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.
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.
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.
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.
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).
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.