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The Ledger 06/27/13

The Ledger 06/27/13

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A weekly snapshot of news, views, and economic cues from AEI's Economic Policy team
A weekly snapshot of news, views, and economic cues from AEI's Economic Policy team

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Published by: American Enterprise Institute on Jun 28, 2013
Copyright:Attribution Non-commercial

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09/25/2013

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Subject: Attention, middle class: taxes are going up (AEI Economics Ledger)If you have trouble reading this message, click here to view it as a web page.  Chart of the week: Spending outpaces revenue (by a lot)Podcast of the week: Are less-skilled immigrants a drag or boon to GDP? 
Fiscal policy 
NEW RESEARCH, CHARTS
Six long-run tax and budget realities.
“The middle class, as broadly defined by today's political debate, will bear much of the burden of 
addressing the fiscal imbalance through entitlement benefit cuts and tax increases. Contrary to the beliefsor hopes of some policymakers, the long-run fiscal imbalance cannot be closed solely by taxing the top 2or 3 percent of the income distribution or by gutting safety net programs for 
the bottom 20 percent.”
 
Big government makes us (much) poorer. 
:“F
ederal regulations have lowered real GDPgrowth by 2% per year since 1949 and made America 72% poorer.
 
Rethinking tax breaks for homeowners.
:“O
n balance, there is no clear evidence to
suggest that homeownership causes stronger communities.”
NEW RESEARCH
A new vision for Social Security.
“Denial and hope won't save
retirees and the disabled from a 25% benefit cut when Social Security becomes insolvent in the early
2030s.”
 
Immigration
The Senate approved sweeping immigration reform
on Thursday evening. The legislation now rests inthe House.
 
From the AEI archives: Immigration helps economic growth.
Immigrants fill vitalniches in the labor market; they go where the jobs are; they contribute to innovation and business
creation; they revitalize declining areas; and they slow the aging of the American workforce.”
 
Fed talk 
 
The markets’ bumpy week is ending on a high note,
thanks to Federal Reserve officials calmingmarkets after scares that quantitative easing tapering would begin sooner than expected.
NEW RESEARCH, CHARTS
Troubling taper talk from central banks
Make nomistake about it: right now, tighter money, or the expectation of it, will exacerbate disinflationary trendsand movement toward higher unemployment while increasing the volatility in financial markets. Better toleave well enough alone than to ris
k another global recession.”
 
Don’t hold back.
:“It appears the Fed has now made its second significant error of 
the Berna
nke era, a blunder that merits a thorough thrashing.”
 
Too big to fail 

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