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Why the Debt Crisis Is Even Worse Than You Think
Keywords:
Peter Coy of Bloomberg Business Week points out that the debt ceiling and proposed deficit reductions in the range of $4 trillion really obscure the real size of the problem which is much larger. The real problems hit when the U.S. faces a larger graying population by 2020 with sharply higher per capita health care spending; and at the same time workers from this generation retire and become beneficiaries of Social Security and Medicare with fewer younger workers to support the system with tax revenues. Another problem is that older Americans are likely as a voting bloc to vote themselves benefits that will cost the younger generation, benefits that the younger generation will not be able to enjoy. Even the Paul Ryan plan with its cuts to Medicare insulated todays seniors from the sharp cuts, as it becomes political necessity for both Republicans and Democrats to shy away from touching the current beneficiaries.
Alan Simpson on the August 2 Debt Ceiling and Deficit legislation of August 2, 2011
01/16/2009
Alan Simpson of the Simpson-Bowles Commission talks about the debt panel or super-committee's task in coming up with $1.2 trillion in savings by the end of 2011. Simpson says the work of that committe will be similiar to the work he and Bowles engaged in. An enormous effort will go into clearing misperceptions and preconceived notions. He says there are only so many ways of coming up with savings and everything has to be touched to get to the goal, given that the U.S. borrows 39 cents of every dollar it spends.
Grouped Articles
Debt Hawk Alan Simpson on the Work Ahead
BusinessWeek 08/04/2011
Washington Post 08/07/2011
Tom Keene Talks to David A. Stockman
BusinessWeek 08/04/2011
Why the Debt Crisis Is Even Worse Than You Think
BusinessWeek 07/27/2011
Reid Names First Debt-Panel Picks
Wall Street Journal 08/10/2011
Republicans Set Debt-Panel Roster
Wall Street Journal 08/11/2011
American public opinion on cutting Medicare and Social Security
02/15/2011
There is little support for cutting the two programs polls show. This suggests that politicians who fight for cuts in the popular programs risk being punished in the next elections. Voter awareness about the problems the large budget deficits pose for the U.S. and what action needs to be taken is growing, but only growing slowly.
Grouped Articles
Bayonne Medical Center Has Highest U.S. Billing Rates
New York Times 05/16/2013
Voters Balk at Cuts Close to Home
Wall Street Journal 02/15/2011
Wall Street Journal 03/03/2011
Republicans Shelve Medicare Overhaul Plan
New York Times 05/05/2011
New York Times 05/26/2011
New York Times 05/26/2011
Criticism of the 2010 President's Deficit Commission report.
11/11/2010
Grouped Articles
New York Times 11/11/2010
A Panel's Plan to Cut the Deficit
New York Times 11/12/2010
The president's deficit commission: Nice try
Economist 11/13/2010
America's deficit: Confronting the monster
Economist 11/20/2010
New York Times 11/22/2010
Deficit Plan Fails to Win Panel Support
Wall Street Journal 12/03/2010
Deficit discussions in the U.S. and revenue from taxes- 2011-2012
07/04/2011
Negotiations between the White House, Democrats and Republicans, to achieve major reductions and cuts in spending, and increase tax revenues by reducing tax expenditures. The discussions for an action plan on the U.S. budget deficit have reached an impasse with Republicans opposed to any tax increases.
Grouped Articles
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
Why we need a third party - The Washington Post
Washington Post 09/26/2011
Wall Street Journal 07/05/2011
New York Times 07/04/2011
New York Times 07/07/2011
Eric Cantor, Republican leader in the U.S. House of Representatives
02/15/2009
Eric Cantor is a key figure in the negotiations over the budget, deficit reduction, and raising the budget ceiling. Cantor firmly opposes any tax increases for deficit reduction.
Grouped Articles
GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
GOP 'Young Guns' attack Obama and former party leaders in new book
Washington Post 09/03/2010
In Gingrich Mold, a New Voice for Solid Resistance in G.O.P.
New York Times 02/15/2009
Eric Cantor Defeated by David Brat, Tea Party Challenger, in Primary Upset
New York Times 06/10/2014
Cantor emerges as key player in debt negotiations - The Washington Post
Washington Post 07/12/2011
Mr. Obama’s debt deal advice: Give peas a chance - The Washington Post
Washington Post 07/12/2011
Feldstein's proposal for a 2% cap on reduction in taxes from deductions and exclusions.
05/04/2011
Feldstein says its important to increases taxes not tax rates. And the the way to go is to follow the President's Bowles-Simpson Deficit Commission's proposal on tax expenditures. As it is politically difficult to eliminate deductions and exclusions he suggests another proposal- limit the reduction in taxes with a 2% of adjusted gross income cap on the reduction any taxpayer gets.
Grouped Articles
Raise Taxes, but Not Tax Rates
New York Times 05/04/2011
New York Times 07/04/2011
The Elmendorf Rule - The Washington Post
Washington Post 07/09/2011
Tom Keene Talks to Martin Feldstein
BusinessWeek 07/07/2011
Wall Street Journal 07/12/2011
Top Democrats laud GOP debt-ceiling move - The Washington Post
Washington Post 07/14/2011
Favorable response to the U.S. Deficit Commission's report.
11/15/2010
Grouped Articles
Left, Right and Wrong on Taxes
New York Times 11/15/2010
Sheila C. Bair - Will the next fiscal crisis start in Washington?
Washington Post 11/26/2010
Debt and Taxes: Will Washington Ever Grow Up?
BusinessWeek 11/17/2010
Deficit Plan Fails to Win Panel Support
Wall Street Journal 12/03/2010
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Debt Hawk Alan Simpson on the Work Ahead
BusinessWeek 08/04/2011
John Taylor and other experts on the U.S. budget, deficits, and private investment for jobs
01/27/2009
Taylor asks why the U.S. cannot get by on a budget that is 20% of GDP, when this is what the budget was in 2007 and GDP is much larger today. He says private investment can do a better job reducing unemployment and creating a growing U.S. economy. Taylor provides advice on the Romney Plan.
Grouped Articles
Bhidé and Phelps: Central Banking Needs Rethinking
Wall Street Journal 07/16/2013
Obama's Permanent Spending Binge
Wall Street Journal 04/22/2011
Five Lessons for Deficit Busters
Wall Street Journal 06/20/2011
Wall Street Journal 06/27/2011
Charlie Rose Talks to Robert Rubin
BusinessWeek 08/04/2011
Washington Post 08/07/2011
Reviews of "This Time is Different" by Rogoff and Reinhart
01/21/2008
Boom, bust cycles, with high indebtedness, asset bubbles, and unsustainable current account deficits are followed by long periods of slow or nonexistent growth say Rogoff and Reinhart in their new book. This raises questions about the now current hypothesis that economic recovery will take place in 2011-2013. As the book's title suggests there are long periods in history that show this and it is gaining in credibility as the column by David Wessel in the Wall Street Journal July 21,2011, suggests.
Grouped Articles
Seminal Economic Paper on Debt Draws Criticism
Wall Street Journal 04/16/2013
New York Times 04/18/2013
Spreadsheet Slips Not Economists' Only Problem
Wall Street Journal 04/20/2013
How to Fix the Economy: An Expert Panel
BusinessWeek 09/16/2010
What Other Financial Crises Tell Us
Wall Street Journal 02/03/2009
New York Times 03/01/2009
The two US Deficit Commissions in 2010 and the Deficit from Growing Health Care Costs
01/31/2008
Bowles-Simpson Deficit Commisssion proposals, critics say, did not adequately tackle the health care part of the US Deficit. Rivlin-Domenici Deficit Commission phases out the tax exclusion on employer-subsidized health care insurance. Both fall short in addressing the health care portion of the deficit.
Grouped Articles
New York Times 12/11/2010
In Battle Over Health Law, Math Cuts Both Ways
New York Times 01/07/2011
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Wall Street Journal 04/05/2011
New York Times 04/07/2011
Second Panel Calls for Cutting Military Spending
New York Times 11/17/2010
Alternative deficit commission report by Rivlin-Domenici
10/21/2010
Grouped Articles
Another Deficit Plan Targets Taxes
Wall Street Journal 11/17/2010
Sheila C. Bair - Will the next fiscal crisis start in Washington?
Washington Post 11/26/2010
Tax-cut deal has liberal Democrats fuming
Washington Post 12/07/2010
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Wall Street Journal 03/03/2011
To Cut the Deficit, Look to Social Security
New York Times 04/04/2011
Bowles and Simpson of the President's Deficit Commission defend their plan
11/18/2010
Grouped Articles
Charlie Rose Talks to Erskine Bowles, Alan Simpson
BusinessWeek 11/18/2010
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Wall Street Journal 03/03/2011
Wall Street Journal 04/05/2011
New York Times 04/07/2011
Raise Taxes, but Not Tax Rates
New York Times 05/04/2011
David Stockman on the budget deficit reduction plans of Republicans and Democrats
01/20/2010
Stockman sees a failure to recognize budget reality in Obama's plan to avoid taxes on the middle class. He also sees a similiar failure in Paul Ryan's effort to shield defense and the rich, while at the same time focussing most of the cuts on the poorer sections of society. He says both plans put off cuts and taxes till way into the future- from 12 years to 20 years into the future.
Grouped Articles
Wall Street Journal 04/18/2013
Why we need a third party - The Washington Post
Washington Post 09/26/2011
New York Times 10/20/2013
Charlie Rose Talks to Paul Ryan
BusinessWeek 09/16/2010
The Bipartisan March to Fiscal Madness
New York Times 04/23/2011
New York Times 07/07/2011
Cuts to Medicare and Medicaid proposed in the U.S. deficit reduction talks of 2011
07/13/2011
Of the $350 billion in cuts to Medicare and Medicaid that are proposed most of the cuts do little to reduce the rapid increase in medical costs. Most of the cuts shift the burden of paying for medical costs to public hospitals, seniors and state governments.
Grouped Articles
Cuts Would Only Shift Health-Care Costs
Wall Street Journal 07/13/2011
Where's Your Budget, Mr. President?
Wall Street Journal 08/03/2011
The Debt Crisis, Merely Postponed
New York Times 08/02/2011
Wall Street Journal 08/04/2011
How the super-committee can strike a Grand Bargain - The Washington Post
Washington Post 08/05/2011
Why the Debt Crisis Is Even Worse Than You Think
BusinessWeek 07/27/2011
Escalating cost of Medicare with a rising deficit in the U.S.
06/15/2009
Grouped Articles
Bayonne Medical Center Has Highest U.S. Billing Rates
New York Times 05/16/2013
Doctors Chafe As Medicare Cuts Loom
Wall Street Journal 06/16/2010
Small Group of Doctors Are Biggest Medicare Billers
Wall Street Journal 06/01/2015
BusinessWeek 12/10/2009
10 Ways to Cut Health-Care Costs Right Now
BusinessWeek 11/12/2009
Preventing the Next Financial Crisis
Wall Street Journal 10/23/2009
Expert opinion on the Paul Ryan Republican deficit reduction plan of 2011-2012
09/16/2010
Grouped Articles
GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
Why we need a third party - The Washington Post
Washington Post 09/26/2011
Charlie Rose Talks to Paul Ryan
BusinessWeek 09/16/2010
Paul Ryan's Reverse Robin Hood Budget
Wall Street Journal 04/19/2011
The Bipartisan March to Fiscal Madness
New York Times 04/23/2011
New York Times 05/27/2011
How the U.S. went from a CBO surplus projection of $2.3 trillion for 2011 to a deficit figure $12.7 trillion below that estimate
01/16/2009
The CBO projection was made in 2001 and showed a surplus of $2.3 trillion for 2011. Two wars, higher defense spending added about $2 trillion. The Stimulus about $700 billion. Figures from the analysis done by the Pew Fiscal Analysis Initiative using CBO numbers.
Grouped Articles
CBO | The Budget and Economic Outlook: 2014 to 2024
Unknown 02/05/2014
Washington Post 08/07/2011
Tom Keene Talks to Robert Skidelsky
BusinessWeek 07/28/2011
Why the Debt Crisis Is Even Worse Than You Think
BusinessWeek 07/27/2011
New York Times 08/13/2011
Forecast Clouds Debt-Cut Outlook
Wall Street Journal 08/25/2011
Martin Feldstein, Sheila Bair and other experts on the Bowles-Simpson Deficit Commission proposals
11/17/2010
Grouped Articles
The Deficit Dilemma and Obama's Budget
Wall Street Journal 11/18/2010
America's budget deficit: Speak softly and carry a big chainsaw
Economist 11/20/2010
Sheila C. Bair - Will the next fiscal crisis start in Washington?
Washington Post 11/26/2010
Debt and Taxes: Will Washington Ever Grow Up?
BusinessWeek 11/17/2010
Martin Feldstein - How to cut the deficit without raising taxes
Washington Post 11/29/2010
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
The 2010 Deficit Commission and reduction in defense spending
07/09/2010
Grouped Articles
Pentagon's Next Mission: Cutting Back on Spending
Wall Street Journal 07/09/2010
The U.S. Military Needs Budget Certainty in Uncertain Times
Wall Street Journal 10/21/2015
The Pentagon Would Take $100 Billion Hit
Wall Street Journal 11/11/2010
Debt Commission Seeks Social Security Cuts and Tax Increases
New York Times 11/10/2010
Deficit-Cutting Chairmen Call Washington's Bluff
Wall Street Journal 11/12/2010
New York Times 11/11/2010
The US Deficit Commission report in 2010.
11/08/2010
Grouped Articles
Panel Chairmen Recommend Cutting Federal Spending by $200 Billion
Wall Street Journal 11/10/2010
Deficit Commission’s $200 Billion in Proposed Spending Cuts
Wall Street Journal 11/10/2010
Deficit Panel's Leaders Push Cuts
Wall Street Journal 11/08/2010
Debt Commission Seeks Social Security Cuts and Tax Increases
New York Times 11/10/2010
Deficit-Cutting Chairmen Call Washington's Bluff
Wall Street Journal 11/12/2010
Wall Street Journal 11/11/2010
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