High debt equals low growth, right? That's a widely-held belief among the political class, supported by well-funded bipartisan PR campaigns. But many economists just don't agree.
Differences aside, there is one thing Republicans and Democrats have in common when it comes to their budget proposals: They are both are friendly to baby boomers.
It's going to be a big budget week in Washington. Rep. Paul Ryan (R-WI) released his spending plan today, and the Democrats are set to unveil their federal budget sometime in the next few days. But can the two sides come together and agree?
Throughout the debate about the deficits and debt, you've probably heard a certain metaphor: One that compares the nation
to a household. Well, that metaphor bothers one of the nation's leading economists, Robert Shiller of Yale University.
With the fiscal cliff looming, an all-star group of CEOs wants both parties to get serious about the deficit. The fix they're calling for will be tough for both parties to swallow.
Commentator Robert Reich says lawmakers need to apply the brakes on automatic spending cuts and tax increases set to go into effect at the end of the year or the U.S. may face a new recession.
The Social Security Trust Fund will run out of money three years earlier than previously thought in 2033. As for Medicare, that's still on track to run out of cash in 2024.
