Republicans are very enthusiastic about this year’s midterm congressional elections, and it is easy to see why. Obamacare, the president’s signature domestic policy legislation, remains unpopular. Turnout during midterm elections skews older and whiter than turnout during presidential elections, and Republicans tend to fare better among older and whiter voters.
America’s elite higher education institutions are the envy of the world. Foreign students flock to the oldest and wealthiest U.S. research universities to take advantage of resources that are unparalleled, thanks to the deep pockets of many centuries’ worth of captains of industry.
Who will be the next “Mr. Republican”? While the race for the 2016 Republican presidential nomination gets underway, there is another, more informal race going on as well. Since the Second World War, there have been a handful of elected Republicans who have distinguished themselves not by winning the White House, but rather by setting the party’s ideological direction.
President Obama’s new budget for fiscal year 2015 is almost entirely free of surprises. The Obama administration supports a number of large tax increases, most but not all of which target high-income households, and so the budget assumes that revenues will grow faster than expenditures over the coming decades and that debt levels will decline. One key reason the White House is able to paint so rosy a picture is that its economic assumptions are different from those of the more buttoned-up Congressional Budget Office. Specifically, the Office of Management and Budget, which is responsible for crafting the president’s budget proposal, maintains that the U.S. economy will be 2 percentage points bigger in 2024 than it will be in the CBO’s projection.