Budget of the U.S. Government
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Ten Thousand Commandments Executive Summary
Ten Thousand Commandments An Annual Snapshot of the Federal Regulatory State 2020 Edition by Clyde Wayne Crews, Jr. Executive Summary Spending control and deficit restraint are in- ing above $5 trillion by FY 2022, and nearly dispensable to a nation’s stability and long- $7.5 trillion by 2030.5 The national debt term economic health. Yet alarm over lack of now stands at $23.2 trillion, up more than spending restraint under President Donald $2 trillion since 2018.6 Trump’s administration, even with the ben - efit of a healthy economy, has not stemmed As imposing as that is, the cost of govern- disbursements.1 Without significant changes, ment extends even beyond what Washington more will soon be spent on debt service than collects in taxes and the far greater amount on the entire defense budget, especially as in- it spends. Federal environmental, safety and terest rates rise.2 Meanwhile, magical think- health, and economic regulations and inter- ing that government outlays create wealth is ventions affect the economy by hundreds of now fashionable among emboldened progres- billions—even trillions—of dollars annu- sives who advocate Medicare for All, a Green ally. These regulatory burdens can operate New Deal, and a guaranteed national income, as a hidden tax.7 Unlike on-budget spend- while supposed fiscal conservatives have lost ing, regulatory costs caused by government the appetite for addressing spending.3 are largely obscured from public view. As the least disciplined aspect of government In March 2019, the White House budget activity, regulation can be appealing to law- proposal requested $4.746 trillion in outlays makers. -
A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation
U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities A Financial System That T OF EN TH M E A Financial System T T R R A E P A E S That Creates Economic Opportunities D U R E Y H T Nonbank Financials, Fintech, 1789 and Innovation Nonbank Financials, Fintech, and Innovation Nonbank Financials, Fintech, TREASURY JULY 2018 2018-04417 (Rev. 1) • Department of the Treasury • Departmental Offices • www.treasury.gov U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation Report to President Donald J. Trump Executive Order 13772 on Core Principles for Regulating the United States Financial System Steven T. Mnuchin Secretary Craig S. Phillips Counselor to the Secretary T OF EN TH M E T T R R A E P A E S D U R E Y H T 1789 Staff Acknowledgments Secretary Mnuchin and Counselor Phillips would like to thank Treasury staff members for their contributions to this report. The staff’s work on the report was led by Jessica Renier and W. Moses Kim, and included contributions from Chloe Cabot, Dan Dorman, Alexan- dra Friedman, Eric Froman, Dan Greenland, Gerry Hughes, Alexander Jackson, Danielle Johnson-Kutch, Ben Lachmann, Natalia Li, Daniel McCarty, John McGrail, Amyn Moolji, Brian Morgenstern, Daren Small-Moyers, Mark Nelson, Peter Nickoloff, Bimal Patel, Brian Peretti, Scott Rembrandt, Ed Roback, Ranya Rotolo, Jared Sawyer, Steven Seitz, Brian Smith, Mark Uyeda, Anne Wallwork, and Christopher Weaver. ii A Financial System That Creates Economic -
Diversity in the Legal Profession
Diversity In The Legal Profession: The More Things Change, The More They Stay The Same – Until They Don’t The stated desire to address the diversity imbalance may give way to real change if peoples’ wallets depend on it. French writer Alphonse Karr famously wrote “plus ça change, plus c’est la même chose” – the more things change, the more they stay the same. This often seems true in the legal industry, especially when it comes to chronic challenges and the shared desire to bring about positive change. David recently attended HBR Consulting’s Legal Lab, an annual gathering of select industry leaders brought together by HBR (David serves on HBR’s Advisory Board). This year’s Legal Lab included individuals holding a diverse set of roles at law firms, law departments and technology companies, and addressed four key areas influencing the industry: law departments, large law firms, talent management and staffing, and technology. As expected, numerous challenges and opportunities were discussed, and the discourse was transparent and refreshing. Notably, one issue surfaced in every discussion, and throughout the event: diversity and inclusion. Nearly every participant discussed the industry’s need to create more diverse and inclusive workplaces, at firms and companies, and the benefits that would accompany such a change. Those same leaders agreed that despite decades of effort, no firm or company had cracked the code toward moving the needle. Many articles have discussed the disappointing statistics of legal industry diversity. For an overview, see the following, among many others: Americans Rank Law Firms Dead Last In Commitment To Diversity Minorities In The Legal Profession Have Barely Increased Since 2000 In summary, despite two decades of extensive efforts, gender and other diversity at the partner and GC level is essentially unchanged. -
Capital Markets
U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Capital Markets OCTOBER 2017 U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Capital Markets Report to President Donald J. Trump Executive Order 13772 on Core Principles for Regulating the United States Financial System Steven T. Mnuchin Secretary Craig S. Phillips Counselor to the Secretary Staff Acknowledgments Secretary Mnuchin and Counselor Phillips would like to thank Treasury staff members for their contributions to this report. The staff’s work on the report was led by Brian Smith and Amyn Moolji, and included contributions from Chloe Cabot, John Dolan, Rebekah Goshorn, Alexander Jackson, W. Moses Kim, John McGrail, Mark Nelson, Peter Nickoloff, Bill Pelton, Fred Pietrangeli, Frank Ragusa, Jessica Renier, Lori Santamorena, Christopher Siderys, James Sonne, Nicholas Steele, Mark Uyeda, and Darren Vieira. iii A Financial System That Creates Economic Opportunities • Capital Markets Table of Contents Executive Summary 1 Introduction 3 Scope of This Report 3 Review of the Process for This Report 4 The U.S. Capital Markets 4 Summary of Issues and Recommendations 6 Capital Markets Overview 11 Introduction 13 Key Asset Classes 13 Key Regulators 18 Access to Capital 19 Overview and Regulatory Landscape 21 Issues and Recommendations 25 Equity Market Structure 47 Overview and Regulatory Landscape 49 Issues and Recommendations 59 The Treasury Market 69 Overview and Regulatory Landscape 71 Issues and Recommendations 79 -
Section 10 – Overview of the Budget Process
SECTION 21—OVERVIEW OF SCORING LEGISLATION SECTION 21—OVERVIEW OF SCORING LEGISLATION Table of Contents 21.1 What is scoring? 21.2 When does scoring occur during the budget process? 21.3 What are the basic concepts I need to know to score legislation? (a) Overview of budget laws (b) Definition of discretionary spending (c) Definition of mandatory spending (d) Committee of jurisdiction (e) How are scoring estimates measured? (f) Economic and technical assumptions (g) Scoring timeframes 21.4 What are the budget enforcement mechanisms for discretionary and mandatory spending? (a) Caps on discretionary spending (b) Pay-as-you-go for mandatory spending (c) Congressional enforcement procedures 21.5 What resources are available to help me score legislation? 21.6 When are scores of legislation due to OMB? 21.1 What is scoring? Scoring is the process of estimating the change in Government spending and collections resulting from enacted or proposed legislation, compared to what would happen in the absence of that legislation. These estimates are prepared both to inform policy makers of the budgetary effects of proposed legislation, and to inform congressional and statutory budget enforcement procedures. 21.2 When does scoring occur during the budget process? Scoring occurs typically during budget formulation, the consideration of proposed legislation, and after a law has been enacted. Budget formulation. As part of the budget formulation process, agencies submit baseline program levels and discretionary, mandatory, and governmental receipt proposals to OMB for consideration. Agencies work with OMB to determine the effect of proposals on budget authority, collections, and outlays based on the Administration’s economic and technical assumptions. -
Uncontrollable Spending Has Been Growing Much More Rapidly Than Total Spending and Thus Accounts for an Ever-Larger Share of the Total
How much spending is uncontrollable? Spending is generally said to be uncontrollable for political rather than legal reasons. Entitlement spending can always be controlled legally by reforming programs, but when an entitlement is extremely popular, reform may require more political courage than is readily available. The federal budget divides government spending into three categories, discretionary spending, mandatory or direct spending, and net interest. Discretionary spending, set in annual appropriations acts controlled by the House and Senate Appropriations Committees, includes most defense programs as well as spending for education, transportation, environmental protection, law enforcement and border security, and international assistance. Mandatory spending, controlled by laws other than appropriations act, includes spending on entitlement programs including the big three—Social Security, Medicare, and Medicaid—and many smaller programs such as supplemental nutrition assistance, federal civilian and military retirement benefits, and unemployment insurance. Government spending on mandatory programs (often called entitlement programs), and net interest on the public debt are often described as “uncontrollable.” Entitlements can be controlled legally by reforming them, but this can be highly unpopular politically. Interest costs can be controlled indirectly by curbing spending growth or raising revenues, but that is also never easy. Uncontrollable spending has been growing much more rapidly than total spending and thus accounts for an ever-larger share of the total. However, most growth has been concentrated in entitlements that serve the elderly and in health insurance. The population has been aging rapidly, and that affects both Social Security and health programs. The latter have grown doubly rapidly because health costs per beneficiary have been growing faster than incomes per capita. -
“Strategic Extremism”: How Republicans and Establishment Democrats Use Identity Politics to Divide and Rule
ﺍﻓﻐﺎﻧﺴﺘﺎﻥ ﺁﺯﺍﺩ – ﺁﺯﺍﺩ ﺍﻓﻐﺎﻧﺴﺘﺎﻥ AA-AA ﭼﻮ ﮐﺸﻮﺭ ﻧﺒﺎﺷـﺪ ﺗﻦ ﻣﻦ ﻣﺒـــــــﺎﺩ ﺑﺪﻳﻦ ﺑﻮﻡ ﻭ ﺑﺮ ﺯﻧﺪﻩ ﻳﮏ ﺗﻦ ﻣــــﺒﺎﺩ ﻫﻤﻪ ﺳﺮ ﺑﻪ ﺳﺮ ﺗﻦ ﺑﻪ ﮐﺸﺘﻦ ﺩﻫﻴﻢ ﺍﺯ ﺁﻥ ﺑﻪ ﮐﻪ ﮐﺸﻮﺭ ﺑﻪ ﺩﺷﻤﻦ ﺩﻫﻴﻢ www.afgazad.com [email protected] ﺯﺑﺎﻧﻬﺎی ﺍﺭﻭﭘﺎﺋﯽ European Languages by T.J. COLES 15.07.2019 “Strategic Extremism”: How Republicans and Establishment Democrats Use Identity Politics to Divide and Rule Photograph Source: Tyler Merbler – CC BY 2.0 As we know, both the Republican Party and the Democratic Party are bought, sold, and paid for by big business. For that reason, both have a history of avoiding the issues that are common to Americans of all political persuasions. Addressing such issues would undermine the profits of big business. They include free healthcare, living wages, quality work, secure pensions, unionization, etc. In order to protect the profits of their business investors, both parties focus on the cultural differences between Americans. As campaigning for the election 2020 gets underway, we www.afgazad.com 1 [email protected] can expect the Trump-led Republican Party to increase its inflammatory nonsense in a deliberate effort to mobilize right-wing voters. We can also expect the culturally “liberal” mainstream media to happily take the bait and make Trump’s cultural illiberalism a big issue. As mega-corporations, they also want to avoid real issues. Until Trump came along, the Republican Party whipped up support among Evangelical Christians by appealing to “moral” issues like abortion (as if free healthcare, for instance, isn’t a moral issue). Because Trump obviously isn’t a Christian, it would have been harder to sell him to Evangelical voters were it not for his platform of Islamophobia. -
Federal Mandatory Spending for Means-Tested Programs, 2009 to 2029
JUNE 2019 Federal Mandatory Spending for Means-Tested Programs, 2009 to 2029 Means-tested programs (which provide cash payments growth rates have been adjusted to exclude the effects of or other forms of assistance to people with relatively low shifts in the timing of certain federal payments.3 income or few assets) currently account for a little more than a quarter of all mandatory spending.1 The largest Comparing Historical and Projected means-tested mandatory programs are Medicaid, the Growth Rates earned income and child tax credits (which are refund- Historical and projected growth rates are affected by able and thus affect outlays), the Supplemental Nutrition changes in law and the economy. For example, several Assistance Program (SNAP), and the Supplemental mandatory programs have been or are scheduled to be Security Income program. The largest non–means- significantly affected by changes specified in law over the tested mandatory programs are Social Security, most of next 10 years. The 2007–2009 recession and the ensuing Medicare, and the federal civilian and military retirement recovery also have influenced growth rates. As a result, programs. important aspects of the programs may differ signifi- cantly from their past, and those differences may be the In its May 2019 baseline, the Congressional Budget Office projected that if current laws generally remained the Low Income Home Energy Assistance Program), which are unchanged, mandatory spending on means-tested pro- controlled by annual appropriation acts. However, each table grams would grow more slowly than spending for non– shows discretionary spending for the Federal Pell Grant Program means-tested programs. -
Blueprint for Balance: a FEDERAL BUDGE T F OR FY 20 18
Blueprint for Balance: A FEDERAL BUDGET FOR FY 2018 The Heritage Foundation © 2017 by The Heritage Foundation 214 Massachusetts Avenue, NE Washington, DC 20002 (202) 546-4400 | heritage.org All rights reserved. ISBN: 978-0-89195-163-6 Contents Contributors .................................................................................................................................................... ix Introduction: Blueprint for Balance ........................................................................................ 1 Chapter 1: Policies for a Congressional Budget ........................................................... 5 Chapter 2: Budget Proposals ..........................................................................................................13 Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Repeal the USDA Catfish Inspection Program ........................................................................................16 Eliminate the Conservation Technical Assistance Program..................................................................17 Eliminate the Rural Business Cooperative Service.................................................................................18 Prohibit Funding for National School Meal Standards ............................................................................................ and the Community Eligibility Provision 19 Withhold Funding for Federal Fruit and Vegetable Supply Restrictions ............................................20 Repeal -
Department of Education Funding: Key Concepts and FAQ
Department of Education Funding: Key Concepts and FAQ Updated February 19, 2019 Congressional Research Service https://crsreports.congress.gov R44477 Department of Education Funding: Key Concepts and FAQ Summary Like most federal agencies, the Department of Education (ED) receives funds in support of its mission through various federal budget and appropriations processes. While not unique, the mechanisms by which ED receives, obligates, and expends funds can be complex. For example, ED receives both mandatory and discretionary appropriations; ED is annually provided forward funds and advance appropriations for some—but not all—discretionary programs; ED awards both formula and competitive grants; and a portion of ED’s budget subsidizes student loan costs (direct loans and loan guarantees). As such, analyzing ED’s budget requires an understanding of a broad range of federal budget and appropriations concepts. This report provides an introduction to these concepts as they are used specifically in the context of the congressional appropriations process for ED. The first section of this report provides an introduction to key terms and concepts in the federal budget and appropriations process for ED. In addition to those mentioned above, the report includes explanations of terms and concepts such as authorizations versus appropriations; budgetary allocations, discretionary spending caps, and sequestration; transfers and reprogramming; and matching requirements. The second section answers frequently asked questions about federal funding for -
“Mandatory" Knowledge: Truths About Government Spending 1
Center Forward Budget Basics “Mandatory" Knowledge: Truths Vol. 1, No. 2 About Government Spending April 2011 (updated March 2012) Overview Key Facts The intense spotlight on government support for public radio, Planned Total federal spending for fiscal 2011: Parenthood and, until recently, earmarks, may have created the impression that $3.598 trillion most government spending goes to programs like these. In truth, 60% of government spending goes to benefit individuals—such as seniors, veterans and Amount of mandatory spending: unemployed workers—under so-called “mandatory” spending. $2.025 (56% of total) Amount of discretionary spending: What’s “mandatory” spending? $1.346 trillion (37% of total) Net interest on the national debt: “Mandatory” spending is money the government must spend because of laws $227 billion (6% of total) defining who is “entitled” to get government money and in what amount (hence, “entitlements”). For example, the Social Security Act guarantees any American Top sources of mandatory spending in over age 62 benefits according to a formula fixed by law. If more people reach age fiscal 2011: 62 and want benefits (which is in fact happening), spending automatically rises. Social Security: $725 billion The only way to stop these increases is to change who gets the money—i.e. by Medicare: $560 billion raising the retirement age—or the amount people get—i.e. by cutting benefits. Medicaid: $275 billion Other examples of mandatory spending include: Unemployment insurance: $159 Medicare (available to anyone over 65 or anyone who is disabled); billion Medicaid and food stamps (available to anyone whose income is low Top sources of discretionary spending enough to qualify); in fiscal 2011: Unemployment insurance; and National defense (including wars in Veterans’ benefits. -
Federal Spending on Benefits and Services for People with Low Income: in Brief
Federal Spending on Benefits and Services for People with Low Income: In Brief Gene Falk Specialist in Social Policy Karen E. Lynch Specialist in Social Policy Jessica Tollestrup Specialist in Social Policy February 6, 2018 Congressional Research Service 7-5700 www.crs.gov R45097 Federal Spending on Benefits and Services for People with Low Income: In Brief Contents Introduction ..................................................................................................................................... 1 Trends in Spending on Federal Benefits and Services for People with Low Income ...................... 2 Federal Spending on Benefits and Services for Low-Income People by Category ......................... 2 Mandatory and Discretionary Spending .......................................................................................... 4 Federal Spending on Benefits and Services for Low-Income People by Program .......................... 5 Figures Figure 1. Federal Spending on Benefits and Services for People with Low Income, FY2008-FY2016 .......................................................................................................................... 2 Figure 2. Federal Spending on Benefits and Services for People with Low Income, Health and Non-health, FY2008-FY2016 ................................................................................................ 4 Figure 3. Federal Spending on Benefits and Services for People with Low Income, by Budget Classification, FY2016 ...................................................................................................