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Tuesday, February 12, 2008
DAILY FISCAL POLICY REVIEW -- 02-12-08
Budget:
Funding is Fundamental -- Bush's budget for FY09 recommends ending 103 domestic social programs (listed here), among them the $25 million (read: tiny) Reading is Fundamental (RIF) program... Treasury's explanation: "The White House doesn't quarrel with the program's goals. But it says the funds should be awarded under a competitive, merit-based process rather than automatically given to one non-profit group." OK, but do you need to kill the program first?
One thing you can say about the move -- no nepotism is involved: RIF mentors include the first lady, who once served on its advisory council, and former first lady Barbara Bush, who served on its board of directors. Source: USA Today
Earmarks:
Barely discernible above the din of the stimulus and the budget is the clamoring among "House conservatives [who] continue to push for a unilateral GOP earmark moratorium," per Roll Call today. But some stalwart conservatives are not on board. Rep. Mike Simpson (R-ID) has ridiculed an idea circulating for a unilateral GOP earmarks moratorium:
I think that would be stupid... You don't unilaterally disarm yourself... What bothers me is all the rhetoric ... everyone is talking about. They've now convinced people that earmarks equal wasteful spending. A very small amount are wasteful spending.
Economy:
Recession? Wait, wait, don't tell me.. In his annual economic report, President Bush's forecast of 2.7 percent GDP growth for 2008 is the same as the assumptions in his FY09 budget... But chairman of the president's Council of Economic Advisers Council of Economic Advisors Edward Lazear said:
... the 2.7 percent that you're referring to comes from November. Obviously there have been new data since that point that might alter our forecast that you'll see coming next time... I don't want to foreshadow that or tell you where it's going to be because, obviously, we don't know where we'll be at that point... I don't think we are in a recession right now, and we are not forecasting a recession. "
Inspires confidence...
Posted by Dana Chasin
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