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Congressional Budget Office

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Top Congressional Budget Office Articles see all

Displaying items 1-5
  • On Labor Day, what about labor's fair share?

    For Labor Day, let's talk bluntly about labor's fair share of the profits and of the productivity of the economy. The hard truth is that labor, meaning the wide middle class, is not receiving its fair share. There is no clear-cut reversal of the middle class's declining fortunes in sight and no new ideas on the big radar screen. From the end of World War II until the early '70s, productivity of the economy increased, and wages after inflation also went up. The middle class shared in the fruits of their labor and received a significant portion of the efficiencies of the entire economy. This is no longer the case. Now, there is a huge gap between the substantial increases in efficiency and productivity and the middle-class pay envelope. According to the Economic Policy Institute, productivity went up about 25 percent from 2000 to 2012. How much did compensation increase? Only about 7 percent. Economists measure labor's shares of income versus the income that the owners of capital receive for investing in the inputs � the companies, machines, products, services, innovations, and knowledge � that comprise everything that the economy produces. It should be no surprise that labor's share has been falling. The Bureau of Labor Statistics says labor's share of the total income of the economy has fallen from around 65 percent to about 58 percent recently. Other estimates are just as dire.
  • NO: Public agency serves vets better than the private market

    In 1865, Abraham Lincoln urged the nation "to care for him who shall have borne the battle and for his widow and his orphan." Today, the Department of Veterans Affairs provides free health care to more than 6.2 million veterans, at over 1,700 hospitals,...

    CBO explains jump in VA claims

    America's population of living veterans fell by almost five million, or 17 percent, from 2000 to 2013. So why did the number of veterans drawing disability compensation climb by 55 percent over that period? And why have yearly VA disability payments...

    'Hands off my Medicare' won't close shortfall: Editorial

    'Hands off my Medicare' won't close shortfall: Editorial
    When Paul Ryan, the 2012 Republican nominee for vice president, toured Florida recently to promote his new book, he wasn't just greeted by fans. Protesters summoned by the Democratic Party and allied groups showed up to accuse the House budget chief of...

    8/30: 30-word Rant

    Congress, with a 10 percent approval rating, will return 90 percent of the incumbents to office. This meets the definition of insanity: doing the same thing and expecting a different result. Fair Tax isn't fair. It slashes taxes for the rich and hikes...