🚨Holy Moly🚨 We're on course to spend $𝟎.𝟗 𝐭𝐨 $𝟏.𝟒 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 on debt cancellation. That's more than we spent ALL higher education spending before 2020, and as much as we are on course to appropriate for TOTAL education over the next decade.

crfb.org/blogs/total-co…

🚨 NEW 🚨 We estimate all recent student debt cancellation policies will cost a combined $870 billion to $1.4 trillion.

That’s more than all federal spending on higher education over the nation’s entire history.

And it's more than all projected education appropriations over the…

At current pace, PCE inflation will be 4% in 2024. That’s lower than I expected given yesterday’s data, so should slightly increase the odds of a rate cut this year (as compared to yesterday).

Graph via Kate Generelli at CRFB.org

PCE inflation is up 2.7% over the past year, including 0.3% last month.

Graph via Joey Garrand at CRFB.org

Really smart healthcare policy and it is preferable to offset all spending when possible given our debt situation. Good effort by Rep. Jodey Arrington to get people used to the idea that we should pay for important things rather than borrow.

youtube.com/watch?v=YhJYl1…

🚨 NEW: On Tuesday, the ten-year Treasury note was 4.7% - up from 4.1% just six weeks ago. The three-month bill is now yielding nearly 5.5%, up from less than 0.1% at the start of 2022.

As a result, federal interest costs are surging and it could lead to a dangerous debt spiral.…

'The growing debt is an issue of generational fairness,' write former MN Reps. Timothy J Penny and David Minge in Star Tribune Opinion.

'With determination, we still believe it is possible to get our debt under control and make smart investments for a better future.'

➡️ Read more at…

📰 NEW in Star Tribune: CRFB Co-Chair Timothy J Penny and Emeritus Member David Minge, both former MN Reps., discuss a worrying #TaxDay reality – more and more of our #incometax payments go toward interest on the #nationaldebt .

They argue our fiscal health hasn't always been this bad…

🚨 NEW 🚨 - The Administration’s new student debt cancellation plan could cost $𝟐𝟓𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐨 $𝟕𝟓𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 over a decade.

Via CRFB.org

crfb.org/blogs/student-…

🚨 NEW 🚨 The Biden Administration's new student debt plan could cost $250 billion to $750 billion, depending on how the hardship and likely to default components are designed.

Elements of the proposed rule released today would cost ~$150 billion. But, the rule still leaves open…

🚨 Tax Fact 🚨 - Revenue in 2023 closely matched post-TCJA projections, once you adjust for inflation. Corporate revenue matched it EXACTLY.

Suggestive that CBO’s score was pretty damn good and tax cuts didn’t pay for themselves. crfb.org/blogs/2017-tax…

💰 So far this fiscal year, 39 cents of every dollar paid in individual income taxes has gone toward interest on the debt. #TaxDay2024 #DebtFacts

🚨New Analysis 🚨 -- If we fix the #SocialSecurity and other trust funds, it would be enough to 𝐒𝐭𝐚𝐛𝐢𝐥𝐢𝐳𝐞 𝐭𝐡𝐞 𝐃𝐞𝐛𝐭 (at too high a level) over the next 30 years and reduce it over the very long term.

Save the Trust Funds, Save the Budget. crfb.org/blogs/trust-fu…

Seniors may get another 3%+ COLA next year.

🚨 NEW: The United States borrowed $1.1 trillion in the first six months of fiscal year 2024, including $236 billion in March, according to the latest Monthly Treasury Statement from Treasury Department.

The following is a statement from Maya MacGuineas: crfb.org/press-releases….

Even if monthly inflation matches the Fed's target for the rest of the year, CPI inflation will total 3% in 2024.

At our current pace, we'll have 4%-4.5% inflation.

🇺🇸 #USBW2024 Analysis of Donald Trump’s 60% Tariff on Chinese Imports ⤵️

Former President and current Republican presidential candidate Donald Trump recently proposed implementing a tariff of 60% or higher on imports from China.

We estimate that once trade behavior is taken…

While a 60% tariff on Chinese goods would raise $2.4 trillion on a static basis, it will dramatically reduce Chinese imports and then could 𝐥𝐨𝐬𝐞 $𝟓𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 under convention scoring.

Trump's 10% baseline tariff could lead the plan to raise up to $300 billion.

Trump's 60% China tariffs could raise as much as $300 billion over a decade...or cost the US $50 billion, depending on how much of a damper higher prices would put on imports.

cc: CRFB.org

🚨NEW ANALYSIS🚨- Donald Trump's proposed 60% tariff on Chinese imports would massively raise tax rates but might generate 𝐧𝐨 𝐧𝐞𝐰 𝐫𝐞𝐯𝐞𝐧𝐮𝐞.

These tax increases will mostly or entirely 𝑢𝑛𝑝𝑎𝑦 𝑓𝑜𝑟 𝑡ℎ𝑒𝑚𝑠𝑒𝑙𝑣𝑒𝑠!

via CRFB.org
crfb.org/blogs/donald-t…