Former President George W. Bush’s book Decision Points is apparently selling quite well. The book includes a defense of the president’s fiscal record, and a table on page 447 compares Bush to prior presidents on spending and debt (you can see the table on Amazon’s search inside feature).
Who said: “A government bureau is the nearest thing to eternal life we’ll ever see on this earth.”?
The media is reporting on a new study that finds long-term benefits to kids of breastfeeding.
Japan has announced that it will cut its corporate tax rate by five percentage points. Japan and the United States had been the global laggards on corporate tax reform, so this leaves America with the highest corporate rate among the 34 wealthy nations of the Organization for Economic Cooperation and Development.
President Obama’s Fiscal Commission has produced a serious and sobering analysis of the government’s budget mess, and it provides some of the needed solutions. Three of the report’s main themes are on target: the need to make government leaner, the need to cut business taxes to generate economic growth, and the need to impose tighter budget rules to discipline spending.
The Obama administration is supporting a two-year freeze on federal pay. I haven’t seen the details yet, but this appears to be a good start at getting excessive government pay under control.
The Obama fiscal commission’s draft report suggested that federal spending be reduced from 25.1% of GDP today to 22% by 2020, and lower after that. That’s a reasonable goal for a centrist kind of commission, but let’s remember that spending was just 18.2% in President Clinton’s last two fiscal years, 2000 and 2001.
The co-chairs of President Obama’s National Commission on Fiscal Responsibility and Reform released a draft report yesterday on how to reduce federal budget deficits.
In a story titled, “Federal government upping pay, seniority to lure skilled workers from private sector,” the Washington Business Journal notes:
A Washington Post editorial today discusses the National Academy of Sciences “Fiscal Future” study. The NAS report modeled four possible tax and spending paths for the nation over the next 70 years. I was one of the NAS report’s co-authors.