Fast Facts about the U.S. Federal Debt
Romina BocciaHigh and rising government debt slows growth, crowds out private investment, limits the government ’s ability to respond to unexpected emergencies, and elevates the risk of a sudden fiscal crisis, where investors would lose confidence in U.S. Treasury bonds and the U.S. dollar. This fact sheet lays out everything legislators and the public need to know about the U.S. federal debt to help them examine the unsustainability of the U.S. budget.The total or gross federal debt is$31.5 trillion. This is the debt subject to the debt limit.At120 percent of gross domestic product (GDP), the gross federal debt exceeds...
Source: Cato-at-liberty - March 23, 2023 Category: American Health Authors: Romina Boccia Source Type: blogs
Biden ’s Math of Just Taxing the Rich Doesn’t Add Up
Adam N. MichelDespite the headlines, thePresident ’s 2024 Budget demonstrates how challenging it is to raise significant new tax revenue from a small minority of wealthy taxpayers. The budget raises about $1.8 trillion from non‐corporate taxpayers over ten years. Yet, following all the rhetoric about the rich not paying their fair share, it should be striking that across more than twenty new and expanded taxes, the administration’s plan does not even raise enough revenue from wealthy taxpayers to cover new spending proposed in Biden’s budget, let alone theprojected $20 trillion deficit over the next ten years....
Source: Cato-at-liberty - March 22, 2023 Category: American Health Authors: Adam N. Michel Source Type: blogs
The Fiscal Impact of Immigration in the United States
ConclusionThe United States faces a considerable fiscal challenge with the explosive growth in government spending, the escalation of entitlement payments, and slower demographic growth. How immigrants impact the fiscal state of the U.S. government is important for policymakers and the public to consider when evaluating different reforms to get the U.S. government onto a sounder fiscal footing. Our paper “The Fiscal Impact of Immigration in the United States ” is the first in a new series of Cato papers that analyze the fiscal impact of immigration. It ’s 248 pages of information, data, explanations, figures, and cha...
Source: Cato-at-liberty - March 21, 2023 Category: American Health Authors: Alex Nowrasteh Source Type: blogs
10 Budget Reforms Millennials Can Get Behind
Romina BocciaAs federal debt continues to rise, younger generations will bear the brunt of today ’s irresponsible deficit spending. Not all millennials are passive bystanders as Congress seals their fate. The Millennial Debt Foundation (MDF) recently released10 recommendations to address the U.S. debt challenge over the next 30 years.Founded in 2019 with the support ofthe late Senator Tom Coburn, MD, the Foundation convened millennial business leaders and members of Congress to devise a plan to reduce the growth in the federal debt. I am pleased to serve the organization as a senior advisor.The latest Congressional Budge...
Source: Cato-at-liberty - March 21, 2023 Category: American Health Authors: Romina Boccia Source Type: blogs
Trade in Real Life: Why You Should Oppose Shoe Tariffs with Your Heart and Sole
Gabriella Beaumont-SmithIn this new series, I will introduce you to trade policies that affect your everyday life.I am beginning with an item near and dear to my heart, shoes, because I noticed that shoe tariffs lost to solar duties and safeguards in theProtectionist Madness bracket. Admittedly, this matchup presented a difficult choice for me asI ’vedescribedtheproblemsbehind thesolar duties and safeguards. But I had to vote that shoe tariffs are worse. My reasoning is quite simple—most people wear shoes and are therefore affected by the restrictive tariff policy maintained by United States. The following tabl...
Source: Cato-at-liberty - March 20, 2023 Category: American Health Authors: Gabriella Beaumont-Smith Source Type: blogs
Marijuana Taxes Keep Black Markets Thriving
Jeffrey Miron and Jacob WinterTwenty ‐one states havelegalized some amount of marijuana for recreational use, and sixteen more allow marijuana for medical use.Critics claim black markets remain despite legalization. This is true — because legalization has been accompanied by excessive taxation and regulation.California ’s legal marijuana industry, for example, has a tough time competing with the black market. The state ’s illegal sales approach $8 billion annually, twice legal sales.It ’s not difficult to see why. Retailers must pay a $1,000 applicationfee and a minimum $2,500 licensing fee annually,...
Source: Cato-at-liberty - March 20, 2023 Category: American Health Authors: Jeffrey Miron, Jacob Winter Source Type: blogs
5 Key Implications for Information Lifecycle Management in 2023
The following is a guest article by Krishna Nacha, SVP and Head of North America and Latin America at Iron Mountain
Discovering how best to use the vast amount of data your organization creates and collects is one of the key tenets of any organization’s strategy. Although the importance of effective use of data is now far better understood than ever before, centric to effectively converting data to actionable insights is an organization-wide information lifecycle management framework. One that is fail proof and comprehensive across how information is collected, used, stored, and then safely disposed.
With the volum...
Source: EMR and HIPAA - March 15, 2023 Category: Information Technology Authors: Guest Author Tags: Ambulatory Analytics/Big Data Health IT Company Healthcare IT HIM Hospital - Health System IT Infrastructure and Dev Ops LTPAC Regulations AI ALM Artificial Intelligence Asset Lifecycle Management Data Broker Data Quality Dat Source Type: blogs
President Biden ’s Budget Misses the Mark
Romina Boccia and Dominik LettPresident Biden finally released hisannual budget blueprint for fiscal year 2024, more than a month late. This year’s presidential budget is filled with excessive spending, higher taxes, and misguided policies.The President proposes to reduce deficits by $3 trillion over the next ten years. That goal, while moving in the right direction, falls far short of the $8 trillion in deficit reduction that ’s needed to stop federal debt from growing to a new record‐high. Moreover, the President’s plans to reduce deficits also put the cart before the horse by primarily raising taxes to clo...
Source: Cato-at-liberty - March 9, 2023 Category: American Health Authors: Romina Boccia, Dominik Lett Source Type: blogs
The Supreme Court Should End Home Equity Theft
Thomas A. Berry andIsaiah McKinneyGeraldine Tyler, age 94, owed Hennepin County $2,300 in unpaid property taxes on her Minnesota condominium. She eventually accrued another $12,700 in fees. Her local government then seized her condo and sold it to pay the taxes and fees. The condo sold for $40,000, and Tyler owed the county only $15,000. But the county didn ’t return the excess $25,000 to Tyler. Instead, the county pocketed the excess equity in her home.Tyler sued the county to get the $25,000 back, but she lost in the Court of Appeals for the Eighth Circuit, which held that a Minnesota tax statute “abro...
Source: Cato-at-liberty - March 6, 2023 Category: American Health Authors: Thomas A. Berry, Isaiah McKinney Source Type: blogs
Will Arizona Soon Become the Seventh State to Allow Patients Access to Prescribing Psychologists?
Jeffrey A. SingerOn March 3, Colorado Governor Jared Polissigned into law HB 1071, allowing Colorado ’s residents to join those in the states of New Mexico, Louisiana, Illinois, Iowa, and Idaho who are able to access medically assisted psychotherapy from qualified prescribing psychologists (RxPs). Arizonans have reason to be hopeful that their state will be next in line to remove government obsta cles to RxPs.On February 1, State Senator T.J. Shope (R) introducedSB 1457, which closely resembles the bill that just became law in Colorado. I providedexpert testimony before the Arizona Senate Health and Human Services C...
Source: Cato-at-liberty - March 6, 2023 Category: American Health Authors: Jeffrey A. Singer Source Type: blogs
Quotations Missing from Bartlett ’s
David BoazOverat The Dispatch (ungatedhere) I have a critique of the latest edition ofBartlett ' s Familiar Quotations. As I say,Bartlett ' sis " the gold standard of quotations, the place anyone can go to confirm a quote and see the source. " But its editors " seem far more familiar with the words of liberal, leftist, and socialist sources than those of conservatives and libertarians. "Over the past 40 years, since the rise of Ronald Reagan, Margaret Thatcher, John Paul II, and even Deng Xiaoping, the world has seen a turn toward markets and economic freedom (albeit with a fall in 2020 during the pandemic lockdowns). But...
Source: Cato-at-liberty - March 6, 2023 Category: American Health Authors: David Boaz Source Type: blogs
Moving through the gears: where will local government finance be in 2030?
This report contains a collection of essays covering perspectives on what the future could, should and might be for local government finance, featuring contributions from across the local government sector alongside leading practitioners and experts in the field. Subjects covered by the essays include financial sustainability, taxation, devolution and the net zero agenda.ReportLocalis - publications (Source: Health Management Specialist Library)
Source: Health Management Specialist Library - March 3, 2023 Category: UK Health Authors: The King ' s Fund Library Tags: Public health and health inequalities Regulation, governance and accountability Social care Source Type: blogs
14 Ways the Tax Code Subsidizes Higher Education
Adam N. MichelThe federal government subsidizes higher education through a multitude of grants to universities, subsidized loans, and direct scholarship funding. In addition, the tax code includes at least 14 different programs that distort the education system and complicate tax filing. All told, the tax code subsidizes higher education to the tune of $322 billion over ten years.From an education policy perspective, the accumulation of all this federal spending has a distorting effect. Over time, the subsidies havelikelycontributed to thehigh price of college as subsidies increase demand, which drives up prices. This cycl...
Source: Cato-at-liberty - March 2, 2023 Category: American Health Authors: Adam N. Michel Source Type: blogs
State and Local Spending Since 1962: DC, Alaska, Delaware, New Mexico and New York Growing Fastest Relative to Income
Marc JoffeCensus data shows, on average, state and local government spending as a percentage of personal income rose sharply between 1962 and 1977, but then flattened out in the years leading up to 2020. However, there is substantial variation across jurisdictions: while some states have seen little overall change in the percentage of income devoted to government spending since 1962, others experienced dramatic growth.The animation below shows how state and local government spending have evolved in all fifty states and DC since 1962. Spending data comes from the Census Bureau ’s Annual Survey of State and Local Governm...
Source: Cato-at-liberty - February 28, 2023 Category: American Health Authors: Marc Joffe Source Type: blogs
Which States Are Best for Remote Workers?
Scott Lincicome and Ilana BlumsackRemote work has proliferated as a work arrangement since the COVID-19 pandemic began in 2020. While its popularity has declined since its Spring 2020 peak, remote work remains far more common today than it was before the pandemic (see Figure 1). Research from Nicholas Bloom and othersfound that last month, nearly 13 percent of workers were fully remote, and an additional 28 percent worked in a hybrid arrangement.!function(e,i,n,s){var t= " InfogramEmbeds " ,d=e.getElementsByTagName( " script " )[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].p...
Source: Cato-at-liberty - February 28, 2023 Category: American Health Authors: Scott Lincicome, Ilana Blumsack Source Type: blogs
