CHART OF THE WEEK

The policies Democrats want to implement would cost $42.5 trillion over the next decade according to Brian Riedl of the Manhattan Institute, who calculates that an 87% value-added tax (VAT) would be needed—on top of existing taxes—to pay for Democrats’ plans. Furthermore, such a new tax would still not solve our other fiscal challenges.

THIS WEEK

Upcoming JEC Releases

CBO to Release Updated Economic Outlook on August 13

LAST WEEK

News & Commentary

Inflation above 2% is ‘nothing to worry about,’ Chicago Fed president says (MarketWatch)

Fed’s Bullard says it’s wrong to think the U.S. is due for a recession (MarketWatch)

Fed Mines Big Data for Real-Time Clues on Spending and Payrolls (Bloomberg)

The Myth of American Inequality (Wall Street Journal)