Blog: The Fine Print / Revenue & Spending

Poverty and Income Numbers in Context

Aug 28, 2007 by Craig Jennings

While it is good news that the poverty rate declined and median household income increased compared to last year, when these numbers are compared to the bottom of the 2001 recession, the joy is somewhat tempered. Center on Budget and Policy Priorities has released a statement on the 2006 Poverty, Income, and Health Insurance figures highlighting the uneven distribution of gains of the current economic recovery.

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Census Releases Income, Poverty, and Health Insurance Numbers

Aug 28, 2007 by Craig Jennings

Income, Poverty, Health Insurance Coverage in the United States: 2006
  • The poverty rate declined from 12.6% in 2005 to 12.3% in 2006. The number of people living in poverty has remained constant at 36.5 million
  • Household median income in 2006 increased 0.7% to $48,200 from $47,845 in 2005
  • The number and percent of those without health insurance increased to 47.0 million, or 15.8% from 44.8 million, or 15.3%
Slides from the Census's presentation can be found here, and speaker's remarks from the presentation can be found here

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Earmarks Disclosure: Grandstanding vs. The Standard

Aug 27, 2007 by Dana Chasin

In his discussion of earmarks on the NYT op-ed page last Friday, Rep. Rahm Emanuel (D-IL), chairman of the House Democratic Caucus argues that not all of them are nefarious. Echoing an observation we made last year, he cites the Iraq Study Group as an example of an earmark who made good. Emanuel then goes on to indulge in a little modest horn-tooting about earmarks disclosure:

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The Real Liberal-Conservative Divide

Aug 27, 2007 by Matt Lewis

Paul Krugman's good column on SCHIP today has a paragraph that is worth examining.

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Take Action on the SCHIP Regulatory Changes

Aug 24, 2007 by Matt Lewis

Interested in protesting the CMS decision to limit SCHIP eligibility? Get your Senator to sign this letter, addressed to President Bush, denouncing these changes. The letter is being circulated by Sen. Robert Menendez (D-NJ) and Sen. Gordon Smith (R-OR).

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Speaking of Bush's Revenue Reduction Program

Aug 24, 2007 by Craig Jennings

I would also like to point out how Bush's revenue slashing affects the AMT's reach into the middle class. The Bush tax regime depends on over 13 million taxpayers to subsidize tax cuts for the wealthy. Granted some of those 13 million are wealthy, but many are not. The chart below shows how AMT liability per income group changes because of the 2001-2003 tax cuts Percent of taxpayers that are AMT liable in 2017 Income (thousands of dollars) Tax Cuts Expire Tax Cuts Extended 100-200 61.7 92.3 75-100 53.7 67.2 50-75 30.1 38.8 30-50 12.2 13.0

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The Baseline

Aug 24, 2007 by Craig Jennings

CBO's The Budget and Economic Outlook: An Update is a statute-directed baseline: "In accordance with long-standing procedures, CBO's projections assume that current laws and policies remain in place." So, the revenue figures in years 2010-2017 reflect a scenario in which the 2001/2003 tax cuts expire (as legislated). If Congress does nothing - that is let the sun set on tax cuts, the Treasury will see surpluses starting in 2012. But if those tax cuts are extended, it's a river of red ink. Federal Budget Surplus/Deficit(-) (billions of dollars) 2012 2013 2014 2015 2016 2017

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CBO Undercuts Bush Claims on Tax Cuts

Aug 23, 2007 by Dana Chasin

What Was the Point ... Is Not at this Point To follow up on Craig's post below on the CBO budget outlook released today, the Center on Budget points out that CBO flatly contradicts the President's claim that "tax cuts are boosting the economy and significantly improving the budget outlook for coming years."

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Rising Pre- and Post-Tax Inequality "not a very interesting story"

Aug 23, 2007 by Craig Jennings

I, however, beg to differ with White House spokesmodel spokesman Tony "Unsurprised" Fratto.

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Seventy-Cent Min Wage Boost Makes a Difference

Aug 23, 2007 by Craig Jennings

Because of the copious amount of media attention the July 23rd minimum wage hike has received, it's possible you missed - what we here at the Budget Blog consider the best reporting on the subject to date - The Onion's coverage: WASHINGTON, DC—Two weeks after the hourly federal minimum wage was raised from $5.15 to $5.85, families across the country were still celebrating the historic increase by running their electric fans, buying coveted half-gallons of milk, and, like Charice Williams of Shreveport, LA, purchasing name-brand ketchup to share with loved ones.

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