An examination of the costs and benefits of cutbacks in federal aid to state and local governments during the 1980s, concluding that less reliance on federal funds may result in long-term benefits.

An argument that despite ballooning federal debt levels, no proof exists that government budget deficits are related to interest rates or real exchange rates, and that the size and composition of the government's budget are at least as critical as the federal deficit in determining the nation's...

A look at how four trends in the U.S. economy -- high taxes, low savings rates, an aging population, and astronomically high health care costs -- could constrain Americans' living standards over the next few decades.

An examination of possible ways in which large, persistent federal budget deficits could cause inflation through action on money-stock growth, velocity, and real gross national product (GNP).

An examination of the budgetary and economic effects of federal credit and insurance programs, highlighting the problems inherent in making federal budget deficits the centerpiece of fiscal decisionmaking.

A contention that the federal government's deficit reduction efforts would be greatly aided by extending the Budget Enforcement Act of 1990 through 1996, maintaining distinctions among different categories of discretionary spending, and introducing caps on mandatory expenditures.

The United States has run a current account deficit for the past 20 years, and, as a consequence, foreigners now hold unprecedented financial claims on the United States. At some point, foreigners will become reluctant to hold these claims and will set into motion a series of corrective economic...

An analysis of the subtle economic issues at the heart of U.S. Senator Moynihan's proposal to slash Social Security taxes, based on an examination of the nature of the Social Security system itself and whether it is more like a pension plan or a tax and transfer system.

A look at the Clinton administration's first piece of budget legislation--the Omnibus Budget Reconciliation Act of 1993 (OBRA93)--showing that although it appears to be more successful than OBRA90, its Bush administration predecessor, it may still be subject to the same type of unanticipated...