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BlogWatch: Iraq, Taxes & America's... | |
By bhallowell on May 13th, 2008
Over at the CBO Director's Blog, discussion centers around the advantages and disadvantages of implementing a capital budget at the federal level. The CBO's director -- Peter R. Orszag -- summarizes a report from CBO that focuses on this proposal. According to Orszag, "Such an approach—which would move from the current, primarily cash-based budgeting system to one that relies more on accrual-based accounting—would be similar to private-sector accounting in that it would spread capital costs over the period when benefits are accruing from the investment." And over at the Economist Mom blog, there is a great deal of chatter about the gas tax, America's long-term fiscal challenge, and fiscally-responsible tax cuts. This is a brand-new blog from the chief economist of the Concord Coalition -- a Facing Up to the Nation's Finances partner organization, so be sure to check it out. The Hill's Congress blog covers a story from OMB Watch about funding for the wars in Iraq and Afghanistan. Taking issue with the idea that monies allocated for these wars have been secured outside of the normal budget process, OMB Watch says the following: "So, five years to the month after “mission accomplished,” after half a trillion dollars in war spending through supplementals, maybe it’s time to focus attention on a budget reform proposal that has been circulating in Washington for, well, at least five years." And on the same blog, GOP Senator Olympia Snowe takes aim at both Congress and the Bush Administration, as she takes issue with the fact that the Social Security Administration has allegedly been deprived of the resources it needs to operate effectively. According to Sen. Snowe, "…the Agency has been unable to hire new employees to replace the 10 percent of its workforce that has retired in just the last two years." OMB Watch also published a highly useful list of some of the fiscal issues that Congress will be taking on prior to Memorial Day Break. Subjects Congress will be dealing with include: the budget, war funding, taxes, and housing. That's all for today. Come back soon for more. 1 comment on this entry
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Changing Expectations
»A new report finds the main problem in getting the public to deal with our fiscal problems isn't opposition to tax increases or spending cuts -- it's their lack of trust in the government to spend their money wisely. |
Re: BlogWatch: Iraq, ...
Taxes are given by the people to the government and the government’s duty is to give back the taxes to people by making projects for the betterment of the country and for the people as well. But because of the crisis that we are facing some people think that taxes are created just to add burden to the people. Today, Barack Obama is trying to get a plan in motion to get you some extra cash on payday so you won't need a payday loan. He's putting forth a tax cut and the Make Work Pay credit, as he calls it. The current administration's efforts to get the economy back on track haven't been helping so far, and he wants to get right into the middle of it to get things back on track. As with anything, the future isn't clear, and impossible to tell exactly - but since the mortgage and credit crunch have arrived, things have been getting worse and the need for a payday loan has increased. Obama is hoping that bigger checks on payday will restore consumer confidence so you won't need to take out a payday loan.