CRFB Releases and Events
In the wake of Hurricane Irene and last week's job report, calls for Washington to enact some form of emergency spending measures have intensified. Given recent events and the weak economy, such measures may indeed be warranted. Given our country's fiscal situation, however, we cannot afford to add to our already massive debt burden.
With the S&P downgrade of U.S. debt from AAA to AA+ on the books, CRFB has released a paper that goes into the credit rating system, the possible effects of the downgrade, and how other countries have fared in a similar situation.
We explain the reasons that S&P gave for the downgrade:
This afternoon, CRFB released a paper that lays out the dos and don'ts for the Biden group negotiations. We provide a list of goals to accomplish and a number of steps to avoid.
The things we need to see are:
- An increase in the debt ceiling as soon as possible
- A debt deal that calls for $4 to $5 trillion of deficit reduction
- A deal that has a down payment that includes steps to reforming entitlement programs
- A deal that includes a process for making the necessary further changes to entitlements and taxes
The things we need to avoid:
Check out CRFB's Fiscal Plan Comparison Tool!
The Comparison Tool is an interactive website that allows users to compare up to 3 fiscal plans side-by-side. A countless number of budgets or fiscal plans have been released in the past year and a half, and our new website is an easy way to compare and keep track of them.
CRFB's debt conference yesterday, titled "The Debt Ceiling, Fiscal Plans, and Market Jitters: Where Do We Go from Here?," featured an all-star cast of 40 of the biggest names in economic and fiscal policy, producing a fascinating discussion on the debt ceiling and our country's long-term outlook. Here's a brief summary of some of the things that were said.
We hope you tune in today to the live webcast below and Twitter feed (@budgethawks and #debtconference) of CRFB's 2011 Annual Conference The Debt Ceiling, Fiscal Plans, and Market Jitters: Where Do We Go From Here? The conference will run from 2:30 - 5:30pm.
There seems to be no lack of commentary and analysis from the media and think tank community on our fiscal challenges in both this decade and beyond. Much of this, however, can seem a little wonky and esoteric for those who have not been following the debate inside the beltway.
In a release today, CRFB highlighted the overlapping policies between the most prominent fiscal plans, identifying over $1 trillion in commonalities.
CRFB argues that what the country really needs is a $4 trillion-plus deficit reduction plan.
Today, the Moment of Truth project released a paper outlining the case for indexing federal programs to a more accurate measure of inflation, the chained CPI. Currently, many parts of the federal government -- including parts the tax code, Social Security, and many other programs -- are indexed for changes in either the CPI-U or CPI-W -- even though most economists believe these measures actually overstate inflation.