Both parties have talked about deficit reduction, but when it comes to putting their money where their mouth is, they seem incapable of making the real decisions on what to cut.
With the release of House, Senate and presidential budget plans, most of the discussion in the coming days will focus on the numbers. So why does a budget matter, and what proposals are on the table? Find out with our latest Budget Briefing Book.
It seems like Washington is dividing itself into two groups of people: those who support Chained CPI and those who aren’t serious about the debt.
President Obama is scheduled to release his budget proposal this week, which will likely include a change in how the federal government calculates increases in Social Security benefit payments. Currently, Social Security payments are adjusted to reflect any increase in the cost of living, as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W is one of the government’s Consumer Price Indexes (CPIs) that measure inflation.
In 2008, many Americans saw their retirement accounts wiped out. Now, more than four years later, the economy still hasn’t recovered, and instead of retiring, more people are “ripping up” their plans and continuing to work. So why does Washington want to punish responsible behavior by capping retirement savings?
Bankrupting America, a project of Public Notice, today released an animated web video titled “What is Bankrupting America?” focused on educating and engaging Americans on the national debt, government spending and the drag they cause on our economy.
President Obama’s budget is expected to make some reforms to Medicare and Social Security, but he could face considerable challenges selling the plan to his own base. Many of these proposals were on the table during the fiscal cliff negotiations, but faced major headwinds from Congressional Democrats and outside interest groups. Will the White House finally lead on entitlement reform, or will these changes quietly be the first to slide off the table?
Right, so, about that White House budget.
Next Wednesday, April 10, President Obama is expected to release his 2014 budget proposal (it’s two months late). Early news reports indicate he will pair modest reforms to Social Security and cuts to Medicare with tax hikes. Based on the reports, here are the top 5 things to expect from the upcoming budget.
This isn’t the first time that Washington has tried to find a solution to some of America’s toughest mandatory spending problems—in fact, it would be at least the 11th time in the past 20 years Washington has studied the issue.