Policy Papers
Currently showing results related to Economy. See all results
Key Data on the American Economy
This year’s deficit will increase by 35 percent due to a poor economy, lower tax revenue, and higher Washington spending. The U.S. median income rose significantly in 2015 for the first time during the Obama administration, but is still below 2007 levels. Economic growth is disappointing – near 1 percent for the last three quarters. Americans say that the economy under President Obama is not working for them. In the most recent Gallup poll, the economy ranks as the most important... Continue Reading
July 29, 2016
Obama Running Out of Time to Grow Economy
The U.S. economy grew at a 1.2 percent in the second quarter of 2016. The previous two quarters grew at a revised rate of below 1 percent. President Obama has not worked with Congress on pro-growth policies during his presidency. The U.S. economy grew at an inflation-adjusted rate of 1.2 percent in the second quarter of 2016, according to the Commerce Department. While this growth is higher than the previous two quarters, it is less than half of the 2.6 percent growth economists had expected.... Continue Reading
July 7, 2016
Deficit Spending is a Sugar High
Two ways to pay for government “investment” are by reducing other spending or by borrowing. Deficit-financed federal investment expands the economy at first, but then shrinks the economy in later years. The best option for financing federal investment is to cut spending elsewhere. Last month CBO issued a report analyzing the effects of federal investment spending on the economy. It concluded that deficit-financed investment by Washington expands the economy at first, but then... Continue Reading
July 6, 2016
A Very Productive Start to 2016 II
The Senate is back to work, and has acted on a broad list of bipartisan bills. This is in addition to the basic functions of funding the government. Democrats continue to delay vital resources for urgent health and security priorities – such as funding for Zika and veterans. In 2016 alone, the Senate has considered 231 amendments, of which 205 passed. The Republican Senate continues to be productive. In the first half of 2016, the Senate took action on some of the most pressing issues... Continue Reading
July 1, 2016
10 Times the Obama Administration Missed a Chance to Defend Americans’ Freedom
1. Failed to provide a strategy for defeating ISIS both at home and abroad. Source: replygif 2. Pushed for more taxes and more bureaucracy in the president’s budget. Whatever happened to limited government? Source: giphy 3. Chopped away at freedom on the internet and imposed regulations that will stifle innovation. Source: Tumblr (NutzandBoltz) 4. Vetoed a bill that would restore Americans' freedom to make decisions over their health care. Fewer choices = less... Continue Reading
May 6, 2016
April 2016 Jobs Report
Unemployment Rate: 5.0 percent Unemployed Americans: 7.9 million Employment and Unemployment The Department of Labor reported an unemployment rate of 5.0 percent for April, unchanged from last month. It reported an increase of 160,000 nonfarm jobs in April. Today’s job growth figure fell short of analysts’ job growth prediction of 205,000. Employment for February was revised down from 245,000 to 233,000 jobs created; and March was revised down from 215,000 to 208,000. Revisions... Continue Reading
April 28, 2016
The Economy Still Struggles
Inflation-adjusted GDP grew at an annualized rate of 0.5 percent in the first quarter of 2016, the slowest growth in two years. This compares with growth of 0.6 percent in the first quarter of 2015, and growth for all of 2015 of 2.4 percent. Today the Commerce Department’s Bureau of Economic Analysis reported that GDP in the first quarter of 2016 grew at an awful 0.5 percent (annualized). This is the slowest growth in two years. In a troubling sign for future job growth, private domestic... Continue Reading
April 26, 2016
A Very Productive Start to 2016
In April, the Senate started the appropriations process at the earliest point in the history of the modern budget process. In addition to its basic duties, the Senate has acted on a broad list of bipartisan bills. This year, the Senate has voted on nearly 130 amendments. The Senate has started voting on appropriations bills for fiscal year 2017, the earliest start to this process since the budget rules were written in 1974. This comes on top of an already long list of accomplishments for the... Continue Reading
April 26, 2016
Labor Rules Crushing Business
The Obama administration is racing to finalize regulations affecting broad sectors of the economy, threatening job creation. In January, White House Chief of Staff Denis McDonough said, “we’ll do audacious executive action over the course of the rest of year, I’m confident of that.” The administration’s revisions to several important rules – in addition to the piles of regulations already on the books – are costing billions of dollars in compliance... Continue Reading
April 26, 2016
The Threat of Mandatory Spending
While Congress should cut spending wherever possible, the emphasis should be on cutting mandatory spending. Mandatory spending currently makes up nearly three-quarters of the federal budget, and this share is growing. Before the enactment of the Budget Control Act, most of the discussion in Congress on budget savings centered on mandatory spending. This made sense. Mandatory spending, combined with the aging of the population, was driving large spending increases in future decades. After the... Continue Reading
April 19, 2016
Appropriations Bills will get Earliest Start
The Senate will begin debate on an appropriations bill at the earliest point in the year since the Budget Act of 1974 was enacted. Last year, Democrats prevented the Senate from fulfilling one of its most basic responsibilities: funding the government through individual appropriations bills. This year, Democrats should allow the Senate to do its job and work on appropriations bills. Senate Republicans are poised to begin debate on appropriations bills early this year. Last year, Republicans... Continue Reading
April 12, 2016
Tax Reform Solves Two Problems: complexity and competitiveness
Tax day is a disappointing reminder that the U.S. has not enacted tax reform in 30 years. This year, Tax Freedom Day – the day the country earns enough money to pay off its tax bill – will not come until one-third of the way through the year. The Obama administration released new regulations trying to make inversions more difficult. To fix the true problem, we need a more competitive tax code. It is currently the least competitive in the developed world. AN OVERLY COMPLEX TAX... Continue Reading
March 31, 2016
Labor's fiduciary rule hurts American families
The proposed rule will restrict access to retirement advice, particularly for low- and moderate income workers. The rule will cause the majority of retail investors to see average increased costs of 73 to 196 percent due to a mass shift toward fee-based accounts The proposed changes will also harm small business retirement plans, which represent more than 9 million U.S households with approximately $472 billion in retirement savings. The Obama administration will soon finalize its... Continue Reading
January 29, 2016
Obama Policies Continue Drag on Economy
The economy grew at an inflation-adjusted rate of just 0.7 percent in the fourth quarter of last year, and a total of 2.4 percent in 2015. Ranking all 66 years since 1950 in terms of economic growth, the Obama years rank 45th, 46th, 47th, 48th, 54th, 55th, and 66th. Today the Bureau of Economic Analysis released the first estimate of GDP growth for calendar year 2015. Adjusted for inflation, the economy expanded at a tepid 2.4 percent rate in 2015. This includes the fourth quarter of 2015... Continue Reading
January 20, 2016
2016 Policy Calendar
January 11, 2016
SOTU 2016: A President Looking to His Legacy, Republicans Looking to Solutions
The president will deliver his final State of the Union address on Tuesday. It is likely to be more about his legacy than about the needs and desires of the American people. Obama policies over the last seven years have failed many Americans. The result is a fragile economy, a health care law that is not working, and a world that is less safe. Republicans are putting the American people first with tested, proven solutions to make our economy more competitive, to restore freedom at home, and to... Continue Reading
November 17, 2015
Appropriations Riders Are Good Governance
Democrats are criticizing riders to appropriations bills that prohibit or place conditions on funds as unreasonable, or “vexatious” in the characterization of Harry Reid. Appropriations riders are not only a proper use of Congress’ authority, they are a necessary component of Congress’ check on presidential power. Riders limiting the use of appropriated funds have been used since the 1870s. In January 2014, President Obama declared his willingness to use his “pen... Continue Reading
October 29, 2015
9 Scary Things the Obama Administration Did This Year
1) Frightened 26 states into filing lawsuits against EPA’s power plant rule. source: Fanaru 2) Spooked American families, businesses, states, Congress – even federal judges – with EPA’s Waters of the U.S. rule. Source: Universal/Halloweenmagick tumblr 3) Haunted the American economy with ongoing regulatory assault on energy and manufacturing. source: tumblr 4) Tricked Americans into tasting a regulatory stew by downplaying costs and inflating... Continue Reading
October 29, 2015
Disappointing Economic Growth Yet Again
Inflation-adjusted GDP grew at an annualized rate of 1.5 percent in the third quarter of 2015. Private domestic investment took a hit, decreasing 5.6 percent from the previous quarter. Today the Commerce Department’s Bureau of Economic Analysis reported that inflation-adjusted GDP grew at an annualized rate of 1.5 percent in the third quarter of 2015. In the last four quarters, the economy has grown at only 2 percent. Two of the largest components of our nation’s economy also... Continue Reading
September 22, 2015
Senate Democrats Filibuster Defense Funding
31 Democrats supported the bill that authorizes our defense dollars, but they oppose the bill that actually appropriates them. The appropriations process is one of the basic parts of governing. Democrats did not have much enthusiasm for appropriations when they were in the majority, and they now stand in the way of Republicans trying to fulfill this basic responsibility. Today, once again, Senate Democrats filibustered the motion to proceed to the defense appropriations bill. This bipartisan... Continue Reading