Issue Briefs

Introduction Since the last major Social Security reforms enacted in 1983, every annual Trustees’ report has projected benefits would exceed payroll taxes (plus income taxes on benefits) by 2021 or earlier, and the combined retirement and disability trust funds…

On March 28, President Biden released his budget proposal for the upcoming 2023 fiscal year. Though it has little chance of being enacted in its entirety, the plan will shape the contours of the final spending and revenue policies…

Introduction As the Democratic majority in Congress attempts to finalize their nearly $2 trillion social spending plan, one issue that will soon come into sharper focus is President Biden’s campaign promise not to raise taxes on anyone making…

Introduction The annual Social Security and Medicare Trustees’ reports make numerous economic and demographic assumptions to project the long-term financial status of these two programs. Among these assumptions is the average number of births women will have over their…

Introduction The impact of the Social Security program on the Federal budget has been the subject of much controversy and confusion. Indeed, disagreement between the Social Security and Medicare actuaries resulted in a lengthy addition to the “Statement of…

Part 2: College Students Introduction President Biden’s FY 2022 Budget proposes to spend nearly $1.7 trillion over the next ten years on several new or expanded entitlement programs for children, college students, the elderly, and the disabled.  The budget also…

Introduction As debate in Washington continues over how (or whether) to pay for the latest infrastructure plan, someone will inevitably claim it will pay for itself. (1) Such optimism reflects the belief that government spending creates jobs and grows…

Background Every year the Congressional Budget Office (CBO) issues a long-term budget outlook covering the next 30 years. The last such report was released on March 4, 2021 and covered the 30 years ending in 2051. These reports are not…