Bush Tax Cuts

$20 Million Wasted for PR

Aug 12, 2003 by Guest Blogger

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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Disturbing Pattern Emerging on Government Budget Analyses

When it comes to federal tax and budget policy, it is essential that good forecasts and good estimates exist on the effects of policy options. Unfortunately, the current administration is showing a propensity to conceal and selectively release budget information when it suits their narrow political agenda.

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Watcher Articles

Jul 29, 2003 by Guest Blogger

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A Forward Look at the Budget

How long can OMB's Rosy Scenario keep telling those pretty lies?

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Federal Deficit Over $450 Billion

Jul 15, 2003 by Guest Blogger

OMB today released its mid-session review, which updates budget and deficit projections.

The deficit is now projected to be $455 billion (4.2% of GDP) for FY 2003, and $475 billion next year.

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Budget Woes Trickle Down

Jul 15, 2003 by Guest Blogger

"Hard-Hit State and Local Governments Say Bush and Congress Left Them to Make Cuts, Raise Taxes"

Interesting article in the Washington Post that links federal tax cuts to the state fiscal crises in Massachusetts.

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State Supported Colleges and University See Massive Tuition Increases

States continue to feel the impact of low revenue and a lack of support from the federal government. As a result, many state-supported colleges and universities have seen dramatic budget cuts in recent years. In an effort to minimize the damage, colleges and universities are approving skyrocketing tuitions. An informal scan of recent headlines (see below) shows some of the steep increases, with most in the double digits extending up to 28%.

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Economy and Jobs Watch: Unemployment Up, Minimum Wage Down

Unemployment Up

The first week in July brought more bad news about the weak labor market. The Bureau of Labor Statistics announced that the unemployment rate for June rose by 0.3 percentage points to 6.4 percent - a nine year high. Total employment declined this last month for the fifth straight month, with 30,000 lost jobs. Since the start of the recession, total employment has declined by 2.6 million and the private sector has lost 3.1 million jobs. This may be the first administration since Hoover’s where total employment has dropped.

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LOW-INCOME FAMILIES STILL BEING HELD HOSTAGE

Extension of the child tax credit remains stalled with the House determined to add more deficit-deepening tax cuts.

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END OF THE FISCAL YEAR: HOW ARE STATES DOING?

The National Governors Association and National Association of State Budget Officers published a sobering report from their latest fiscal survey. The new is very bad indeed. The report finds:

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