The War On Poverty

“The official poverty rate in the United States, defined as lacking resources for life’s basic needs, was 19% in 1964. It had fallen to 12.1% by 1969, the year Johnson left office. Last year, it stood at 15%.”
— USA Today. … [read more]

Upward Mobility

“Switzerland will decide on June 5 whether to pay its citizens a basic income to replace welfare benefits … Economists like it because unlike welfare benefits, basic income does not phase out if people work. As a result, there is no abrupt disincentive at various income levels the way there is with so many government assistance programs.”
— Chris Low, Chief Economist, FTN Financial. … [read more]

It’s The Economy, Stupid . . .

House Budget Chairman Tom Price just released his draft for the new federal budget (WSJ, Opinion: The GOP’s Budget Test, March 18, 2015).  It sets a blueprint for the federal budget in the coming fiscal year, and will reduce federal spending by $5.5 trillion over the coming decade.  If followed, it will put the federal budget at 18.2% of the U.S. economy by 2024. … [read more]