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Articles by Ted Gayer
Senate Budget Committee testimony: Ted Gayer on fossil fuel subsidies
Niskanen president Ted Gayer was invited by the Senate Budget Committee to testify on the cost of fossil fuel subsidies on May 3, 2022. Watch the full hearing. Chairman Whitehouse, Ranking Member Grassley, and Members of the Committee, thank you for inviting me to testify on fossil fuel subsidies. My name is Ted Gayer, and I’m the President of the Niskanen Center. I am an economist who served in the Department of Treasury and the Council of Economic Advisers in the George W. Bush Administration.
A discussion of the Office of Management and Budget’s updated benefit-cost guidelines
Twitter Join the conversation on Twitter using #OMB On Wednesday, April 12, the Brookings Institution Center on Regulation and Markets and the Niskanen Center will jointly host a conversation with Richard Revesz, administrator of the U.S. Office of Information and Regulatory Affairs (OIRA), and Zachary Liscow, chief economist of the U.S. Office of Management and Budget (OMB).
Public Finance in Canada
PART ONE: Introduction CHAPTER 1: Introduction to Public Finance in Canada CHAPTER 2: Fundamentals of Welfare Economics CHAPTER 3: Cost-Benefit Analysis PART TWO: A Framework for the Analysis of Public Finance CHAPTER 4: Public Goods CHAPTER 5: Externalities CHAPTER 6: Income Redistribution CHAPTER 7: Deficit Financing and Public Debt CHAPTER 8: Fiscal Federalism PART THREE: Public Expenditures in Canada CHAPTER 9: Health Care CHAPTER 10: Employment Insurance CHAPTER 11: Public Pensions...
Chronic care: Getting its complexity and cost under control
Chronic care: Getting its complexity and cost under control Ted Gayer, Leonard D. Schaeffer, Ron Wyden, Alice M. Rivlin, Kavita Patel, Robert E. Moffit, and Keith Fontentot Over half of all Americans suffer from chronic illnesses such as cancer, heart disease, diabetes and Alzheimer’s, which now constitute the largest segment of health care in America and cause 7 out of every 10 deaths yearly.
Should government directly support certain industries?
The Vitals It is rare to find common ground between Democrats and Republicans these days, but one thing they share is a renewed interest in targeted government support for certain sectors, industries, businesses, or technologies. Such support—generically known as “industrial policy”—can take the form of trade protection, tax credits, direct subsidies, loan guarantees, or otherwise favorable government loans.
Addressing structural racism in America’s public policy institutions
Twitter Join the conversation on Twitter using #BlackHistoryMonth Currently serving his fourth term in the United States Congress, Rep. Hakeem Jeffries (D-N.Y.) is a tireless advocate for social and economic justice. Since his arrival in Congress, he has been at the forefront of a wide range of important issues, such as combating voter suppression, developing meaningful police reform, and expanding economic opportunity for all Americans.
10 things we learned at Brookings in June
As June comes to an end, a review of content produced by Brookings experts shows another month of analysis and commentary on the widest range of issues possible. While Brexit dominated the headlines at month’s end, there was much more on our scholars’ plates (but we’ll still lead off with Brexit).
The ironic politics of regulatory reform
Resisting the Trump administration is the order of the day for most Democrats and much of our commentariat. And yet, one of the bills that would do the most to check the executive branch’s ability to act arbitrarily has almost no Democratic support and next to no coverage in the mainstream press.1 The bill is the Regulatory Accountability Act (RAA), S. 951, sponsored by Sen. Rob Portman (R-OH).
What’s next for Trump’s regulatory agenda: A conversation with OIRA Administrator Neomi Rao
One of President Trump’s first actions in office was to issue an executive order requiring that for every new regulation issued, at least two be eliminated. One year into the Trump presidency, it’s clear the administration has major deregulatory ambitions, but what’s happened so far—and what’s to come in 2018?
The top economic issues in 2018
Ted Gayer, vice president and director of Economic Studies at Brookings and the Joseph A. Pechman Senior Fellow, analyzes the top economic issues facing the United States in the upcoming year. Also in this episode, Molly Reynolds on what Congress left unfinished before their holiday recess and the additions of Senators Doug Jones (D-Ala.) and Tina Smith (D-Minn.) in our regular “What’s Happening in Congress” segment, and William Galston answers a question from a listener.
Guest Opinion: Tax reform could benefit private sports stadiums
Now that the Senate's tax reform legislation has been approved, the differences between the House and Senate bills need to be reconciled in a conference committee. As Rep.
Can Trump’s ambitious deregulatory agenda succeed?
In his first week in office, President Trump issued an Executive Order requiring two regulations be eliminated for every new regulation issued. The order also established an administration-wide regulatory budget as a way to limit the aggregate costs of all new regulations. On Friday, October 20th, the Center on Regulation and Markets at Brookings will examine this ambitious change in regulatory policymaking.
The social costs of carbon
Chairs Biggs and LaHood, Ranking Members Bonamici and Beyer, and Members of the Subcommittees on Environment and on Oversight, I appreciate the opportunity to appear here today to discuss the social cost of carbon. The social cost of carbon is an estimate of the monetized damages caused by a one-ton increase in greenhouse gas emissions in a given year. It is a conceptually valid and important consideration when devising policies and treaties to address climate change.
How the new administration could bring a new day to the EPA’s Title VI enforcement | Brookings Institution
The Environmental Protection Agency’s mission and statutory duty is to protect human health and the environment. The U.S. Constitution and federal anti-discrimination laws obligate the EPA to carry out this mission equitably. Thus, in 1973, the EPA promulgated Title VI regulations to ensure that minority communities are not subjected to discrimination based on race, color, or national origin under any environmental program or activity that receives Federal financial assistance.
The top economic issues in 2017 | Brookings Institution
Ted Gayer, vice president and director of Economic Studies and the Joseph A. Pechman Senior Fellow, looks at the top economic issues in the upcoming year. Get daily updates from Brookings Tune in to hear his views on the performance of the U.S. economy and job markets, as well as the trends he sees with the new administration.
Pursuing regulatory excellence: Brexit, Trump, and beyond | Brookings Institution
Regulation today evokes much controversy and discontent. In the UK, Brexit signaled a major public backlash against regulations imposed by the European Union. In the United States, Donald Trump won the presidency having vowed to eliminate as many as 70 percent of federal regulations. Given the intense focus on the quality and legitimacy of government regulation around the world, how can those entrusted to devise and implement regulations best achieve success?
Prospects for regulatory reform in the Trump administration | Brookings Institution
One of President Trump’s top priorities, in service of his overall goal of jump-starting economic growth, is to limit, unwind, repeal, or delay a host of regulations, executive orders, agency guidance, and presidential memoranda promulgated by the Obama administration.
Transforming transportation with autonomous vehicles and the sharing economy: Are we ready?
The rampant growth of “peer-to-peer” transactions and the “sharing” economy have had a profound impact on transportation. The goal of companies like Uber and Lyft is to make ride-sharing so inexpensive and convenient that they become more economical than owning a car. And many companies recognize the transformative potential of self-driving cars, summoned on demand.
Taxpayers beware: Bidding wars for NFL teams are losing bets
Editor’s note: This post also appeared in Newsweek on May 24, 2015. Recently, DC mayor Muriel Bowser announced that she has reached out to Dan Snyder, owner of the DC-area NFL team, about returning the team to the Nation’s Capital from its current location in suburban Maryland. Maryland Governor Larry Hogan has made clear that he wants the team to stay, and Virginia Governor Terry McAuliffe is aggressively courting the team to move to Virginia.
Why the federal government should stop spending billions on private sports stadiums
When the New York Yankees completed the new Yankee Stadium in 2009, the final construction bill was an estimated $2.5 billion. Of that, nearly $1.7 billion was financed by tax-exempt municipal bonds issued by the city of New York. Because the interest earned on the municipal bonds is exempt from federal taxes, a large amount of tax revenue that would have been collected—had the bonds been issued as taxable—went toward the construction of the stadium.
Why the federal government should stop spending billions on private sports stadiums
When the New York Yankees completed the new Yankee Stadium in 2009, the final construction bill was an estimated $2.5 billion. Of that, nearly $1.7 billion was financed by tax-exempt municipal bonds issued by the city of New York. Because the interest earned on the municipal bonds is exempt from federal taxes, a large amount of tax revenue that would have been collected—had the bonds been issued as taxable—went toward the construction of the stadium.
Determining the proper scope of climate change policy benefits in U.S. regulatory analyses: Domestic versus global approaches | Brookings Institution
Although benefit assessment principles are well established for specific populations, very little attention has been paid to how to define the scope of the pertinent population for such assessments. Whose social welfare matters and whose benefits should be included in the assessment? Should there be any linkage between the benefits and the political jurisdiction of the citizens paying for the policy? In the case of U.S. regulatory policies, the norm has been to assess the benefits to U.S. citizens.
Resisting Abuses of Benefit-Cost Analysis
FROM ISSUE NUMBER 27 ~ SPRING 2016 GO TO TABLE OF CONTENTS In an ideal market economy, prices would be determined by balancing buyers' and sellers' interests, without any need for government intervention. The price of a good would reflect the cost of supplying that good and its value to consumers. Because trade is voluntary, buyers and sellers would make exchanges only when both parties benefit. Under such circumstances, markets would balance interests and incentives.
Is the narrative of "The Big Short" the best explanation of the financial crisis?
If anything can shape the public’s understanding of the complexities of the recent housing bubble and global financial crisis, it’s a Hollywood movie. Last month’s release of “The Big Short”—based on the bestselling book of the same name by Michael Lewis and starring Brad Pitt, Christian Bale, Steve Carell, and Ryan Gosling—made $10 million in its opening weekend. That’s a pretty good showing for a film with a plot driven by credit default swaps and collateralized debt obligations.
Helping America plan for retirement
Planning for retirement early and well is critical to ensure that one’s post-retirement years are secure and comfortable – yet few Americans do it. Despite the wide availability of information about savings vehicles and financial calculators, relatively few people plan for their golden years until it’s too late to do much about it. Both public policymakers and private firms have worked to engage individuals to plan in the decades before their retirement, with only mixed success.
Behavioral public choice: The behavioral paradox of government policy
However, economics has long recognized instances in which markets can fail to lead to an efficient outcome. The long-standing view is that either market power or the nonexistence of markets causes market failures. Market power is present when some individuals or firms are price makers (for example, monopolists) rather than participants in a perfectly competitive environment. Such situations typically lead to the production of a less than efficient quantity of goods.
Dodd-Frank at 5: A conversation with Treasury Secretary Jacob J. Lew
In July 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, a far-reaching and still-controversial piece of legislation that was intended to reduce the odds of a repeat of the worst financial crisis in generations. Five years later, is it working as hoped? Did it go too far—or not far enough? Are there parts that should be revisited? What remains on the U.S. and global financial-stability to-do list?
Taxpayers beware: Bidding wars for NFL teams are losing bets
Editor's note: This post also appeared in Newsweek on May 24, 2015. Recently, DC mayor Muriel Bowser announced that she has reached out to Dan Snyder, owner of the DC-area NFL team, about returning the team to the Nation’s Capital from its current location in suburban Maryland. Maryland Governor Larry Hogan has made clear that he wants the team to stay, and Virginia Governor Terry McAuliffe is aggressively courting the team to move to Virginia.
Introducing Health360: A Forum for Unique Perspectives on Health Policy
In the United States, health and health care are critical concerns that cut across all facets of public and private life. We are constantly bombarded with information on how to stay healthy and prevent illness, how to choose providers and health plans, and what implications health policy may have on our families, neighbors, employers, and the country as a whole.
Remarks by Treasury Secretary Jacob J. Lew
The morning after President Obama’s State of the Union address, Treasury Secretary Jacob J. Lew will provide remarks on the state of the U.S. economy and the Administration's priorities for 2015, with a particular focus on building shared prosperity for all Americans and business tax reform. On Wednesday, January 21 at 8:30 am, the Hutchins Center on Fiscal and Monetary Policy at Brookings will host Secretary Lew.
Is Tight Credit Holding Back a Stronger Housing Recovery?
Total housing starts in 2014 through November were 927,000, which is slightly higher than the full-year 2013 level of 925,000. New home sales through October were 373,000, up from 366,000 over the same time period in 2013. The changes in starts and sales in 2014 continued the slow annual increases from the lows of 554,000 starts in 2009 and 305,000 sales 2011, but are substantially lower than the average annual levels of 1,438,000 starts and 664,000 sales from 1980 through 2000.
Central Banking after the Great Recession: Lessons Learned and Challenges Ahead
Central Banking after the Great Recession: Lessons Learned and Challenges Ahead Play Audio audio only Now Playing Central Banking after the Great Recession: Lessons Learned and Challenges Ahead Play Video Now Playing Central Banking after the Great Recession - Welcome Remarks Play Video Now Playing Central Banking after the Great Recession - Parts One & Two Play Video Now Playing Central Banking after the Great Recession - Part Three Play Video Now Playing Central Banking after the Great...
Cash for Clunkers: An Evaluation of the Car Allowance Rebate System
The Car Allowance Rebate System (CARS) or “cash for clunkers” program, launched during the height of the recession with the intention of stimulating the economy, creating jobs, and reducing emissions, was actually far more expensive per job created than alternative fiscal stimulus programs.
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