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Allison Edwards The Biden Administration will release its first budget tomorrow. Here is what the AAF experts are looking for: How does it all add up? How does the American Rescue Plan, American Jobs Plan, American Family Plan and other presidential proposals alter the budgetary outlook? Is there a strategy to stabilize the debt? The president has been silent on his desired fiscal legacy. What is the goal over the next 4 to 8 years? Is the administration forecasting a Goldilocks economy? Will the budget feature rapid growth and low inflation? If so, how will this be reconciled with already-recognizable inflation pressures and the headwinds of trillions of dollars of proposed tax increases? ....
Andrew Evans In last night’s speech to Congress, President Biden made two important assertions: Funding infrastructure through the American Jobs Plan would boost the economy, and the United States can fund new spending in part through a targeted tax hike on the richest Americans’ capital gains. Two recent AAF pieces explain the difficulties with these assertions. In “Assessing the Biden Promises: Infrastructure, Taxes, and Growth,” AAF’s Director of Fiscal Policy Gordon Gray and AAF President Douglas Holtz-Eakin explain why the American Jobs Plan isn’t likely to boost the economy, even under favorable conditions. In “Tax Policy 101,” Holtz-Eakin argues that knowing the number of people who initially pay a tax explains exactly nothing about who really pays for the tax. ....
The American Rescue Plan: Aid to State and Local Governments Has Strings Attached Allison Edwards The recently enacted American Rescue Plan (ARP) provides state and local governments approximately $362 billion in additional financial assistance despite their improving fiscal situation. This aid, however, also comes with a number of vague restrictions that may complicate the efficient and timely use of these funds, contends AAF’s Director of Fiscal Policy Gordon Gray in a new analysis. Gray concludes: After a year of vocal lobbying, state and localities secured $362 billion in additional funding, paired with a number of restrictions on how those funds can be used. The legislation allows for fairly varied uses of the funds for spending, and grants these governments apparent latitude in some areas while simultaneously highly restricting the disposition of funds in others. These restrictions may complicate the efficient and timely use of these funds and may expose s ....