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Tue, 10 Nov 2009 00:00:00 GMT
Speaking before the Senate Budget Committee, Senior Fellow William Galston discussed how the Untied States’ current fiscal course is unsustainable. The level of deficits, debt, and borrowing from abroad projected for the next decade threatens not only our economic prosperity, but also our currency, global leadership, and national independence, he asserted. Galston recommended that an independent, bi-partisan commission be created to address the challenge of developing a sustainable fiscal policy.
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Tue, 03 Nov 2009 00:00:00 GMT
In light of the news that a group of ten senators has called for the creation of a bipartisan commission on the budget to create a long-term plan to reduce budget deficits, Isabel V. Sawhill cautions that failing to institute such a plan could lead to slower growth or an economic crisis, along with reduced flexibility to get the economy moving again or handle a new international threat.
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Wed, 30 Sep 2009 00:00:00 GMT
The soaring U.S. budget deficit is projected to total more than $1 trillion for the fiscal year that ends September 30. Brookings guest scholar and former Member of Congress William Frenzel, along with Politico’s Fred Barbash, answered your questions about the danger of the increasing U.S. budget deficit and its link to health care reform and economic growth.
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Wed, 30 Sep 2009 12:30:00 GMT
Event Information:
- September 30, 2009, 12:30 PM to 1:30 PM
On Wednesday, September 30, Brookings guest scholar and former Member of Congress William Frenzel, along with Politico’s Fred Barbash, answered your questions about the U.S. budget deficit and its link to health care reform and economic growth.
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Tue, 15 Sep 2009 00:00:00 GMT
William Gale and Alan Auerbach review recent economic events and their impact on U.S. fiscal performance and prospects, highlighting the historic nature of the 2009 budget outcomes, the unsustainability of plausible ten-year budget projections, and the increasingly dire long-term fiscal problem.
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Tue, 01 Sep 2009 00:00:00 GMT
We are likely to enter a period of new normality marked by lower household debt, higher personal savings, and less consumption as a share of GDP, writes William Galston. Despite these positive trends, we still need a new era of public restraint, not just private thrift. Once economic growth has become self-sustaining and the private sector’s need for capital returns to more normal levels, Congress and the administration will have to turn their attention to the difficult fiscal questions they have long evaded.
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Thu, 27 Aug 2009 09:45:34 GMT
President Barack Obama has nominated Ben Bernanke to serve a second term as Chairman of the Federal Reserve. The nomination came on the same day the White House announced a sharp increase in projected deficits. Alice Rivlin says the deficit projections should serve as an impetus for officials to step up efforts to fix the floundering economy. She also gives the Bernanke nomination her nod of approval.
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Mon, 24 Aug 2009 00:00:00 GMT
Facing the most severe recession since the 1930s, the U.S. government has pursued an aggressive countercyclical fiscal policy, which is striking given the consensus a decade ago against the use of discretionary fiscal policy as a stabilization tool. In this new paper, William Gale and Alan J. Auerbach consider the evidence on the effects of discretionary fiscal policy, beginning with how the practice of this policy has changed over time.
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Fri, 14 Aug 2009 16:21:19 GMT
The debate over health care reform has moved from Capitol Hill into the heartland where Members of Congress are hosting dozens of packed town hall meetings on the issue. William Frenzel, a Brookings expert and former U.S. representative from Minnesota, and the a co-chair of The Committee For a Responsible Federal Budget—which holds community meetings to gauge how the public feels about government spending—says town hall meetings should be used judiciously.
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Thu, 30 Jul 2009 00:00:00 GMT
William Gale and Alan Auerbach discuss the size of the long-term budget deficit and why it must be brought under control. They urge fiscal discipline with delicate timing: imposing spending cuts and tax increases too late risks precipitating a crisis in financial markets; imposing fiscal discipline too soon risks weakening the recovery or worsening the recession, as actually happened in the United States in the 1930s. Getting this mix right will require luck, discipline, imagination and leadership.
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Wed, 08 Jul 2009 09:00:00 GMT
Event Information:
- July 08, 2009, 9:00 AM to 11:00 AM
The federal government responded aggressively to the economic crisis with fiscal, financial and monetary interventions. While boosting the economy has to be the top priority in the short run, it would be dangerous to lose focus on medium- and long-term fiscal issues that represent future threats to the economy and the solvency of the federal government. On July 8, Brookings experts and colleagues examined the delicate balancing act between economic recovery and fiscal sustainability.
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Tue, 23 Jun 2009 17:52:48 GMT
While many steps have been taken to help shore up the floundering U.S. economy, William Gale says that the long-term fiscal situation is still very dire.
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Mon, 08 Jun 2009 11:14:14 GMT
As the administration continues to wrangle with the floundering economy, Federal Reserve Chairman Ben Bernanke has advised that the growing budget deficits have to be cut. Economic Studies director William Gale agrees saying there needs to be a more comprehensive approach to stabilizing the economy.
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Wed, 13 May 2009 12:30:00 GMT
Event Information:
- May 13, 2009, 12:30 PM to 01:30 PM
As soon as President Obama sent his detailed budget to Capitol Hill early May, political battles erupted over spending increases, proposed cuts and the increasing load of debt and deficits. Brookings expert Isabel Sawhill took questions on the hard budget choices and consequences with moderator Fred Barbash, Politico senior editor, in this edition of The Scouting Report.
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Fri, 27 Mar 2009 16:51:28 GMT
Ron Haskins, co-director of Brookings’s Center on Children and Families, says President Obama’s budget is unsustainable and adds that it will likely fail to help restore fiscal solvency to the nation’s economy. Haskins says unless lawmakers are willing to compromise on key issues the fiscal situation will worsen.
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Thu, 26 Mar 2009 00:00:00 GMT
The Congressional Budget Office’s analysis of President Obama’s budget proposal projects a deficit of $9.3 trillion over the next decade, thereby forcing congressional leaders to look for changes to reduce it. Although the Senate Budget Committee has not yet finished marking up its version of the fiscal year 2010 budget resolution, Democrats are likely to diverge from the president’s desires. While Congress supports most of the president’s priorities, they are poised to sideline many of the programs President Obama proposed to implement, writes William Galston.
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Wed, 04 Mar 2009 12:30:00 GMT
Event Information:
- March 04, 2009, 12:30 PM to 1:30 PM
President Obama has sent a bold new budget blueprint to Congress, asking for a new, multibillion-dollar health care fund and more money for bank bailouts as needed—and for the first time accounting for the costs of the wars in Iraq and Afghanistan. Brookings expert Barry Bosworth and Senior Politico Editor Fred Barbash took questions in this week’s edition of the Scouting Report.
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Fri, 27 Feb 2009 17:23:33 GMT
In this video, Alice Rivlin says that President Obama's budget calls for taxing the wealthy to help pay for aggressive reform of the nation’s health care system and that the plan also seeks to curtail wasteful Medicare and Medicaid spending while increasing services and efficiency in those programs.
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Thu, 26 Feb 2009 00:00:00 GMT
In order to overcome trillion-dollar deficits, the president must get spending under control – and muster a lot of political will says Isabel Sawhill: First, by getting Health Care spending under control; second, by putting Social Security on a sound financial basis; and finally by raising revenues.
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Thu, 19 Feb 2009 00:00:00 GMT
President Obama hosted a Fiscal Responsibility Summit on Monday and set a goal of cutting the federal budget deficit in half by the end of his term. William Gale and Alan Auerbach analyze the long-term fiscal outlook. Under what they view as optimistic assumptions, they project the deficit to average at least $1 trillion per year for the 10 years after 2009 – even if the economy returns to full employment and the stimulus package is allowed to expire in two years. They say the longer-run picture is even bleaker. Although fiscal policy problems are usually described as medium- and long-term issues, they find that the future may be upon us much sooner than expected.
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Thu, 19 Feb 2009 00:00:00 GMT
A bipartisan group of budget experts from 7 different organizations view President Obama’s Fiscal Responsibility summit as a good first step to addressing the enormous long-term fiscal problem facing the United States, but urge him to lead a major public engagement effort – beyond a one-day summit – to inform Americans of the scale and nature of the long-term fiscal crisis, explain the consequences of inaction and discuss the options for solving the problem. The effort should include the creation of an independent and truly bipartisan commission or other mechanism capable of bringing about decisive action that has broad public support.
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Tue, 17 Feb 2009 14:32:20 GMT
As President Obama signs the much anticipated stimulus package into law, William Gale, vice president and director of Economic Studies at Brookings, says the economy will likely respond as anticipated. But, Gale says, one of the critical elements for the nation’s economic solvency is to ensure that there’s an end in sight for this unprecedented spending bill.
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Tue, 10 Feb 2009 08:00:00 GMT
Event Information:
- February 10, 2009, 8:00 AM to 10:00 AM
President Obama's summit on fiscal responsibility is an attempt to focus the nation on the need to rein in spending, tackle our growing deficits, and plan a sound financial future for the nation. A group of budget experts from Brookings, the Heritage Foundation and other public policy think tanks gathered February 10 to discuss options for fiscal responsibility, while acknowledging the need to provide short-term stimulus to a faltering economy.
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Mon, 09 Feb 2009 12:22:55 GMT
In these tough times, the economy needs a stimulus, regardless of the impact on the deficit, says Isabel Sawhill. But prudent action needs to be taken to address runaway entitlement spending and that agenda should reconsider our intergenerational spending priorities.
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Tue, 03 Feb 2009 18:55:46 GMT
As President Obama’s economic stimulus bill works its way through Congress, sagging GDP numbers show that this is not a typical recession says Isabel Sawhill.
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Tue, 27 Jan 2009 00:00:00 GMT
In congressional testimony, Alice Rivlin discusses the stimulus bill and the next steps required to get the economy back on track. Before the current crisis, she argues, Americans were consuming and borrowing too much, while saving too little. If recovery from this recession is to be solid and sustainable, we must transform ourselves into a society that consumes less, saves more and finances a larger fraction of its investment with domestic saving, rather than foreign borrowing.
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Tue, 27 Jan 2009 00:00:00 GMT
A diverse group of experts urged President Obama, in his first budget submission, to strike a judicious balance between America’s short-term and long-term economic needs. While the need to boost spending to stimulate the economy is important, they say these short-term steps must not make it harder to achieve our long-term goals. They note that fundamental reforms of major entitlement programs and the tax system are needed to bring spending and revenues into better balance over the longer-term.
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Wed, 21 Jan 2009 00:00:00 GMT
In testimony to the Senate Budget Committee, Alice Rivlin argued that the future health of the nation’s economy depends on whether policy-makers can focus on two imperatives at once: the need to take immediate action to mitigate the impact of the recession; and the need to restore long-term fiscal responsibility and reassure our creditors that we are getting our fiscal house in order.
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Mon, 15 Sep 2008 00:00:00 GMT
A year into the global financial crisis, several key central banks remain exposed to their countries’ shaky private financial sectors. In a new op-ed, Ken Rogoff explains why central banks must pull the plug sooner or later and how banks should approach regulation and view the market.
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Wed, 02 Jul 2008 00:00:00 GMT
Isabel Sawhill presents leading presidential candidates' positions on issues of fiscal responsibility, including: taxes, government programs and budgetary process issues . This chart is part of a series of issue indices to be published during the 2008 presidential election cycle.
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Wed, 18 Jun 2008 11:00:00 GMT
Event Information:
- June 18, 2008, 11:00 AM to 12:00 PM
On June 18, the Brookings Institution hosted Representative Paul Ryan (R-Wisc.) and Representative Jim Cooper (D-Tenn.) to discuss different approaches to correct the unsustainable path of our current fiscal policies.
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Mon, 26 May 2008 00:00:00 GMT
With Congress poised to approve a budget blueprint that offers no relief for long-term deficit woes, Isabel Sawhill says that it’s time for presidential candidates to discuss ways to reshape the nation’s fiscal priorities and return to a more responsible path. Right now, she writes, little is being done to prevent a disaster.
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Sun, 25 May 2008 00:00:00 GMT
For all of their impressive qualities, this year's presidential candidates are woefully short on fiscal prudence, Alice Rivlin and Mike O'Hanlon explain. The next president will face two daunting budget problems. The winner will inherit a large deficit resulting from a weak economy, an expensive war and the persistent political inclination to spend more and tax less. But, the bigger challenge? Promises made to the growing population of retirees as health-care spending continues to soar.
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Thu, 08 May 2008 00:00:00 GMT
Alan J. Auerbach, Jason Furman and William Gale discuss the most recent Congressional Budget Office baseline projection, and use it to examine the causes of the fiscal decline since 2000 and the medium- and longer-term fiscal outlook.
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Mon, 07 Apr 2008 00:00:00 GMT
As the baby boomers begin to retire this year, the burden of Social Security, Medicare and Medicaid will grow relentlessly. With more people in the programs and more expensive benefits, the nation will quickly encounter a budget disaster. Bill Frenzel and Ron Haskins say that dramatic reforms are needed to avoid budget chaos for future generations.
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Fri, 04 Apr 2008 00:00:00 GMT
As part of a series offering detailed policy prescriptions for the next president, Slate asked Hamilton Project Director and Brookings Senior Fellow Jason Furman for his views on how to remedy the current fiscal crisis. Furman offers a three-part response: fully account for the budget, stick to the budget and work with the other party.
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Tue, 01 Apr 2008 00:00:00 GMT
Unsustainable deficits in the federal budget threaten the health and vigor of the American economy. When the next president and Congress take office in January 2009, they will face one crucial question that has been almost absent from the current election campaign: how to close the enormous gap between projected federal spending and revenues.
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Mon, 31 Mar 2008 10:30:00 GMT
Event Information:
- March 31, 2008, 10:30 AM to 12:00 PM
Some of the nation’s top economists and budget policy experts presented a new paper arguing that the first step toward establishing budget responsibility is to reform the budget decision process so that Social Security, Medicare and Medicaid—the major drivers of escalating deficits—are no longer on auto-pilot.
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Tue, 06 Nov 2007 00:00:00 GMT
Henry Aaron raises questions about the health-care budget and finding solutions to this long term problem.
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Thu, 01 Nov 2007 00:00:00 GMT
Isabel V. Sawhill suggests steps that would give a new President time to educate the public and build a constituency for more fundamental changes.
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Wed, 26 Sep 2007 09:30:00 GMT
Event Information:
- September 26, 2007, 9:30 AM to 12:00:00 PM
On September 26, Opportunity 08 joined Saint Anselm College in Manchester for a forum examining key domestic issues facing presidential candidates in the New Hampshire primary.
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Fri, 21 Sep 2007 00:00:00 GMT
President Bush made Social Security reform his top domestic priority in 2004. In this paper, Brookings's William Galston examines why the president's proposal failed and the politics of Social Security reform.
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Tue, 31 Jul 2007 00:00:00 GMT
Deficits do matter. Projections show risks to the economy, an extra "debt tax" on every taxpayer, and highlight the weakened ability of the federal government to invest in the future or respond to unforeseen emergencies. Cutting fraud, waste, and abuse, curbing earmarks, raising taxes on the very wealthy, or streamlining the staffing of the federal government is simply not enough to solve the problem.
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Tue, 26 Jun 2007 00:00:00 GMT
Testimony by Kenneth Rogoff before the House Committee on the Budget (6/26/07)
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Fri, 27 Apr 2007 00:00:00 GMT
Paper by William G. Gale, Jason Furman, and Alan J. Auerbach (April, 27 2007)
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Thu, 15 Mar 2007 10:00:00 GMT
Event Information:
- March 15, 2007, 10:00 AM to 12:00 PM
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Wed, 28 Feb 2007 00:00:00 GMT
Currently projected deficits are unsustainable and pose serious risks to the economy, make us dangerously dependent on other countries, impose a "debt tax" on every taxpayer, send the bill for current spending to future generations, and weaken the government's ability to invest in the future or respond to emergencies. The next President will have to act to meet the deficit challenge.
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Wed, 21 Feb 2007 00:00:00 GMT
Opinion by Isabel V. Sawhill and Alice M. Rivlin (02/21/07)
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Mon, 12 Feb 2007 00:00:00 GMT
Opinion by Bill Frenzel, Charles Stenholm, William Hoagland and Isabel Sawhill (2/12/07)
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Wed, 31 Jan 2007 00:00:00 GMT
Testimony by Jason Furman (1/31/07)
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Mon, 01 Jan 2007 00:00:00 GMT
How can we balance the budget in the next five years? In a series of papers on budget choices, Brookings analysts examine options for reducing domestic discretionary spending, pruning the defense budget, raising revenues, and investing additional resources in children. An overall deficit reduction plan uses the ideas developed in this series to balance the budget in the next five years. All five papers in this series, and more information about the Budgeting for National Priorities project, can be found at www.brookings.edu/budget.
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Mon, 01 Jan 2007 00:00:00 GMT
How can we balance the budget in the next five years? In a series of papers on budget choices, Brookings analysts examine options for reducing domestic discretionary spending, pruning the defense budget, raising revenues, and investing additional resources in children. An overall deficit reduction plan uses the ideas developed in this series to balance the budget in the next five years. All five papers in this series, and more information about the Budgeting for National Priorities project, can be found at www.brookings.edu/budget.
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Mon, 01 Jan 2007 00:00:00 GMT
Spending restraint has never been more important as a policy objective. Several critical national priorities (the Global War on Terror, emergency preparedness) must be addressed simultaneously and will require substantial resources, even as the country is on the brink of unprecedented and expensive population aging. Curbing the near-term federal budget deficit is an imperative. This paper recommends appropriations cuts to and reforms of a number of government programs (including Amtrak, economic development programs, education funding, and Medicaid administrative funding), along with the adoption of certain new policies that would help reduce government spending. Taken together, these proposals save $275 billion over the five years from 2008 to 2012—more than half the savings needed to balance the budget at the end of this period.
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Tue, 05 Dec 2006 00:00:00 GMT
Opinion by Diane Lim Rogers in washingtonpost.com's Think Tank Town (12/5/2006)
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Sun, 05 Nov 2006 00:00:00 GMT
Opinion by Bill Frenzel in the San Francisco Chronicle (11/5/2006)
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Thu, 28 Sep 2006 00:00:00 GMT
Testimony by Peter Orszag, Senate Budget Committee (9/28/06)
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Fri, 01 Sep 2006 00:00:00 GMT
BPEA provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.
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Tue, 01 Aug 2006 00:00:00 GMT
In this innovative new book, economists from U.S. and Puerto Rican institutions address a range of major policy issues affecting the island's economic development.
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Sun, 30 Apr 2006 00:00:00 GMT
Opinion by Isabel V. Sawhill, The Philadelphia Inquirer (4/30/06)
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Sat, 01 Apr 2006 00:00:00 GMT
Americans' long-held belief that education and hard work advances each generation's outlook has provided a powerful incentive for industrious activity, spurring the unprecedented economic growth that the United States has enjoyed for more than two centuries. Yet the fundamental principle that all citizens should have an opportunity to succeed is at risk today because the nation is neither paying its way nor investing adequately in its future. The Hamilton Project at Brookings advances innovative policy ideas for improving our nation's economic policy.
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Fri, 10 Feb 2006 09:30:00 GMT
Event Information:
- February 10, 2006, 9:30 AM to 12:00 PM
The day after President Bush released his fiscal 2007 budget, Brookings hosted two panels of experts and policy-makers who addressed key policy issues: Is this budget fiscally responsible? How can we assess the President's priorities? What are the budget's chances for passage, and what is likely to be modified by Congress?
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Fri, 27 Jan 2006 00:00:00 GMT
Opinion by Isabel V. Sawhill, Baltimore Sun (1/27/06)
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Sat, 12 Nov 2005 00:00:00 GMT
Opinion by Isabel V. Sawhill and Andrew L. Yarrow, Los Angeles Times (11/12/05)
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Mon, 07 Nov 2005 00:00:00 GMT
Opinion by Henry J. Aaron and George A. Hacker, Knight-Ridder Newspapers (11/7/05)
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Mon, 31 Oct 2005 09:00:00 GMT
Event Information:
- October 31, 2005 at 9:00 AM
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Tue, 16 Aug 2005 00:00:00 GMT
Opinion by Isabel V. Sawhill, USA Today (8/16/05)
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Sun, 14 Aug 2005 00:00:00 GMT
Article by Alice M. Rivlin, The Washington Post, 08/14/2005
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Mon, 01 Aug 2005 00:00:00 GMT
Subscribe to Brookings Papers on Economic Activity
Brookings Papers on Economic Activity (BPEA) provides academic a
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Thu, 16 Jun 2005 00:00:00 GMT
Interview with Isabel V. Sawhill, National Public Radio (6/16/05)
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Thu, 09 Jun 2005 00:00:00 GMT
Opinion by Charles L. Schultze, The Washington Examiner (6/9/05)
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Wed, 01 Jun 2005 00:00:00 GMT
The United States can learn from the experiences of other countries, including New Zealand, that have successfully implemented fiscal rules by assuring that fiscal restraint laws are supported politically.
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Wed, 01 Jun 2005 00:00:00 GMT
Opinion by William G. Gale and Peter R. Orszag, Los Angeles Times (6/1/05)
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Thu, 14 Apr 2005 09:30:00 GMT
Event Information:
- April 14, 2005, 9:30 AM to 12:30 PM
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Wed, 13 Apr 2005 00:00:00 GMT
Book edited by Alice M. Rivlin and Isabel V. Sawhill (4/13/05)
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Sat, 15 Jan 2005 00:00:00 GMT
Article by Jonathan Rauch; The National Journal (1/15/05)
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Wed, 01 Dec 2004 00:00:00 GMT
Article by William G. Gale and Peter R. Orszag, New Economy (December 2004)
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Mon, 13 Sep 2004 00:00:00 GMT
Testimony by Peter R. Orszag, House Budget Committee Forum (9/13/04)
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Wed, 01 Sep 2004 00:00:00 GMT
Paper by William G. Gale and Peter R. Orszag, Brookings Panel on Economic Activity (9/10/04)
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Mon, 26 Jul 2004 00:00:00 GMT
Article by by Alan J. Auerbach, William G. Gale, and Peter R. Orszag (7/26/04)
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Fri, 23 Jul 2004 00:00:00 GMT
Opinion by Isabel V. Sawhill, Akron Beacon Journal (7/23/04)
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Thu, 22 Jul 2004 00:00:00 GMT
Testimony by William G. Gale, House Committee on the Budget (7/22/04)
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Mon, 24 May 2004 00:00:00 GMT
Article by Alan J. Auerbach, William G. Gale, and Peter R. Orszag (5/24/05)
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Tue, 18 May 2004 00:00:00 GMT
Event summary of the briefing on exploring and debating a number of possible options to help address these fiscal challenges before it is too late. (5/18/04)
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Fri, 26 Mar 2004 00:00:00 GMT
In Restoring Fiscal Sanity, scholars with high-level government experience provide an overview of the countrys likely medium- and long-term spending needs and the resources available to pay for them. They propose three alternative fiscal path
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Mon, 01 Mar 2004 00:00:00 GMT
Brookings Policy Brief #130 by Alice M. Rivlin and Isabel V. Sawhill. (March 2004)
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Mon, 23 Feb 2004 00:00:00 GMT
Opinion by Lael Brainard, Michael E. O'Hanlon and Isabel V. Sawhill, The Albany Times-Union (2/23/04)
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Mon, 16 Feb 2004 00:00:00 GMT
Article by William G. Gale and Peter R. Orszag (2/16/04)
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Wed, 04 Feb 2004 00:00:00 GMT
Testimony by Henry J. Aaron (2/4/04)
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Wed, 04 Feb 2004 00:00:00 GMT
Opinion by William G. Gale and Peter R. Orszag (2/4/04)
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Tue, 03 Feb 2004 00:00:00 GMT
Testimony by Peter R. Orszag (2/3/04)
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Tue, 13 Jan 2004 00:00:00 GMT
Book edited by Alice M. Rivlin and Isabel V. Sawhill (1/13/03)
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Tue, 13 Jan 2004 15:30:00 GMT
Event Information:
- January 13, 2004, 3:30 PM to 5:30 PM
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Mon, 05 Jan 2004 00:00:00 GMT
Opinion by Thomas E. Mann, Australian Financial Review (1/5/04)
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Mon, 05 Jan 2004 00:00:00 GMT
Paper presented by Robert E. Rubin, Peter R. Orszag, and Allen Sinai. (01/05/04)
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Fri, 31 Oct 2003 00:00:00 GMT
Opinion by George L. Perry (10/31/03)
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Wed, 15 Oct 2003 00:00:00 GMT
Opinion by Henry J. Aaron (10/15/03)
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Mon, 06 Oct 2003 00:00:00 GMT
Article by William G. Gale and Peter R. Orszag (10/06/03)
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Wed, 01 Oct 2003 00:00:00 GMT
Article by Warwick J. McKibbin and Andrew Stoeckel (October 2003)
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Mon, 22 Sep 2003 00:00:00 GMT
Article by William G. Gale and Peter R. Orszag (9/22/03)
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Mon, 01 Sep 2003 00:00:00 GMT
Over the past two and a half years the official U.S. federal budget outlook has deteriorated in spectacular fashion