WI), delivers a balanced budget …
The Obama Administration is on track to beat former President Bill Clinton for second-longest delay in submitting a presidential budget on time. First place for the latest budget in history? That also goes to President Obama. In 2009, he did not submit a budget until 98 days after the statutory deadline. …
On their respective blogs, economists Mike Konczal and Paul Krugman criticize the widely cited finding that a nation’s debt above 90 percent of its gross domestic product (GDP) slows economic growth. They presume that the limitations of one study by Carmen Reinhart and Kenneth Rogoff mean that its warning can …
While President Obama is traveling across the nation campaigning against sequestration at the very last minute, the economy is working through a tax increase nearly twice the size of the sequestration cuts for fiscal year (FY) 2013. The President knew for more than a year that sequestration was looming and …
Economic scholars have recently shown how high government debt has a negative effect on long-term economic growth. Government debt crowds out private investment, slowing the growth of gross domestic product (GDP) and wages. The consensus is that “debt drag” gets worse as debt rises. Like piling bricks on a sled, …
