Policymakers across the nation are concerned about the high costs of housing for moderate‐income families. One federal response to the problem is the low‐income housing tax credit (LIHTC), which provides income tax credits to developers of multifamily housing. Currently, Congress is considering expanding the LIHTC and adding a new middle‐income or workforce version of the credit.
Chris Edwards
Decentralize Spending to Tackle Government Debt
The federal government’s debt is rising to dangerous and unprecedented heights. Compared to the size of the economy, the debt will soon reach levels never seen in our nation’s history.
The Solution to Soaring Debt
Cutting federal aid to the states would reduce our national debt while improving governance.
How Large Is the Federal Debt?
The federal government’s debt is massive and growing rapidly. How massive? Federal debt held by the public of $28.5 trillion is eight times larger than the combined debt of all state and local governments of $3.3 trillion.
Need for Farm Subsidy Cuts
As Congress considers a farm bill in coming months, it should keep in mind that farm household incomes have risen greatly over the decades.
EWG Farm Policy Summit
With the congressional debate over a new farm bill on the horizon, the Environmental Working Group (EWG) held a conference today to examine farm policies. The speakers included both environmentalists and fiscal conservatives who share views that some farm programs are anti‐green and benefit wealthy landowners who do not need the money. The EWG has been a leader in calling for farm subsidy reform.
James Buckley and Federalism
I join Roger Pilon in expressing sadness at the passing of federal judge and U.S. senator James Buckley. I became acquainted with Jim when he was in his 90s, and I was so impressed that he was still actively considering policy issues and influencing public debate. James Buckley reached the century mark, and his mind was sharp until the end.
New Zealand’s Free Market Farming
With Congress scheduled to reauthorize farm subsidies this fall, lawmakers should consider reform lessons from New Zealand. Facing high budget deficits in the 1980s, New Zealand cut government spending, including eliminating nearly all farm subsidies. That was an impressive reform because the country is highly dependent on agriculture. Since then, New Zealand has remained a model of market‐based farming.
With Congress scheduled to reauthorize farm subsidies this fall, lawmakers should consider reform lessons from New Zealand. Facing high budget deficits in the 1980s, New Zealand cut government spending, including eliminating nearly all farm subsidies. That was an impressive reform because the country is highly dependent on agriculture. Since then, New Zealand has remained a model of market‐based farming.
Department of Agriculture Bureaucracy
Congress is scheduled to consider a major farm bill this year, which will reauthorize many U.S. Department of Agriculture (USDA) programs, including farm subsidies and food stamps. The legislation could cost $150 billion a year and so presents an opportunity to find budget savings and reduce the flood of red ink in Washington.
Cutting Farm Subsidies
The bipartisan debt‐ceiling deal passed in June reflected a new congressional focus on spending restraint. Congress should extend the restraint when it considers a major farm bill this fall. Cutting farm subsidies is a good way to tackle wasteful spending and reduce budget deficits.
Which farm programs should Congress cut?