This report examines the federal budget outlook and evaluates alternative fiscal policy choices. Official projections of the federal budget surplus have declined dramatically in the past year. Adjusting these measures for the treatment of retirement trust funds, realistic estimates of future tax...

This paper examines the federal budget outlook and evaluates alternative fiscal policy choices. Official projections of the federal budget surplus have declined dramatically in the past year. Adjusting such measures for the treatment of retirement trust funds, realistic estimates of future tax...

Empirical estimates of the effects of fiscal policy tend to be relatively imprecisely estimated. We contend that this is largely due to inadequately controlling for the information set of agents. Given the large increases in government spending on the horizon in the U.S., it is imperative that...

" Keeping the economy strong will require addressing two distinct but related problems. Steadily rising federal debt makes it harder to grow our economy, boost our living standards, respond to wars or recessions, address social needs, and maintain our role as a global leader. At the same time,...