The OAKTrust Digital Repository
The OAKTrust digital repository at Texas A&M is a digital service that collects, preserves, and distributes the scholarly output of the University. The repository facilitates open access scholarly communication while preserving the scholarly legacy of the Texas A&M community.
Recent Submissions
Economic Indicators of the College Station-Bryan MSA, September 2024
(Private Enterprise Research Center, Texas A&M University, 2024-09-19) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali Ghosh
The Business-Cycle Index increased 0.5% from June 2024 to July 2024. The local unemployment rate remained steady at 3.2% in July 2024 compared to June 2024. Local nonfarm employment increased by 0.5% from June 2024 to July 2024. Inflation-adjusted taxable sales decreased by 0.3% from June 2024 to July 2024. Inflation-adjusted quarterly wages increased by 3.1% from the previous quarter. Poverty rates for college towns are overstated. Our Modified Poverty Measure for College Station Bryan, which excludes college students, was 12.3%, compared to the Official Poverty Measure of 21.6%.
Federal Liabilities: 2024 Update
(Private Enterprise Research Center, Texas A&M University, 2024-09-10) Jansen, Dennis W.; Rettenmaier, Andrew; Uddin, Thamina
The 2023 Financial Report of the United States Government identifies total federal liabilities of $42.9 trillion as of September 30, 2023, marking a 10% increase from 2022. The federal debt and interest payable of $26.4 trillion comprised 62% of these liabilities. Federal employees’ accrued benefits make up another 33%, and various other categories round out the remainder. However, current official liabilities exclude current retirees’ expected Social Security and Medicare benefits – an additional $36.5 trillion in liabilities. Together, the official liabilities plus current retirees’ accrued Social Security and Medicare benefits total $79.4 trillion, or 290.4% of GDP in 2023. This highlights the substantial fiscal challenge, as the total liabilities are nearly three times the size of the publicly held debt’s share of GDP.
U.S. Budget Woes
(Private Enterprise Research Center, Texas A&M University, 2024-09-10) Jansen, Dennis W.; Sinha, Somali Ghosh
The Congressional Budget Office's latest economic and budget projections from "An Update to the Budget and Economic Outlook: 2024 to 2034" are worrisome, to say the least. The CBO projects large and persistent federal government deficits through 2034, and with no end in sight. In the Fall 2024 issue of PERCspectives on Policy, Dennis Jansen and Somali Ghosh Sinha take a historical look at the debt held by the public as a percent of GDP from pre-World War II onwards, analyze how increased government spending during the Covid-19 pandemic differed from war-era deficits, and discuss the causes behind ever-increasing government outlays.
Federal Liabilities: 2024 Update
(Private Enterprise Research Center, Texas A&M University, 2024-09-10) Jansen, Dennis W.; Rettenmaier, Andrew; Uddin, Thamina
The 2023 Financial Report of the United States Government identifies total federal liabilities of $42.9 trillion as of September 30, 2023, marking a 10% increase from 2022. The federal debt and interest payable of $26.4 trillion comprised 62% of these liabilities. Federal employees’ accrued benefits make up another 33%, and various other categories round out the remainder. However, current official liabilities exclude current retirees’ expected Social Security and Medicare benefits – an additional $36.5 trillion in liabilities. Together, the official liabilities plus current retirees’ accrued Social Security and Medicare benefits total $79.4 trillion, or 290.4% of GDP in 2023. This highlights the substantial fiscal challenge, as the total liabilities are nearly three times the size of the publicly held debt’s share of GDP.
U.S. Budget Woes
(Private Enterprise Research Center, Texas A&M University, 2024-09-10) Jansen, Dennis W.; Sinha, Somali Ghosh
The Congressional Budget Office's latest economic and budget projections from 'An Update to the Budget and Economic Outlook: 2024 to 2034' are worrisome, to say the least. The CBO projects large and persistent federal government deficits through 2034, and with no end in sight. In the Fall 2024 issue of PERCspectives on Policy, Dennis Jansen and Somali Ghosh Sinha take a historical look at the debt held by the public as a percent of GDP from pre-World War II onwards, analyze how increased government spending during the Covid-19 pandemic differed from war-era deficits, and discuss the causes behind ever-increasing government outlays.