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Tuesday, April 01, 2008
DAILY FISCAL POLICY REPORT -- April 1, 2008
Economy -- Treasury Unveils Financial Reg. Plan: Treasury Secretary Hank Paulson unveiled the administration's plan for the most sweeping overhaul of the nation's financial institution regulatory structure in over 70 years. But Paulson may have bitten off more than he can chew. The plan does not address the current housing or financial market crises. Wall Street Journal.
Housing -- HUD Secretary Quits: Long-embattled and -investigated HUD Secretary Alphonso Jackson resigned yesterday. His current and past improprieties have long been chronicled here, and here, and here. The AP wire service provides this apt epitaph: "Jackson was capable of ill-advised public comments."
Social Security -- Insurance Companies Causing Backlog: We've noted the Social Security backlog in process claims. But a front-page story in today's NY Times provides a better explanation: insurance companies are forcing many people who file disability claims with them to also apply to Social Security — even people who clearly do not qualify for the government program.
Lax Tax Facts -- IRS Adopts Honor System: The IRS is introducing a new tax collection program this year, replacing what President Bush has called a "highly interventionist" approach with a voluntary one, taking Douglas Shulman, who became the 47th Commissioner of Internal Revenue on March 24, 2008, by surprise on his fourth day on the job. "Juss April Fooling y'all," the President said in a phone call to Shulman right before Schulman was rushed to the hospital with unspecified symptoms.
Posted by Dana Chasin
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