Foolish, indiscriminate and badly timed cuts in the federal budget have begun. The primary reason is that Republicans have refused to budge any further on taxes. Still, Democrats must share some of the blame. By failing to propose more specific cuts to entitlement spending, they have forfeited the high ground and allowed a small but critical set of programs to absorb all of the pain.
What do the Roman Catholic Church and the American political system have in common? Both are divided into factions that neither trust nor understand each other, and both confront a crisis of governance.
As the sequester begins, Bipartisan Policy Center’s Task Force on Debt Reduction co-chair Alice Rivlin joined The News Hub to discuss what Washington needs to do to stop lurching from crisis to crisis.
Economists are still divided on the question of whether a higher minimum wage would lead to fewer jobs. But they agree that if there is an effect on employment, it is likely to be small. And while a wage hike would increase consumption among lower-income people, the higher labor costs would also likely raise prices, eating into some of that new spending power.
The old formula held that when government was divided between the parties, the contending sides should try to “meet in the middle.” But the current Republican leadership doesn’t know the meaning of the word “middle,” so intimidated by the tea party has it become.
A not-so-small miracle is unfolding before our eyes. After nearly two decades in which established opinion insisted that it would never again be possible to pass sensible regulations of firearms, the unthinkable is on the verge of happening.