Chart of the Day: Shutdown Hits Like a Hurricane

Chart of the Day: Shutdown Hits Like a Hurricane

An aerial view shows a neighborhood that was flooded after Hurricane Matthew in Lumberton, North Carolina
© CHRIS KEANE / Reuters
By Michael Rainey

The partial government shutdown has hit the economy like a hurricane – and not just metaphorically. Analysts at the Committee for a Responsible Federal Budget said Tuesday that the shutdown has now cost the economy about $26 billion, close to the average cost of $27 billion per hurricane calculated by the Congressional Budget Office for storms striking the U.S. between 2000 and 2015. From an economic point of view, it’s basically “a self-imposed natural disaster,” CRFB said. 

Chart of the Day: Trump's Huge Proposed Cuts to Public Investment

Trump budget arrives on Capitol Hill in Washington
KEVIN LAMARQUE/Reuters
By The Fiscal Times Staff

Ben Ritz of the Progressive Policy Institute slams President Trump’s new budget:

“It would dismantle public investments that lay the foundation for economic growth, resulting in less innovation. It would shred the social safety net, resulting in more poverty. It would rip away access to affordable health care, resulting in more disease. It would cut taxes for the rich, resulting in more income inequality. It would bloat the defense budget, resulting in more wasteful spending. And all this would add up to a higher national debt than the policies in President Obama’s final budget proposal.”

Here’s Ritz’s breakdown of Trump’s proposed spending cuts to public investment in areas such as infrastructure, education and scientific research:

Chart of the Day: The Decline in Corporate Taxes

By The Fiscal Times Staff

Since roughly the end of World War Two, individual income taxes in the U.S. have equaled about 8 percent of GDP. By contrast, the Tax Policy Center says, “corporate income tax revenues declined from 6% of GDP in 1950s to under 2% in the 1980s through the Great Recession, and have averaged 1.4% of GDP since then.”

Tax Refunds Rebound

Flickr / Chris Potter
By The Fiscal Times Staff

Smaller refunds in the first few weeks of the current tax season were shaping up to be a political problem for Republicans, but new data from the IRS shows that the value of refund checks has snapped back and is now running 1.3 percent higher than last year. The average refund through February 23 last year was $3,103, while the average refund through February 22 of 2019 was $3,143 – a difference of $40. The chart below from J.P. Morgan shows how refunds performed over the last 3 years. 

Number of the Day: $22 Trillion

iStockphoto/The Fiscal Times
By The Fiscal Times Staff

The total national debt surpassed $22 trillion on Monday. Total public debt outstanding reached $22,012,840,891,685.32, to be exact. That figure is up by more than $1.3 trillion over the past 12 months and by more than $2 trillion since President Trump took office.