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Blog: Cato at Liberty
Lower interest rate sensitivity in the market and economic tailwinds are largely temporary, hiding the fiscal drag beneath the surface.
Blog: Cato at Liberty
Without reforms, Social Security will become insolvent by 2033.
Blog: Cato at Liberty
Congress is increasingly abusing emergency designations, which were originally intended to provide a safety valve for responding to urgent and unexpected crises, to evade spending limits. Over the last three decades, one in every ten dollars of federal spending has been exempted from normal budget controls through emergency‐related designations.
Blog: Cato at Liberty
The United States cannot afford to continue recklessly high levels of deficit spending given our current fiscal trajectory. A baseline change that accurately reflects the nature of emergency spending is a critical step in this direction. Curbing this and other abuses of emergency spending should be a bipartisan priority.
Blog: Cato at Liberty
Had it not been for the extraordinary devastation brought on by the war, the modern European welfare state might look very different today. The US would be wise not to go down a similar path.
Blog: Cato at Liberty
The bottom line: Congress should offset additional deficit spending, including for domestic and foreign emergencies.
Blog: Cato at Liberty
Confronting the entitlement spending behemoth is politically daunting but necessary and can be done through a well‐designed fiscal commission. Establishing smart fiscal guardrails, backed by a shared understanding of the budgetary future the US faces, can similarly reduce the risk of a fiscal crisis.
Blog: Cato at Liberty
Reclaiming spending control by empowering a BRAC‐like fiscal commission.
Blog: Cato at Liberty
The Congressional Budget Office's latest 30‐year budget projections forecast rising debt, deficits, and interest costs, which will undermine US investment and economic growth and hurt American incomes. Rising spending on old‐age entitlement programs, primarily Medicare and Social Security, is mostly to blame. Legislators must act to achieve a sustainable budget policy and avert a future fiscal catastrophe.
Blog: Cato at Liberty
Medicare and Social Security funding shortfalls comprise 100 percent of the total unfunded obligation.
Blog: Cato at Liberty
Current fiscal projections threaten Americans with higher taxes, reduced economic growth, higher interest rates, stifling inflation, and the tail risk of a severe fiscal crisis that exacerbates all these issues.
Blog: Cato at Liberty
Over the past 30 years, we estimate that emergency spending has generated almost $2 trillion in interest costs. Congress should reject the allure of costly, short‐term budget thinking and offset new emergency spending.
Blog: Cato at Liberty
Without commonsense reforms, Congress is likely to continue to abuse emergency spending at the expense of the nation's fiscal health.
Blog: Cato at Liberty
The US budget is highly unsustainable, and a well‐designed fiscal commission offers the greatest promise for overcoming the congressional gridlock and unproductive partisanship that has stifled reasonable reform options thus far.
Blog: Cato at Liberty
Roughly $34,000—that's how much the UK high‐earning couple would collect from the state pension in US purchasing power terms. The US couple would collect more than three times the benefit they would receive in the UK. That's a staggering difference!