Last week, we saw the first administration-authored, publicly released surface transportation bill since 2003. In examining the arc of national transportation policy over the last several years, most observers might be dismayed. We have yet to solve what now seems like a perpetual funding problem, we have not passed long-term multi-year highway and transit legislation for almost a decade, and the reforms that did occur in Moving Ahead for Progress in the 21st Century (MAP-21) struck many as insufficient. The administration’s proposal - Generating Renewal, Opportunity, and Work with Accelerated Mobility, Efficiency, and Rebuilding of Infrastructure and Communities Act – is not likely to solve any of these problems.
Over the last few years, the president, lawmakers on both sides of the aisle, and BPC have all offered proposals to update or replace the Earned Income Tax Credit (EITC). We recently blogged about the EITC’s current structure and its advantages and drawbacks. In this post, we’ll detail some of the proposals for reform or replacement, including:
On May 7, the Financial Stability Oversight Council (FSOC) will meet in open session to consider ways to increase its transparency. We applaud the FSOC for focusing on this important issue. Boosting the Council’s transparency would be an important step in increasing its effectiveness.
In an April 29 decision, the Supreme Court of the United States ruled in favor of the U.S. Environmental Protection Agency (EPA) and overturned the lower court’s decision on the power sector air quality rule known as the Cross State Air Pollution Rule (CSAPR) -- which implements the “good neighbor provisions” of the Clean Air Act and deals with pollution that blows across state lines and causes downwind states to exceed air quality standards.
Liquidity and the Role of the Lender of Last Resort - Speech at the Brookings Institution
By Ben Bernanke, Distinguished Fellow in Residence, the Brookings Institution
Labor Day, or International Workers’ Day, is celebrated around the world on May 1, commemorating civil unrest and the fight for worker’s rights in the late 19th century. In Turkey, Labor Day has a history of unrest and violence. In 1977, 34 people were killed during Labor Day activities in Taksim Square, when unknown assailants opened fire on a crowd. Since then, this day has been marked with tension, notably over access to Taksim, and has often seen clashes between police and demonstrators.
As Congress continues to consider an overhaul of the federal tax code, a key priority must be to protect and expand federal support for the Low-Income Housing Tax Credit.
Turkey’s March 30 local election, with the ruling Justice and Development Party earning 45.5 percent of the vote, revealed a country deeply divided. How Prime Minister Recep Tayyip Erdoğan interprets these results will determine how he approaches the upcoming presidential and parliamentary elections and whether he pursues a policy of conflict or compromise: continuing the repressive practices that characterized the lead-up to the local elections or abandoning them now that he’s secured his party’s rule.
Innovation: The Government Was Crucial After All
By Jeff Madrick, New York Review of Books
“Both government research and entrepreneurial capital are necessary conditions for the advance of commercial innovation. Neither is sufficient. But the consensus among many economists and politicians doesn’t seem to acknowledge an equal role for government.”
Today, the U.S. Department of Homeland Security (DHS) released an updated estimate of the unauthorized immigrant population. As of January 1, 2012, DHS estimated that 11.4 million unauthorized immigrants were in the country. By comparison, the Pew Research Center’s commonly-cited estimates suggest that about 11.7 million unauthorized immigrants were in the country as of March 2012.