Downsizing Blog
The Fiscal Responsibility Act’s $1.59 trillion discretionary spending cap for fiscal year 2024 has little to no bite if appropriators decide the caps shouldn’t apply by designating some spending as ‘emergency.’
There’s a way to reduce Social Security’s financial and economic burden and eliminate its unfunded obligations over the long‐term, and it requires no benefit cuts, but merely reductions in the growth of benefits. Now we just need to find the political will.
Congress should adhere to the spending caps agreed to in the debt limit deal without phony budget gimmicks and without blowing the budget by designating regular funding as if it were for emergencies.
As Congress considers a farm bill in coming months, it should keep in mind that farm household incomes have risen greatly over the decades.
The U.S. Department of Agriculture (USDA) spends more than $2 billion a year on three programs that provide food aid to poor countries, which aim to alleviate hunger and support development. The programs have noble goals, but they suffer from serious practical flaws.
Congress is scheduled to consider a farm bill this fall to reauthorize farm programs and the Supplemental Nutrition Assistance Program (SNAP). Extending current programs would cost $1.5 trillion over 10 years, but there will be efforts to boost benefit levels and add new programs.
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.
Republicans have been promising to shut down the federal Department of Education ever since it was created by President Jimmy Carter in 1980, some 43 years ago. At the first GOP presidential debate on August 23, four contenders said they would end the department if elected. While trusting a politician’s promise is a dubious gamble, closing down Fed‐Ed is good policy.
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.
This month marks my one‐year anniversary as Director of Budget and Entitlements Policy at the Cato Institute. When I joined last August, I set out to prevent a fiscal crisis in the United States and restrain the federal budget leviathan. Here’s a recap of major fiscal events that have occurred since and how things are going:
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