Monthly Newsletter – May 2019
Issue Briefs
The $2 Trillion Congressional Democrat and White House Infrastructure Proposal

Congressional Democrats and the White House agreed to spend $2 trillion on public infrastructure but have not specified how it will be spent or how it will be financed. For this analysis, we allocate spending proportional to the proposal in the 2018 Senate Democrats’ Jobs and Infrastructure Plan for America’s Workers and we consider three financing mechanisms: higher deficits, user fees and an additional federal gas tax.
Blog Posts from Economic Matters
The Implications of Increasing College Attainment for Aging in General Equilibrium

PWBM economist, Daniela Costa, coauthored a paper published by the Federal Reserve Bank of Minneapolis titled, Implications of Increasing College Attainment for Aging in General Equilibrium.
The Expansion of the EITC Across States

An interactive map shows the history of state-level expansion of the Earned Income Tax Credit (EITC) across the United States. States with Democrat governments and Democrat-Republican mixed governments are more likely to expand state-level EITC programs.
Effects of the Closure Rule in PWBM’s Dynamic OLG Model

The closure rule is a necessary model assumption that prevents the debt-to-GDP ratio from exploding in the long-run. Imposing the closure rule in 2050, 2060 or 2070 produces similar results for macroeconomic variables over the next two decades, suggesting that our results are not sensitive to the exact assumption, provided that it far enough into the future.
Upcoming PWBM Events
PCaMS: Daniela Viana Costa - Structural Transformation and Labor Productivity in Brazil

Daniela Viana Costa, an Economist at PWBM, will present on Structural Transformation and Labor Productivity in Brazil as part of PWBM's Computational and Macroeconomics Semiars (PCaMS).
Bloomberg Tax: Preparing Multinationals for a Changing Tax Landscape - Economic Policy Outlook

PWBM’s Richard Prisinzano will speak at the session titled Economic Policy Outlook.
Recent PWBM Events
Social Security Advisory Board - Informing Policy: A Review of Social Security's MINT Microsimulation Model

Modeling Income in the Near Term (MINT) helps policymakers understand the effects of changes to benefits and payroll taxes. On May 30, 2019, the Social Security Advisory Board hosted a policy forum to review the MINT model.  PWBM’s Jagadeesh Gokhale spoke.
PCaMs: Brandon M. Pizzola - Carbon Regulations vs. a Carbon Tax: A Comparison of the Macroeconomic Impacts

Brandon Pizzola, Senior Manager with EY Quantitative Economics and Statistics, presented on Carbon Regulations vs. a Carbon Tax: A Comparison of the Macroeconomic Impacts as part of PWBM's Computational and Macroeconomics Semiars (PCaMS).
49th Annual Spring Symposium Program - Certain Uncertainty: Tax Policy in Unsettled Times

PWBM was a sponsor of the NTA's 49th Annual Spring Symposium. PWBM's Jagaseesh Gokhale spoke at the session titled Overlapping Generation Model Roundtable Model Comparisons from a Stylized Social Security Experiment.
National Federation of Municipal Analysts - 36th Annual Conference

PWBM’s Richard Prisinzano spoke at the session titled Millionaire Migration or Merely a Mirage?
2019 Annual Report

Our nation, in numbers. Big things happened in 2018: Following the data will reveal the impact in the coming years.

How a US-China trade war might impact individual states

The impact of the tariff battle between the United States and China will vary at the state level, as each state has a different trading relationship with China.

Asylum in the United States: How the case backlog grew to hundreds of thousands

USAFacts gives a look at the growing asylum backlog and where the asylum seekers are coming from.
Representative Media Mentions
5/24/19 - Politico
Trump's Nowhere Market

5/21/19 - Committee for a Responsible Federal Budget
Deficit-Financed Infrastructure Spending Could Harm Economy

5/16/19 - CNBC
Trump’s tariffs are equivalent to one of the largest tax increases in decades

5/7/19 - Poets & Quants
With $15M Gift, Wharton Launches Analytics Department

5/6/19 - The Hill
Rising debt imperils Trump, Dem hopes on infrastructure

5/2/19 - Forbes
USAFacts Report Highlights Shifting U.S. Demographics: Median Age Rising, Increase In 65+ Employment

4/25/19 - Brookings
Estimating the impact of Fiscal Therapy proposals
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