Policy Papers
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CFPB Rule: A Gift to Trial Lawyers
The Consumer Financial Protection Bureau rule banning arbitration between consumers and businesses goes into effect this week over the objections of the White House. Under arbitration, disputes take an average of five months and consumers get an average of nearly $5,400. Class action lawsuits take an average of about 23 months and consumers collect an average of just $32. The House has already passed Congressional Review Act legislation overturning the rule. In July, the Consumer Financial... Continue Reading
September 12, 2017
Decoding DACA
The Obama administration created the Deferred Action for Childhood Arrivals – DACA – program, asserting it had “prosecutorial discretion” not to deport people who were brought to the U.S. as children and who have no legal status. There are now around 800,000 people receiving deportation relief from DACA. On September 5, the Trump administration announced the beginning of a six-month wind-down period for DACA. On September 5, the Trump administration announced it would... Continue Reading
September 6, 2017
High Corporate Taxes Hurt All Americans
Corporate tax reform is a critical component of any effort to simplify and reduce taxes. The 1986 tax reform gave the U.S. one of the lowest corporate rates in the world; since then the rest of the world has reformed and lowered rates, while ours have stayed high. Workers, consumers, seniors, and savers bear the burden of high corporate rates. The right reform can benefit them and create jobs, encourage innovation, and promote new businesses. As Congress debates comprehensive tax reform, it is... Continue Reading
September 6, 2017
A History of Talking with North Korea
North Korea has been clear that its goal is to be able to deliver a nuclear warhead to the continental United States. It has relentlessly pursued this goal whether negotiations over its nuclear program were ongoing or not. It has conducted six nuclear weapons tests in total, beginning in 2006. North Korea conducted 26 ballistic missile flight tests in 2016, according to CRS, and has conducted 18 this year thus far. This includes the two tests in July of ICBM technology directed at threatening... Continue Reading
September 1, 2017
August 2017 Jobs Report
Unemployment Rate: 4.4 percent Jobs Created: 156,000 Employment and Unemployment The Department of Labor reported an unemployment rate of 4.4 percent for August, up 0.1 percent from last month, remaining near the lowest unemployment rate (4.3 percent) in 16 years. Today’s jobs report shows an increase of 156,000 nonfarm jobs in August, lower than analysts’ prediction of job growth of 179,000. Employment for June was revised down from 231,000 to 210,000, and July was revised... Continue Reading
August 2, 2017
July 2017 Jobs Report
Unemployment Rate: 4.3 percent Jobs Created: 209,000 Employment and Unemployment The Department of Labor reported an unemployment rate of 4.3 percent for July, down 0.1 percent from last month. This matches the lowest unemployment rate in 16 years. Today’s jobs report shows an increase of 209,000 nonfarm jobs in July, greater than analysts’ prediction of job growth of 180,000. Employment for May was revised down from 152,000 to 145,000, and June was revised up from... Continue Reading
August 1, 2017
Debt Ceiling: History and Overview
Congress last acted on the debt limit in November 2015 and suspended it until March 2017 – the debt limit is currently at $19.8 trillion. The Treasury Department has asked that Congress raise the debt limit as soon as possible, although Treasury can continue to pay the government’s bills until September 29. Treasury has been using extraordinary measures since March, when the debt limit went back into effect, to push back the deadline for congressional action. History of the Debt... Continue Reading
July 25, 2017
Unprecedented Nominations Blockade
President Obama had 206 of his nominees confirmed in the first six months of his administration, while President Trump has had only 55 nominees confirmed. Ten nominees have been confirmed with 80 or more votes – earning the support of most Democrats – yet still required cloture to be filed. Key positions remain open, despite favorable committee action, including four deputy secretaries, eight federal judges, and eight members of independent boards or commissions. In the... Continue Reading
July 14, 2017
Defense Budget Overview & Considerations
The preamble of the Constitution says one of the purposes for the founding of the national government was to “provide for the common defense.” Secretary of Defense James Mattis testified last month: “no enemy in the field has done more to harm the readiness of our military than sequestration.” To remedy this, as Henry Kissinger has observed, “the United States should have a strategy-driven budget, not budget-driven strategy.” WHERE WE ARE The current Budget... Continue Reading
July 12, 2017
Correcting the Record on the First Amendment
Attacks on judicial nominees’ First Amendment records often include misstatements of law and mischaracterizations of facts in the Citizens United case. The Citizens United decision had nothing to do with political spending by individuals. Citizens United was consistent with past Supreme Court precedent and did not allow foreign money in U.S. elections. Judges awaiting confirmation are often attacked for their views on the First Amendment, whether on religious liberty or political speech.... Continue Reading
July 11, 2017
20 Trillion and Counting: The Coming Debt Crisis
Over the last eight years, the federal government’s debt grew by $9 trillion. It is fast approaching $20 trillion – more than 100 percent of the nation’s GDP. Mandatory spending, the driver of future debt, has continued largely untouched. If action is not taken soon, growing debt will have severe negative effects on our economy, including reduced military preparedness and less ability to respond to the unexpected. The federal debt limit is currently $19.8 trillion. Because... Continue Reading
July 7, 2017
June 2017 Jobs Report
Unemployment Rate: 4.4 percent Jobs Created: 222,000 Employment and Unemployment The Department of Labor reported an unemployment rate of 4.4 percent for June, up 0.1 percent from last month. Today’s jobs report shows an increase of 222,000 nonfarm jobs in June, greater than analysts’ prediction of job growth of 174,000. Employment for April was revised up from 174,000 to 207,000 jobs created; and May was revised up from 138,000 to 152,000. Adjustments to April and May... Continue Reading
July 5, 2017
Jobs Report
June 20, 2017
Obamacare in 2018: Planned Insurer Exits and Premium Hikes
This year, 70 percent of U.S. counties have had little or no choice of insurer on the exchanges – next year, at least 44 counties are projected to have no exchange insurer at all. Premiums more than doubled since 2013, and rate requests by insurers show this trend will continue next year – with many insurers requesting another double-digit rate hike. Insurers such as Anthem warned as early as November 2, 2016 – prior to the election – that if the exchanges didn’t... Continue Reading
June 13, 2017
Reforming Medicaid to Per-Capita Payments: An Analysis of Various Growth Rates
In the process of repealing and replacing Obamacare, the American Health Care Act includes structural reforms of the Medicaid program. The new system will change the program from an open-ended, fee-for-service entitlement to a fixed payment to states for each enrollee. The biggest question concerning this reform is how to set the rate of growth for the per-capita payment. The House’s American Health Care Act includes structural reform of the Medicaid program. Under the changes, the... Continue Reading
June 13, 2017
Tax Reform's "Simplicity Dividend"
Revenue-neutral tax reform can provide a “simplicity dividend” to boost the economy by reducing compliance costs and tax avoidance behaviors. The tax code contains many provisions that interfere with the free market, such as the credit for purchasing hybrid cars that encourages people to buy them. Tax reform that broadens the tax base – by removing these kinds of provisions – and reduces rates overall would free the economy to work more efficiently and boost... Continue Reading
June 6, 2017
Obamacare Proves Government-Run Health Care is a Disaster
Since Obamacare went into effect, premiums have increased an average of 105 percent and millions have been kicked off plans they liked. Obamacare raised taxes by more than $800 billion to pay for creating and expanding entitlements in unsustainable ways. These failures are the reason we need to stop Obamacare supporters from going even further with a disastrous single payer system. Obamacare has failed to deliver the health care reform Americans deserve. The Senate now has an opportunity... Continue Reading
June 2, 2017
May 2017 Jobs Report
Unemployment Rate: 4.3 percent Jobs Created: 138,000 Employment and Unemployment The Department of Labor reported an unemployment rate of 4.3 percent for May, down 0.1 percent from last month. Today’s unemployment rate is the lowest since May 2001. Today’s jobs report shows an increase of 138,000 nonfarm jobs in May, lower than analysts’ prediction of job growth of 182,000. Employment for March was revised down from 79,000 to 50,000 jobs created; and April was revised down... Continue Reading
May 23, 2017
CFPB Constitutionality in Question
This week, the U.S. Court of Appeals will hear arguments on whether the structure of the Consumer Financial Protection Bureau is constitutional. The CFPB has been challenged because it was designed to have all three powers of government – judicial, executive, and legislative. Congress should reform the CFPB to bring it into alignment with separation of powers principles, creating needed accountability and transparency. On May 24, the full U.S. Court of Appeals for the... Continue Reading
May 23, 2017
The President's 2018 Budget Request
The president’s budget includes defense funding increases and nondefense funding reductions. Significant mandatory spending reforms are included, but not for the two largest mandatory programs, Medicare and Social Security. The budget request balances in 2027, with a $16 billion surplus. It predicts economic growth will be 3 percent in the out-years; CBO’s projection is 1.9 percent. Today the Office of Management and Budget released the administration’s fiscal year 2018 budget... Continue Reading