I shall post videos, graphs, news stories, and other material there. We shall use some of this material in class, and you may review the rest at your convenience. You will all receive invitations to post to the blog. (Please let me know if you do not get such an invitation.) I encourage you to use the blog in these ways:
To post questions or comments about the readings before we discuss them in class;
To follow up on class discussions with additional comments or questions.
To post relevant news items or videos.

There are only two major limitations: no coarse language, and no derogatory comments about people at the Claremont Colleges.

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Tuesday, November 22, 2016

The Power of the Purse (Or, You're Screwed)

In case you were worrying:
Constitutional Provisions

All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills.”
— U.S. Constitution, Article I, section 7, clause 1

To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;
-- U.S. Constitution, Article I, section 8, clause 12

“No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.”
— U.S. Constitution, Article I, section 9, clause 7

What follows would baffle a Martian.

Part 1: Authorization

Part 2: Appropriation
Part 3:  "The Budget Process" and key documents:

Part 4:  Mandatory Spending and Entitlements

Part 5:  Revenue Bills

Part 6:  The Debt Ceiling

Revenues -- Where the money comes from:

The tax system is more progressive than most people realize:  see graphs starting on page 31.

Tax expenditures

Outlays -- Where the money goes:

Outlays by function and superfunction

"Waste, fraud and abuse"  is an old gimmick

No, we cannot balance the budget by catching Social Security fraud: only 13 people aged 112 or older are getting checks.

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