August 30, 2021
ICYMI: Douglas Holtz-Eakin on OMB’s Mid-Session Review
Under the cover of oppressive heat and humidity on a Friday in August, the administration “released” its Mid-Session Review of the Budget. What can one glean from a revision to a document that is irrelevant to an issue that nobody cares about? In his Daily Dish column, AAF President Douglas Holtz-Eakin considers the key takeaways.
The administration continues to be in denial on the budgetary front. It has suppressed the Trustees’ reports that would document that financial danger to Social Security and Medicare and has no plan to fix any of the existing social safety net. Instead, it intends to raise taxes to historic levels to in part fund a massive expansion of the social safety net without addressing the problems presented by either program or the federal debt. And it has decided to declare victory on the economy, even though the only thing it has clearly done is generate inflation that wipes out any increase in wages. But most of all, the administration did not want anyone to notice what is going on.