Across-the-board spending cuts, called sequestration, are now in effect. Sequestration will cut domestic spending on things like education, national parks, air traffic control, and consumer safety protections by about 5 percent and most defense spending by 7.8 percent, according to OMB estimates (many entitlements, including Social Security and Medicaid, will be exempt).
This webpage is devoted to tracking both projected and actual impacts on affected federal programs. It includes original reports and analysis from the Center for Effective Government, as well as links to reports in the media and selected organizations.
2/26/13: As March 1 approaches, across-the-board federal spending cuts, called sequestration, appear almost certain to occur. Republicans and Democrats are not negotiating to resolve the looming crisis. Neither seems sufficiently motivated to compromise. Continue reading “Sequestration Central (Center for Effective Government)”
(This is an expanded version of material that originally appeared in the Oct. 17 print edition of The Washington Post.)
We heard some oldies but goodies in Tuesday night’s feisty debate between President Obama and former governor Mitt Romney. Here are some factual highlights — or lowlights:
“When Governor Romney said we should let Detroit go bankrupt, I said we’re going to bet on American workers.”
“He said that I said we should take Detroit bankrupt. And that’s right. My plan was to have the company go through bankruptcy like 7-Eleven did and Macy’s and Continental Airlines and come out stronger. And I know he keeps saying, you want to take Detroit bankrupt. Well, the president took Detroit bankrupt. You took General Motors bankrupt. You took Chrysler bankrupt. So when you say that I wanted to take the auto industry bankrupt, you actually did.”
“What Governor Romney said just isn’t true. He wanted to take them into bankruptcy without providing them any way to stay open. And we would have lost a million jobs.”
This interesting exchange is drawn from a headline — “Let Detroit Go Bankrupt” — on an opinion article written by Romney for the New York Times. But he did not say that in the article. (He repeated the line, however, on television.) Continue reading “Fact checking the second presidential debate”
Published: October 11, 2012
In these closing weeks of the campaign, each side wants you to believe that it has the right ideas to fix a still-ailing economy. So here’s what you need to know: If you look at the track record, the Obama administration has been wrong about some things, mainly because it was too optimistic about the prospects for a quick recovery. But Republicans have been wrong about everything.
About that misplaced optimism: In a now-notorious January 2009 forecast, economists working for the incoming administration predicted that by now most of the effects of the 2008 financial crisis would be behind us, and the unemployment rate would be below 6 percent. Obviously, that didn’t happen.
Why did the administration get it wrong? It wasn’t exaggerated faith in the power of its stimulus plan; the report predicted a fairly rapid recovery even without stimulus. Instead, President Obama’s people failed to appreciate something that is now common wisdom among economic analysts: severe financial crises inflict sustained economic damage, and it takes a long time to recover. Continue reading “Triumph of the Wrong? – NYTimes.com”
By Jonathan Easley – 09/26/12 01:49 PM ET
President Obama has stretched his lead over Mitt Romney to 6 percentage points nationally, according to the Gallup daily tracking poll released Wednesday.
Obama takes 50 percent support over Romney’s 44 percent.
The president has hit the 50 percent mark only twice before in the poll, most recently after the Democratic National Convention in Charlotte, N.C., earlier this month. Continue reading “Gallup daily poll shows Obama stretching lead to 50-44 over Romney”