2001 Recession In Perspective: Economic and Budget Situation

OMB Watch - 2001 Recession In Perspective: Economic and Budget Situation

A comparison of the last three recessions shows that even while declines in total output in the 2001 recession were smaller than average, the recovery has been weaker than average. In particular, the employment situation has seen substantial deterioration relative to the start of the recession as well as compared to past recessions.

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State Crises Forcing Tax Foes to Reverse Policy Stance

With states facing around $100 billion in shortfalls, many tax cut foes are being forced to reconsider their opposition.

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Latest from the TPC

Tax Policy Center | A Project of the Urban Institute & the Brookings Institution

Here's the latest from the Urban-Brookings Tax Policy Center:

(1) The State Fiscal Crisis: Why it Happened, What to do About it Peter Orszag Milken Institute Review Third Quarter, 2003

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$20 Million Wasted for PR

The first round of IRS rebate checks to middle and upper income families with dependent children have been mailed. In addition, a second mailing by the IRS was conducted, at a cost of $20 million, letting people know a check would be on the way.

This second mailing (see text below) is completely unnecessary and wastes valuable resources at a time when deficits are already exploding.

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Nobel Laureate Speaks Out Against Administration's Policies

Nobel Laureate George Akerlof pulls very few punches in a recent interview.

"I think this is the worst government the US has ever had in its more than 200 years of history. It has engaged in extraordinarily irresponsible policies not only in foreign and economic but also in social and environmental policy. This is not normal government policy. Now is the time for people to engage in civil disobedience."

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IRS Revises EITC Certification Program

On August 5, the IRS announced significant changes in its proposed pilot program to require pre-certification of EITC taxfilers. (See previous entry for more information.)

The changes include:

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Revenue Loss and Social Security

Bill Gale notes that the the size of the revenue loss from the recent tax cuts would have been more than enough to shore up Social Secuty and Medicare.

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Another below average GDP report

The Bureau of Economic analysis announced Real GDP grew at a 2.4% annual rate in the second quarter of 2003. This is below the 3.2% average over the past 10 years.

Unfortunately, if you take out federal spending on national defense, the economy only grew at a 0.7% rate.

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