Focus on Budget and Debt

Focus on Budget and Debt

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On July 13, the House Budget Committee held a hearing on the actuarial status of Social Security and Medicare.

In a July 13 commentary, Stanford economist John Taylor argued that even though the 1990 budget deal reduced budget deficits by $100 billion per year it was a huge mistake because George H.W. Bush was defeated in 1992 as a consequence.

A July 13 Gallup poll found that the views of those following the debt limit issue closely are the same as those not following it closely.

A July 12 Gallup poll found that people oppose raising the debt limit by a two-to-one margin. Only a third of people think there will be an economic crisis if it is not raised.

On July 12, the European Central Bank published a study which found that the impact of government spending increases depends critically on whether people believe they will be reversed in the future or continued indefinitely. The former are expansionary, the later are contractionary.

A July 11 Pew poll found that a rising percentage of people believe that it would harm the economy if the debt limit is not increased.

On July 11, I posted an analysis of the proposed balanced budget amendment. I note many technical problems with implementing it.

A July 8 YouGov poll found that three-quarters of Republicans oppose raising the debt limit.

A July 7 report from the House Budget Committee blamed the national debt for high unemployment.

A July 7 Pew poll found that 70 percent of people favor keeping Social Security and Medicare exactly as they are.

On July 1, the Congressional Research Service published an updated report on the history of the debt limit.

I last posted items on this topic on July 8.

Bruce Bartlett is an American historian and columnist who focuses on the intersection between politics and economics. He blogs daily and writes a weekly column at The Fiscal Times. Bartlett has written for Forbes Magazine and Creators Syndicate, and his work is informed by many years in government, including as a senior policy analyst in the Reagan White House. He is the author of seven books including the New York Times best-seller, Imposter: How George W. Bush Bankrupted America and Betrayed the Reagan Legacy (Doubleday, 2006).

Bruce Bartlett’s columns focus on the intersection of politics and economics. The author of seven books, he worked in government for many years and was senior policy analyst in the Reagan White House.