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Feb 8, 2016

Top 400 Taxpayers See Tax Rates Rise, But There’s More to the Story

As Americans were gathering party supplies to greet the New Year, the Internal Revenue Service released their annual report of cumulative tax data reported on the 400 tax r...

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Feb 4, 2016

Chlorine Bleach Plants Needlessly Endanger 63 Million Americans

Chlorine bleach plants across the U.S. put millions of Americans in danger of a chlorine gas release, a substance so toxic it has been used as a chemical weapon. Greenpeace’s new repo...

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Jan 25, 2016

U.S. Industrial Facilities Reported Fewer Toxic Releases in 2014

The Toxics Release Inventory (TRI) data for 2014 is now available. The good news: total toxic releases by reporting facilities decreased by nearly six percent from 2013 levels. Howe...

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Jan 22, 2016

Methane Causes Climate Change. Here's How the President Plans to Cut Emissions by 40-45 Percent.

  UPDATE (Jan. 22, 2016): Today, the Bureau of Land Management (BLM) released its proposed rule to reduce methane emissions...

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$1 Million a Minute!

In an attempt to have people pay attention to the issue of the national debt, a recent Associated Press article lead with the eye-catching headline of "National Debt Grows $1 Million a Minute." Wow! $1,000,000.00 a minute! That's quite a bit of cash. The article is well worth a read and should make you even more disappointed that the current Congress is considering waiving PAYGO rules for a patch to the Alternative Minimum Tax (AMT). Such a move would add $50 billion to the debt immediately and the issue will have to be revisited all over again next year because the legislation being considered is only for one year. If they pass the AMT patch without paying for it this year, I wonder if they will pay for it next year? argh...

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Columnists Fight Over Social Security

The Washington Post's Ruth Marcus has a column today on Social Security and fixing it. The column's more or less in response to this Paul Krugman column where he objects to addressing Social Security's projected shortfall now. If Marcus believes Social Security needs fixing, fine. But she should then devote far more columns to projected health care costs, which is an even bigger problem and demands greater effort to solve it, yet policymakers aren't really paying attention to it. This is what CBO basically recommends.

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President Bush's Budget Tantrum

Today's New York Times editorial, Faux Fiscal Discipline, makes an important point. As a candidate in 2000, George W. Bush boasted that, after accounting for inflation and population growth, he'd exercised fiscal displine as Governor of Texas. By his own standard, then, when "adjusted for inflation and population, Congress' proposed increases amount to zero." And yet he has seen fit to issue veto threats against every congressional spending bill that does not cut spending in real terms as much as he proposes. The editorial concludes:

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Deficit/Spending

Here's an interesting paper on the "starve the beast" school of government reduction by tax cut (via Inclusion). The abstract:

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John Edwards Has A Secret

An interesting article in the Times on who's advising the presidential candidates on economic policy. So far, only John Edwards has broken Washington taboos and (quietly) declared that he'd increase the deficit to pay for more social spending.

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US Owes Creditors $9,000,000,000,000.00

That's 65% of GDP (and a good argument for PAYGO) A dubious milestone was passed on Tuesday, November 6, as the U.S. national debt crossed the $9 trillion mark. Don't look now (no one likes a clock watcher), but it's billions more already. At 65 percent of GDP, it could be paid off if every good and service produced in the U.S. from January 1 until September 30, 2008 were given free of charge to the nation's creditors. You can spare that nine months' worth of salary, can't you?

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Responsible Fiscal Action: AARP's Perspective

We commend for your consideration the testimony presented at today's Senate Budget Committee hearing on S. 2063, the Bipartisan Task Force for Responsible Fiscal Action Act of 2007, by William Novelli, CEO of AARP.

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Vote No on Sen. Allard's PART Amendment

The Senate is debating the Labor-HHS-Education appropriations bill today (and probably tomorrow), and Sen. Wayne Allard has introduced a disturbing amendment that would automatically cut the budget of any program that was given an "ineffective" PART rating by the Office of Management and Budget. Under Allard's amendment, any program that is listed as "ineffective" under the PART would be automatically cut by 10 percent, with the amount cut used to pay down the national debt. To see which programs would be cut, see this list of "ineffective" programs on the ExpectMore.gov website: programs rated ineffective. The list includes Even Start, the Perkins loan program, vocational education grants, Upward Bound, the Workforce Investment Act programs for Migrant and Seasonal Farmworkers and Youth, the Substance Abuse Prevention and Treatment Block Grant, and the Healthy Community Access program, among others. But there is a larger issue at play here than where you come down on these programs or the PART itself (and you should come down against it). Congress is granted the authority to appropriate public funds under the Constitution, not the executive branch. Enacting this amendment would transfer that authority to the executive branch, and more specifically to a number of unelected public employees whose sole job is to carry out the policy preferences of the president. Why would any Senator want to vote to give him or herself less power? What's more, imagine the degree or manipulation of future PART scores for programs covered under this bill if this administration (or any future one) knew a rating of "ineffective" would bring an automatic 10 percent cut. Something tells me we would start to see a whole lot more "ineffective" ratings for programs in the Departments of Education, Labor, and Health and Human Services. A vote on the amendment is likely later today or tomorrow morning. Please take 5 minutes to call your Senators offices to tell them to vote no on the Allard amendment to the Labor-HHS-Education bill.

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There's Deficits, and Then There's Deficits

From the good folks over at Angry Bear and Econospeak, a little common sense about the deficit: it's not really going down. The general fund deficit, that is. You see, Social Security revenues are in surplus, and a whole lot of money is being taken out of the flush Social Security trust fund to pay for current government services. This surplus has tremendously contributed to the declining unified deficit, the figure that gets most media attention. See this graph for a good representation.

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If You Were Betting on the Deficit...

...whose numbers would you use? We've noted before (here, here, and here) OMB's propensity to make overly pessimistic projections of the deficit only to claim credit for "great improvements" when the actual deficit numbers are reported at the end of the fiscal year. Being the start of the fiscal year, it's time for the Administration to gaze upon its own unrealisitically high deficit projections and marvel at the reality of comparatively lower FY 2007's actual deficit. Treasury Secretary Henry M. Paulson, Jr.:

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Resources & Research

Living in the Shadow of Danger: Poverty, Race, and Unequal Chemical Facility Hazards

People of color and people living in poverty, especially poor children of color, are significantly more likely...

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A Tale of Two Retirements: One for CEOs and One for the Rest of Us

The 100 largest CEO retirement funds are worth a combined $4.9 billion, equal to the entire retirement account savings of 41 percent of American fam...

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