Update 608 — Fiscal Policy Landscape:Supps, Reconciliation, Payfors on Horizon Congress’s fiscal debate is currently being dominated by responses to a series of crises at home and abroad. Over the next few weeks, Congress will actively consider a range of supplemental spending bills from a Ukraine aid package, to bills addressing the baby formula shortage, restaurant aid, …
Update 604 — Legislative High Season:100-Day Roadmap for Econ. Policy Bills Congress settles back after recess this week, facing a packed to-do list and a ticking clock. The appropriations process for FY2023 is under way. Again, Democrats’ immediate priority is reconciliation. Negotiations with Sen. Manchin focus now on climate and health provisions, but we saw …
Update 603 — Tax as a Class Act:Code’s Impact on Income Inequality This past Monday marked the end of tax filing season for 2022. Average Americans again find themselves paying a higher rate than wealthier filers. OMB estimates that the 400 wealthiest Americans pay an average tax rate of only 8.2 percent, widening inequality. Paying a higher tax …
Update 597— Biden FY 23 Budget:Balance, Parity in Appeal to Center President Biden submitted his FY23 budget saying that budgets are statements of values. The statement here is muted, with an increase in domestic spending and an increase in military spending by about 10 percent, a puzzling nod to austerity of all things, investments in …
Update 591 — Jobs Boom Resounding?Sound Muffled by Drumbeat of Inflation Last week’s BLS jobs report was unprecedented — in a welcome way — showing a gain of 678,000 jobs in February alone and a staggering 7.4 million created since President Biden took office. With the Omicron variant finally fading fast across the nation, this job expansion …
Update 587 — Shutdown Averted for 21 DaysLong Live FY 21 Amid Continuing Irresolution Last night, the Senate voted to approve a short-term spending bill to fund the government through March 11, which the House passed last week. This is the fourth time Congress has passed a continuing resolution (CR) to keep the government open since the …
Update 580 — Enough Sinema Verite:Rays of Hope in the Economic Picture Senators Manchin and Sinema doubled down yesterday on their opposition to Senate filibuster reform and in essence, the critical voting rights package adopted by the House yesterday, which needs a reform of the Senate filibuster rule’s 60-vote threshold to pass. You might be …
Update 573 — A Number of Anomalies:Takeaways from Nov. BLS Jobs Report You could get the wrong idea about the jobs picture in the U.S. from this morning’s top-line figure in the BLS jobs report for November. Despite an anomalous showing of just 210,000 jobs added and the service sector shedding jobs, unemployment dropped to 4.2 percent and …
Update 572 — December’s Disposition:What Will Get Done, What Might Wait? The dread month of December is now upon us. Congress faces a fuller slate of priorities prior to adjournment than the usual madcap year-end. But delay invites difficulty. Now Congress is poised to dispose of three critical policy issues bearing on the economy and, therefore, next …
Update 571 — Thanksgiving Props:People, Policies to Be Grateful For This past year has brought a tableful of major policy successes, served with significant delays and some disappointments. For progressives, the return of full Democratic government control in January offered a promising menu for 2021, as the country sought to move past the Trump presidency. The prospect …
