To help staffers on Capitol Hill better understand the economics of taxation and our current tax options, the Mercatus Center hosted this lecture by Dr. Garett Jones, Assistant Professor of Economics at George Mason University. In his talk, Dr. Jones provides a fundamental overview of taxation and explores how shifts in tax policy affect individual behavior and the economy as a whole.
Dr. Jones discusses such questions as:
How do taxes affect the incentives of individuals and firms?
What are the economic and social trade-offs of different types of taxes and taxation systems?
If we had to raise taxes, which tax would have the least effect on economic activity?
What are the implications of a Value Added Tax (VAT)?
Are we finally on the road to recovery or is there more economic turmoil to come? With markets staying reasonably high but unemployment also remaining high, policymakers, employers, and economists are uncertain about the days to come. Positive signs, such as 2009 finishing with a GDP of 5.9%, higher than expected, raised a little more confidence in our current situation. Though a major budget crisis is upon us and there is a fear that higher interest rates are just around the corner.
To keep Congressional staffers up to date on the current economic situation, the Mercatus Center hosts quarterly briefings that survey the current economic scene. Special attention is paid to inflation, GDP, unemployment, and interest rates. Hosted by Dr. Bruce Yandle, one of our most popular speakers, these quarterly briefings are free of charge and open to all congressional staffers.
In this quarterly update, Dr. Yandle addresses these questions:
Are we on the road to recovery, or is there more economic turmoil to come?
What sectors of the economy are bouncing back and which ones are lagging behind?
Do we need to worry about inflation?
What does unemployment look like and should we expect it to improve?
What are the states’ economic outlooks and are some states recovering faster than others?
Our nation is facing a budget crisis at both the state and federal levels. The federal government’s budget deficit reached $389 billion through the first three months of fiscal 2010 and states are expected to face cumulative budget shortfalls of $193 billion for fiscal year 2010.
In light of this critical situation, what steps should Congress and the President take to restore common sense budgeting practices and rein in federal spending? Join us as three veteran budget experts provide an overview of the President’s FY 2011 Budget Proposal, and discuss ways to reform the federal budget process to restore confidence in federal budgeting practices.
Dr. Veronique de Rugy is a senior research fellow at the Mercatus Center. Her research interests include the federal budget, homeland security, and tax issues.
Dr. Donald Marron is a visiting professor at the Georgetown Public Policy Institute in Washington, DC, where he teaches microeconomics and public finance. From 2002-2009, he served as a Member of the President’s Council of Economic Advisers, Acting Director of the Congressional Budget Office, and Executive Director of the Congressional Joint Economic Committee.
Dr. Maya MacGuineas is President of the Committee for a Responsible Federal Budget at the New America Foundation. She is an expert on the budget process, and served as a Social Security advisor to the McCain 2000 campaign and has also worked at the Brookings Institution, the Concord Coalition and on Wall Street.
For more information and research on spending and budget issues, please visit the Mercatus Center’s new Spending and Budget Initiative website.
Dr. Bruce Yandle
Professor Emeritus and BB&T Scholar Clemson University
Distinguished Adjunct Professor of Economic Mercatus Center at George Mason University
The economy continues to give mixed signs of recovery. While manufacturing in the U.S. has expanded for the fourth month, the U.S. jobless rate jumped up 0.4 percentage point to 10.2% in October. However the latest preliminary unemployment report indicates the rate dipped to 10% in November.
To keep Congressional staffers up to date on the current economic situation, the Mercatus Center at George Mason University hosts quarterly briefings that survey the economic scene. Specific attention is paid to GDP data, employment, inflation, and interest rates, all conveyed in a way that is understandable to the economist and non-economist alike. This “birds-eye-view” of the economy will be valuable to staffers interested in promoting policies intended to aid economic performance.
Topics to be discussed shall include:
• How has the economy fared overall in the past quarter and what can we expect from the economy in the next quarter?
• How has the labor market changed across states and who is the best and the worst off?
• What has the weakening dollar meant for the economic outlook?
Hosted by Dr. Bruce Yandle, one of our most popular speakers, these quarterly briefings are free of charge and open to all senior congressional staffers. Bruce Yandle is a Professor Emeritus and the BB&T Scholar at Clemson University, where he has been a faculty member since 1969. From 1976 to 1978, he was a senior economist on the staff of the President’s Council on Wage and Price Stability, where he reviewed and analyzed newly proposed regulations. In addition, Dr. Yandle was executive director of the Federal Trade Commission and is the author or co-author of numerous books and articles. He received his Ph.D. and M.B.A. from Georgia State University and his A.B. degree from Mercer University.
Arnold Kling, PhD Former Economist
Federal Reserve and Freddie Mac Member
Mercatus Center Financial Markets Working Group
Twelve months after the failure of Lehman Brothers, introduction of TARP, a freeze-up of interbank lending, and the beginning of a stock market roller coaster ride, what do we know about what really happened? What really caused the housing bubble and how did that lead to the crisis? If the crisis was the result of many mistakes, how should we go about thinking about what kinds of mistakes were made and who is really at fault?
Russ Roberts, PhD and Arnold Kling, PhD present the findings of their in-depth investigations of the causes and nature of this unique economic event.
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