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15 Ways to Rethink the Federal Budget
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15 Ways to Rethink the Federal Budget

Michael Greenstone, Max Harris, Karen Li, Adam Looney and Jeremy Patashnik
The Hamilton Project, 2013
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Editorial Rating

8

Qualities

  • Analytical
  • Innovative
  • Scientific

Recommendation

The debate over the US federal budget is polarized. Republicans and Democrats want to cut the deficit and national debt – but agree on little else. The Hamilton Project brought experts together to examine the root causes of the deficit. Drawing on existing research and recommendations, they offer ideas based more on facts than on ideology. Their suggestions highlight a range of issues, including misplaced incentives and moral hazards that encourage excessive expenditure and imprudent behavior. The proposals are not easy reading – the terminology is often technical, and some of the ideas are more controversial than they might seem at first blush – yet the insights are fresh. getAbstract recommends this compilation to policy makers, economists, and students of finance and economic development.

Take-Aways

  • United States policy makers share little unanimity on how to reduce the budget deficit.
  • Hamilton Project specialists propose 15 suggestions to reduce the deficit:
  • To reform Medicare, government should bundle payments, reshape cost sharing and supplemental insurance, and base disability insurance on hard evidence.

About the Authors

Michael Greenstone and Adam Looney are senior fellows at the Brookings Institute’s Hamilton Project, a nonprofit public policy organization, where Karen Li is a policy coordinator and Max Harris and Jeremy Patashnik are research assistants.

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