Economic Policy Project

About the Project

The Economic Policy Project’s work revolves around a central strategy: to illustrate the unsustainability of current federal fiscal policy, to demonstrate the consequences of inaction, and to create a path toward a comprehensive fiscal plan that would spur economic growth and also stabilize the nation’s debt trajectory.

Social Security Trustees Report: One Year Closer to Insolvency

This morning, the trustees of Social Security released their annual report, which includes an assessment of the program’s financial health. The Social Security actuaries estimate that under current law, the Old-Age and Survivor’s Insurance (OASI) Trust Fund will be depleted in 2034 (one year earlier than projected last year), while the Disability Insurance (DI) Trust Fund will be depleted in late 2016, unchanged from last year.

Social Security trustees report

Military Costs Increased by 42 Percent Over the Past Decade

Washington, D.C. - BPC and the American Enterprise Institute released a chartbook detailing the growth in spending on military personnel since 2001. The new explanatory resource shows that per capita personnel costs paid by the Department of Defense – including pay and health, retirement and other benefits – increased by 42 percent between 2001 and 2012 after accounting for inflation.

$709 billion: The Estimated Cost of Ten of the Largest Tax Expenditures in FY 2014

We recently blogged about the various types of federal tax expenditures, which in total, will cost about $1.4 trillion in Fiscal Year 2014. In this post, we highlight ten of the largest, each of which policymakers will likely need to consider in the context of comprehensive tax reform. 

Tax expenditures: How do they work?

Several recent comprehensive tax reform proposals, including plans put forward by House Ways and Means Chairman Dave Camp (R-MI) and the Bipartisan Policy Center’s Domenici–Rivlin Debt Reduction Task Force, have called for lower corporate and individual rates alongside limiting tax expenditures to broaden the tax base. But what exactly are tax expenditures?