Breaking News: Government Shutdown

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A government shutdown is looming and many politicians who are claiming “we’re broke” are proposing short-term or long-term federal budget plans with steep budget cuts as the only option to reduce the deficit. “But it looks like budget deficits are being driven in part by a deliberate strategy to sustain them, so policymakers are forced to cut spending,” says Timothy McBride, PhD, economist and associate dean for public health at the Brown School at Washington University in St. Louis. “The evidence certainly supports the theory that the Republicans are using a strategy of ‘starving the beast,’” he says.

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Harold Bierman, Jr., an expert on taxation and Professor of Management at Cornell University’s Johnson Graduate School of Management, comments on the inefficiency of federal income tax law and the need to completely revise it.

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The meltdown of private pension plans, 401(k)s and Individual Retirement Accounts during the recession demonstrates that Social Security is more essential than ever, says Merton C. Bernstein, LLB, the Walter D. Coles Professor Emeritus at Washington University in St. Louis School of Law. Bernstein discussed the crucial role of Social Security in a report for the university’s Weidenbaum Center on the Economy, Government, and Public Policy. According to Bernstein, Social Security is on course to provide full benefits to its expected beneficiaries through 2036 due to its multi-trillion dollar trust fund.

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Research by McGill Sociology Professor Eran Shor, working in collaboration with researchers from Stony Brook University, has revealed that unemployment increases the risk of premature mortality by 63 per cent. Shor reached these conclusions by surveying existing research covering 20 million people in 15 (mainly western) countries, over the last 40 years.