The Peter G. Peterson Foundation (PGPF) always does a press release when the CBO issues one of its budget outlook 10 year projection reports. The PGPF did another in January quoting its President and COO, Michael A. Peterson. Let’s go through that press release and see how many troublesome or false statements we can find. Here’s a breakdown of the press release quotation from Michael Peterson.
Today’s CBO report reminds us once again that our nation has significant fiscal challenges that have yet to be solved.
It certainly does, but I doubt that Peterson and I would agree on what those challenges are. He thinks they have to do with bringing the national debt under control. I think they have to do with creating full employment with a federal job guarantee program, price stability, a robust economy, a great public and free educational system through graduate school, stopping and reversing climate change, providing everybody in, nobody out, no co-pays and no deductibles health care for all, a first class infrastructure, and a greatly expanded social safety net including a doubling of SS benefits.
Posted in Joe Firestone
Tagged austerity, budget projections, CBO, enhanced Medicare for All, Fiscal Gap, Fiscal Policy, High Value Platinum Coin Seigniorage, HR 676, HVPCS, Michael A. Peterson, MMT, Modern Monetary Theory, Peter G. Peterson Foundation, REAL fiscal responsibility, The Body Economic, washington consensus
Joseph M. Firestone and Lambert Strether
(Cross-posted from Naked Capitalism. Our thanks To Yves Smith of Naked Capitalism for permission to Cross-post.)
Many people, and especially Obama supporters, characterize the ACA (ObamaCare) as just starting or a work in progress and then go on to urge that the program will have glitches, needs to be tweaked, isn’t yet fully implemented, and so forth. We think it’s a mistake to see the ACA as just starting. We also think it’s a mistake not to weigh the costs of ObamaCare’s stately three-year progress toward partial coverage for the the American people, and just as important to weigh the opportunity costs.
The ACA was passed in March 2010, incorporating many features designed to meet Republican objections to the Bill. Yet, in the end, Democrats never put Medicare for All on the table, abandoned the public option and many other features, and did not get a single Republican vote in either chamber. Continue reading