Tag Archives: chris edwards

The Debt Limit Debate

Cato’s Chris Edwards and Dan Mitchell with some wise words about the debt limit debate, how we got where we are, and why neither party can be trusted with the public fisc.

Happy Tax Day

The tax code is now 72,536 pages long.

It wasn’t always that way; take a look at this chart by Cato’s Chris Edwards. The years aren’t evenly spaced, so the actual slope of page growth is different than it looks in the chart. But you get the point.

How Much Would a Congressional Pay Cut Save?

Rep. Ann Kirkpatrick is proposing a 5 percent pay cut for members of Congress.

“In the face of our ever-deepening federal debt, the federal government must follow their example by finding common-sense solutions to do more with less,” she told The Hill.

A noble sentiment. And one that would save $8700 per member. With 535 members of the House and Senate, the total savings are $4.65 million.

The federal government is on track to spend about $3.8 trillion this year. Trimming $4.65 million means that for every $816,502 the federal government spends, it would save one dollar.

Rep. Kirkpatrick is proposing a 0.00122 percent spending cut. That’s not even a rounding error.

I do not intend to mock Rep. Kirkpatrick. Her spending cut is better than nothing, and I am glad she is proposing it. But placed in proper context, it is very, very small. It is a largely symbolic proposal, and should be treated as such. A 5 percent pay cut for Congress is no austerity measure.

More fundamental solutions would involve fundamental entitlement reform paired with a deregulatory stimulus. Cato’s Chris Edwards has some other spending cut ideas that deserve a serious look. They total $380 billion, or ten percent of federal spending.