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The Latest Breaking News from CRFB

This ‘economic sugar high’ won’t last, CRFB warns, touting analysis predicting long-term stagnation and $600 billion in annual borrowing through 2028

“An economic sugar high doesn’t mean sustained growth,” says the Committee for a Responsible Federal Budget. This happened in 2017, too, it notes.

Fortune

Trump is bringing in enough revenue from tariffs to cut deficits by $4 trillion over the next decade, CBO says

In just two months, Trump added another $1.5 trillion of deficit reduction in the form of new tariffs, CBO said. Still, the One Big Beautiful Bill Act will raise deficits by $3.4 trillion.

Fortune

‘The nation’s finances have deteriorated’ since Trump took office, CRFB says, gaming out the scenarios up to a $28.5 trillion deficit

The baseline scenario shows cumulative deficits reaching $22.7 trillion by 2035, and that’s if everything goes according to plan.

Fortune

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Here’s How You May Lose $18,100 in Social Security in 2033 and What To Do About It

You could lose up to $18,100 in Social Security by 2033—learn why it’s happening, who’s affected and what steps you can take to protect your benefits.

GOBankingRates

Trump is bringing in enough revenue from tariffs to have a serious impact on the $37 trillion national debt, budget watchdog says

It’s the equivalent of a new payroll tax or a 17% cut in the size of the military, according to a top think tank.

Fortune

Warren Buffett Said Social Security Should Never Be Cut — Now Retirees Face Losing $18,000 A Year Unless Congress Moves Before The Clock Runs Out

Warren Buffett doesn't toss around warnings lightly. But at the 2005 Berkshire Hathaway annual meeting, he made one of his most direct moral declarations: "Anything that would take Social Security payments below their present guaranteed level is a mistake."

Benzinga

Warren Buffett's longtime Social Security warning is coming to fruition, with retirees facing an $18,000 annual cut

The Committee for a Responsible Federal Budget projects that Social Security’s main trust fund will be insolvent by the end of 2032, triggering automatic and painful benefit cuts.

Fortune

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Checking the math on White House, GOP claims about ‘Big Beautiful Bill’ - Roll Call

Republicans say the 'big beautiful bill' will reduce the deficit, but economists say making the tax cuts permanent will do the opposite.

Roll Call

Republican Reconciliation Package Will Lead to $3 Trillion Annual Deficits

A new analysis from the Committee for a Responsible Federal Budget estimates that the national debt will equal nearly 130 percent of GDP by 2034.

Reason

Elon Musk Implausibly Claims 'Competence and Caring' Can Cut the Federal Budget Deficit in Half

The DOGE director wildly exaggerates what can be accomplished by tackling "waste, fraud, and abuse" in government spending without new legislation.

Reason

Keeping These Tax Cuts Is a Bad, Expensive Idea

Everyone loves lower taxes, but cutting them without reducing spending is bad news for the national debt.

Reason

Trump's Plan To Cut Social Security Taxes May Benefit Millions, Especially Top Earners, But Risks Insolvency In Six Years

Trump's plans to eliminate Social Security taxes could affect revenues flowing into OASI and HI trust funds by $1.5 trillion in the next ten years.

International Business Times UK

With Trump's election, extending expiring tax cuts should be 'easy'

But his other economic proposals could offset the savings.

Fortune

Trump’s policies could drain Social Security in just six years, report warns

Retirement program might be forced to cut checks as early as 2031 under Trump’s proposed agenda

The Independent UK

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Fortune

Donald Trump’s policies would drain Social Security’s finances faster, report finds

Under Trump, Social Security’s trust fund would run out three years earlier than currently projected, according to the Committee for a Responsible Federal Budget.

Fortune

Kamalanomics: What businesses can expect in a Kamala Harris presidency

The vice president hasn’t done much to woo Big Business, but many executives would still rather take their chances with her than the alternative.

Kiplinger

Cuts to Social Security Benefits Could Top $21,000 for High-Income Couples

Benefits will be slashed 21% starting in 2033 if Social Security is not fixed, according to a new report. This is how much you could lose in annual benefits.

Los Angeles Times

Michael Hiltzik: Social Security is perfectly healthy, but there’s one easy way to improve it

’Tis the season for hand-wringing over the fiscal condition of Social Security.

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Los Angeles Times

Michael Hiltzik: The stupid and dishonest idea of raising the Social Security retirement age is back

The people who are in the forefront of pushing Social Security "reform" by cutting benefits have gotten pretty good at hiding their intentions behind plausible-sounding jargon and economists' gibberish.

Axios

Why the federal government should join the Fed in the inflation fight

Fiscal policy is missing in the battle against rising prices.

Los Angeles Times

Michael Hiltzik: Would forgiving student debt drive up inflation? Only if you're using lousy math

With a deadline looming in less than two weeks for President Biden to decide what to do about student debt, it shouldn't be surprising that conservatives have been agitating with increasing intensity against relief for the borrowers.

People

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