Iowa Policy Project. Dealing with the Debt: Pieces of the Pie
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1 Iowa Policy Project Dealing with the Debt: Pieces of the Pie
2 Where the money comes from h"p://na(onalpriori(es.org/publica(ons/2011/taxday 2011/revenues/ Taxday 2011 Breakdown of Revenues & Borrowing Na(onal Priori(es Project Northampton, MA 01060
3 Where we borrow Part of borrowing is from government h"p:// U.S. GAO Government Accountability Office
4 More Basics: We chose to reduce our federal revenue. We chose to spend more on national security. We lapsed into a recession from which we have not recovered. Why we borrow Legacy of choices made, and recession
5 Economic Downturn and Previous Policies Drive Large Projected Deficits Why we borrow Layers of deficits: tax cuts and two wars h"p:// Economic Downturn and Bush Policies Con(nue to Drive Large Projected Deficits, Center on Budget and Policy Priori(es, Kathy Ruffing and James R. Horney, May 10, 2011
6 Why we borrow As deficits pile up: tax cuts and two wars Center on Budget and Policy Priori(es
7 Why we borrow Part of it decline in corporate tax h"p://na(onalpriori(es.org/publica(ons/2011/taxday 2011/revenues/ Taxday 2011 Breakdown of Revenues & Borrowing Na(onal Priori(es Project Northampton, MA 01060
8 What is next? Cutting spending but which spending? See h"p:// Robert Greenstein, President, Center on Budget & Policy PrioriJes, Deficit ReducJon: A Review of Key Issues. TesJmony before the Senate CommiQee on Finance United States Congress, July 26, 2011
9 What is next? How about cutting tax expenditures? REDUCING the budget deficit and stopping the explosion of our national debt will require more tax revenue as well as reduced government spending. But the need for more revenue needn t mean higher tax rates. Former Reagan adviser Martin Feldstein, May 2011 h"p:// Mar(n S. Feldstein: Raise Taxes, but Not Tax Rates, The New York Times, May 4, 2011
10 What is next? How about cutting tax expenditures? As the bipartisan fiscal commission appointed by President Obama stressed last year, tax revenues can be increased substantially by limiting the deductions, credits and exclusions that are essentially government spending by another name. Former Reagan adviser Martin Feldstein, May 2011 h"p:// Mar(n S. Feldstein: Raise Taxes, but Not Tax Rates, The New York Times, May 4, 2011
11 Many economists believe that not only can you not take care of the fiscal issues on one side alone. You can t do it it all from revenues, and you can t do it all from spending. A sense of balance: What does that mean to you? Robert Greenstein of the Center on Budget and Policy Priorities made this recommendation to the Senate Finance Committee:
12 A sense of balance: What does that mean to you? Craft a deficit-reduction plan that is balanced and inclusive, affecting domestic programs, defense, and revenues alike. A substantial share of the new revenues should come from scaling back tax expenditures, the more than $1 trillion a year in tax breaks for particular taxpayers. Robert Greenstein, CBPP See h"p:// Robert Greenstein, President, Center on Budget & Policy PrioriJes, Deficit ReducJon: A Review of Key Issues. TesJmony before the Senate CommiQee on Finance United States Congress, July 26, 2011
13 Assure deficit reduction does not increase poverty Beyond balance: Other important principles
14 Do No Harm in Cutting Debt Source: Center on Budget and Policy Priori(es
15 Assure deficit reduction does not increase poverty Beyond balance: Other important principles Recognize that Medicaid changes must be limited to those that actually contain health-care costs Non-defense discretionary spending already is cut by Budget Control Act; avoid further non-defense cuts, which harms key investments
16 Do you favor or oppose a balanced budget amendment to the U.S. Constitution? FAVOR OPPOSE 28% 61% Would you favor or oppose a balanced budget amendment to the U.S. Constitution if that would require a 20% cut in spending on entitlement programs such as Medicare, Medicaid, and veterans benefits? FAVOR OPPOSE 27% 69% False solutions/real choices View solutions in context Based on public informa(on from NBC/Wall Street Journal polling
17 Center on Budget and Policy Priorities National Priorities Project Iowa Fiscal Partnership The Iowa Policy Project More resources
18 Mike Owen Assistant Director IPP The Iowa Policy Project
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