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Daily Archives: November 18, 2010

Peterson-Pew Commission on Budget Reform – Getting Back in the Black

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Getting Back in the Black, November 2010

  • “The federal budget is deep in the red, and getting it back in the black will not be easy or swift. On its current course, the debt is likely to reach 100 percent of the nation’s gross domestic product (GDP) early in the next decade and would continue to grow faster than the economy thereafter. Excessive debt can do much harm: draining productive capital from private investment; increasing the interest payments in the federal budget, which in turn squeeze out other spending or room for tax cuts; and reducing the government’s flexibility to respond to future crises or opportunities. High debt levels also present a real risk of some type of fiscal crisis. The federal budget cannot continue on its current path. The Peterson-Pew Commission on Budget Reform has spent almost two years looking at how to improve the federal government’s budget process. In our first report, Red Ink Rising, we called on policymakers to stabilize the national debt so that it would no longer grow faster than the economy. We recommended that the government immediately adopt a statutory goal of stabilizing the debt at 60 percent of GDP and enact a specific and credible plan of policy changes that would phase in beginning in 2012 and achieve that goal by 2018. We also recommended that the commitment be backed by strong enforcement mechanisms and that the debt be further reduced as a share of the economy after 2018.”
  • Related postings on financial system

    • CBO: Preliminary Analysis of the Rivlin-Ryan Health Care Proposal

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    A Long-Term Plan for Medicare and Medicaid, Alice Rivlin and Paul Ryan, November 17, 2010 Preliminary Analysis of the Rivlin-Ryan Health Care Proposal, November 17, 2010: “Congressman Ryan and his staff recently provided specifications for a proposal that would substantially change federal payments under the Medicare and Medicaid programs. Although an extensive analysis of that… Continue Reading

    New Web Site Offers Grantseekers a Nexus for Knowledge, Community, and Guidance

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    News release: “The Foundation Center, the leading source of information about philanthropy worldwide, has launched an online learning community for the social sector. GrantSpace provides free access to the most comprehensive set of information and resources available to anyone seeking grants on behalf of nonprofit organizations…Resources featured on GrantSpace are organized under the 13 most… Continue Reading

    Ten Warning Signs That Your 401(k) Contributions Are Being Misused

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    Ten Warning Signs That Your 401(k) Contributions Are Being Misused: “Increasingly employees are asked to make voluntary or mandatory contributions to pension and other benefit plans. This is particularly true for 401(k) savings plans. These plans allow you to deduct from your paycheck a portion of pretax income every year, invest it and pay no… Continue Reading

    CBO: Public Spending on Transportation and Water Infrastructure

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    Public Spending on Transportation and Water Infrastructure, November 2010 “In fiscal year 2007—the most recent year for which data on combined spending by the federal government and by state and local governments are available—total public spending for transportation and water infrastructure was $356 billion, or 2.4 percent of the nation’s economic output as measured by… Continue Reading

    International Religious Freedom Report 2010

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    “The International Religious Freedom report is submitted to Congress annually by the Department of State in compliance with Section 102(b) of the International Religious Freedom Act (IRFA) of 1998. This report supplements the most recent Human Rights Reports by providing additional detailed information with respect to matters involving international religious freedom. It includes individual country… Continue Reading

    Bipartisan Experts Agree that Social Security Shortfall Exists; Congress Should Act Soon To Fix It

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    News release: “Social Security faces a significant shortfall, which policy makers would be better off addressing sooner rather than later, according to a new paper, Social Security Shortfall Warrants Action Soon, released by the Pew Economic Policy Group. Robert Greenstein, executive director of the Center on Budget and Policy Priorities, and Charles Blahous, public trustee… Continue Reading

    The Principal Rare Earth Elements Deposits of the U.S. – A Summary of Domestic Deposits and a Global Perspective

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    News release: “USGS: America Has Abundant Supply of Rare Earth Elements – America’s Rare Earth Elements Can Create U.S. Jobs, Expand Renewable Energy: “On the heels of a Wall Street Journal report outlining America’s dependence on China’s tightening rare earth element (REE) market, the USGS released a report revealing 13 million metric tons of REEs… Continue Reading

    CBO: Unemployment Insurance Benefits and Family Income of the Unemployed

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    Unemployment Insurance Benefits and Family Income of the Unemployed, November 17, 2010 “The unemployment insurance (UI) program provides a weekly benefit to qualified workers who lose their job and are actively seeking work. The amount of that benefit is based in part on a worker’s past earnings. The composition of the worker’s family and the… Continue Reading