The House recently passed the Tax Relief for American Families and Workers Act (TRAFWA) of 2024, which aims to provide tax relief to businesses and families with children in a fiscally responsible manner. But, as fellow John W. Diamond’s new commentary explains, if the bill succeeds, it would instead deliver more reckless tax giveaways while further delaying a real effort to deal with the consequences of poor fiscal policy.
Legislative action on the ballooning federal deficit is long overdue. Fellow John W. Diamond proposes a new nonpartisan fiscal commission to bypass congressional inaction on reform.
At least a dozen countries, including the U.S., have suspended funding to the United Nations agency that delivers aid to Palestinian refugees. The cuts fit a long-time pattern of the politicization of refugee aid, write Nicholas R. Micinski and Kelsey Norman.
Nicholas R. Micinski, Kelsey NormanFebruary 1, 2024
Convening war rooms, planning speedy bailouts and raising "house-on-fire" alarm bells: Those are a few of the ways the biggest banks and financial regulators are preparing for a potential default on U.S. debt.
Texas lawmakers must address the misuse of anticipation notes — short-term debt securities used to raise money for public projects, writes John Diamond, the Edward A. and Hermena Hancock Kelly Fellow in Public Finance. Since they don’t require voter approval, politicians could use them to fund unwanted projects, he explains.
The most recent price tag for Biden’s student loan forgiveness plan is an estimated half-trillion dollars or more. Will higher inflation be another cost?
As the Budget Control Act nears expiry, it is important to reflect on its effectiveness — does the BCA provide a framework for curtailing unsustainable deficits and moving to a sustainable fiscal policy? Read the authors' analysis at the Baker Institute Blog.
John W. Diamond, Autumn EngebretsonFebruary 4, 2021
Our current economic situation is not permanent, and laws should not be altered based on the idea that domestic shutdown will last forever. However, we should remain flexible as our economy recovers.
John W. Diamond, Autumn EngebretsonDecember 14, 2020