Tag Archives: OMB budget projections

When Will the Senate Budget Committee Majority Ever Learn About Sector Financial Balances?

By Joe Firestone

There are two words that describe the Republicans’ Senate Budget Committee’s proposed budget: “dishonesty” and “austerity” for most Americans. Let’s deal with the dishonesty part first. In due course, the austerity will be apparent.

The Senate Budget Committee’s statement, entitled “A Balanced Budget That Supports Economic Growth and Expands Opportunity for Hardworking Americans,” claims to support stronger economic growth, and provide greater opportunity. We might well ask “how much growth” “growth for whom” and “opportunity for whom?”

Certainly not for me and thee, since the Senate budget projects substantially decreased Federal outlays over the decade 2016 – 2025, compared to the CBO baseline budget. This decreased Federal spending comes from:

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When Will the Congressional Progressive Caucus Ever Learn About Sector Financial Balances?

In addition to the House Budget Committee and OMB budget plans and 2016 – 2025 projections fiscal policy followers have also recently been graced with the effort of the Congressional Progressive Caucus (CPC) proposing their budget plan and 2016 – 2025 projections. The CPC budget proposal is interesting because it is definitely not intended to be an austerity budget. Instead, its authors consciously try both to achieve the goals of “fiscally responsible” low deficit budgets while turning away from austerity and towards achieving full employment, renewed economic growth, economic stability, a strengthened social safety net, greater economic equality, an improved infrastructure, and transportation system, improving the health insurance system beyond the Affordable Care Act, a greener economy, improved education and other progressive goals.

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