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finance professor for more than twenty years at the University of Maryland since 2008 where last month I hosted CBO Director Phill Swagel to speak about the fiscal challenges our nation faces I had the...to 26 24 trillion at the end of fiscal year 2023 The most recent version of the report issued last month has retained our title for the second section of the Executive Summary An Unsustainable Fiscal Path...year and Moody s outlook for the US government s credit rating changed from stable to negative Last month the Congressional Budget Office released its latest ten year Budget and Economic Outlook reinforcing...

achieve both fiscal and environmental goals in 2025 Layering a modest carbon fee on top of the Inflation Reduction Act could reduce emissions generate large streams of revenue and facilitate cooperative...toward a cleaner tax code But far more significant the emissions reductions achieved through the Inflation Reduction Act can be turbocharged through the adoption of a modest carbon fee while simultaneously...modest carbon fee on top of the existing emissions reduction progress due to the investments in the Inflation Reduction Act and forthcoming emissions rules While recent policy actions during the Biden Administration...

government spending which could trigger disruptive inflation that would hurt vulnerable populations the most We saw this play out following the pandemic when inflation reached a 40 year high following the Federal...cap exempt spending Following excessive spending during the COVID 19 pandemic that contributed to inflation reaching a 40 year high Congress should shift gears by pursuing deficit reduction that enables economic...

payroll employment has increased by 9 4 million or 8 7 The average increase over the comparable 64 month in other post 1960 recoveries was 14 1 A 14 1 10 increase in private sector payroll jobs during this...disposable personal income per capita has risen 5 7 the S P 500 Total Return Index adjusted for inflation is up nearly 120 Figure 22 22 One other very stark comparison between this recovery and other post...President Obama s lifetime his own Since President Obama took office through August 2014 the latest month for which data are available 8 2 million households and 14 5 million individuals have been added to...

600 per eligible child and added a measure to adjust the credit amount annually to account for inflation The New Mexico Working Families Tax Credit also offers refundable credits based on family size and...

decades leading up to the pandemic the cost of child care grew twice as fast as the rate of overall inflation 10 In more than half of states child care for an infant in a child care center cost more than in...NAEYC survey show that just one month after pandemic era child care funding expired 29 percent of families reported that their child care tuition had increased in the last month 31 These data are echoed by...

Majority Staff Reports 10 Reducing Tax Impediments to Capital Formation 11 Median Family Income and Inflation Mismeasurement 26 Costs and Consequences of the Federal Estate Tax 34 Five Challenges that China...current feature of the U S economy is the lower and more stable pace of inflation we have experienced While most broad measures of inflation provide similar information we nonetheless use the core PCE on a year...lower rate of inflation depicted there has helped to calm financial mar kets reduce risk premiums and improve the credibility of the mon etary authority This persistently lower rate of inflation has in turn...

During 2012 the economy continued to grow at a modest rate the labor market continued to heal and inflation remained low Most economists are projecting moderate growth in 2013 However if Congress is unable...growth over the near term even as fiscal policy turns to a sustainable track over the longer term Inflation remained modest in 2012 Consumer prices excluding food and energy which are historically volatile...rose about 2 percent over the past 12 months That is within the Federal Reserve s target range for inflation Wage growth remained modest The Federal Reserve continues to pursue an expansionary monetary policy...

per formance The economy looked bleakest in January 2009 when 741 000 jobs were lost in a single month In the first quarter of 2009 real gross domestic product real GDP fell by 6 4 percent Real GDP fell...Obama administration the economic outlook has improved The magnitude of job losses diminished each month after January and job losses were just 11 000 in November of 2009 In the third quarter of 2009 real...financial sector is the so called TED spread the difference between the 3 month London Interbank Lending Rate LIBOR and the 3 month Treasury Bill yield The TED spread measures the premium over the risk free...

banks to extend credit to each other see Figure 2 5 Figure 2 The TED Spread Differenceletweeen 3 Month London Interbank Borrowing Rate LIBOR and 3 Moth TreasuryBillYide Juarv 2007e December 2003 5 0 4...in a steady decline in the interest rate on short term Treasury debt The rate of interest on three month Treasury bills has declined consistently since mid 2007 and is now near zero see Figure 4 Figure 3...slipping into a depression Fears that expansionary mone tary policy and fiscal policy may lead to inflation have been temporari ly abated by the price declines currently being experienced see Figure 12 Dr...