A BRAC Commission to Plug the Fiscal Hole?

A BRAC Commission to Plug the Fiscal Hole?

A BRAC Commission to Plug the Fiscal Hole?

A BRAC Commission to Plug the Fiscal Hole?

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Oct 17, 2024

Oct 17, 2024

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Over at Cato, Romina Boccia has an article giving an overview of various approaches to tackle the deficit. The last serious attempt was the ill-fated Simpson-Bowles commission.

However, Boccia correctly notes that the commission had many problems. The commission's report was not even brough up for a vote in Congress. The process had no way to force Congress to act on recommendations, and so simply letting Congress decide whether to vote for it was doomed from the start in an era of political gridlock and partisanship.

Therefore, she proposes an approach modeled on the BRAC process, the famous Base Realignment and Closure work Congress overtook in the 1990s, which has become famous since.

She argues, convincingly, that BRAC worked where Simpson-Bowles didn't, because of the way it was set-up. The first is that "the BRAC commission consisted of independent experts, not elected officials." More importantly, in our view, was the fact that "Its recommendations were self-executing, so long as the president approved, and unless Congress voted them down in a joint resolution of disapproval—a high bar that ensured action unless there was overwhelming opposition."

We may have to resort to something like this.

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Chart of the Day

This was already a source of worry in 2009: the "K-shaped recovery," that is to say, during the recovery, the wealthy recover more while the middle class and lower class do worse.

Meme of the Day

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