Bill Overview
Title: BASIC Act
Description: This bill requires cost estimates prepared by the Congressional Budget Office or the Joint Committee on Taxation to include the costs of servicing the public debt.
Sponsors: Rep. Meuser, Daniel [R-PA-9]
Target Audience
Population: people who are affected by federal budget policies
Estimated Size: 330000000
- The bill impacts the way cost estimates for legislation are calculated by including the costs of servicing the public debt.
- This could lead to changes in how legislation is evaluated, potentially impacting which policies are passed due to perceived costs.
- It ensures more accurate reflections of the financial considerations associated with proposed legislation.
Reasoning
- The BASIC Act affects the estimation process of legislation costs, which over time could influence which bills are passed and how government funds are allocated.
- This can indirectly impact individuals by affecting the overall fiscal health of the country, potentially influencing taxation and funding for social programs.
- Different individuals will perceive this change based on their understanding and personal connection to government spending and its implications.
Simulated Interviews
Financial Analyst (New York, NY)
Age: 45 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- I'm glad to see more transparency in government budgeting.
- Accurate reflection of costs could lead to more sustainable fiscal policies.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Software Developer (Denver, CO)
Age: 29 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 18/20
Statement of Opinion:
- I don't really think this will change much for me personally.
- I hope it helps in better policymaking.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Small Business Owner (Austin, TX)
Age: 54 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 6/20
Statement of Opinion:
- Having a realistic view of debt costs is crucial.
- This might affect future tax policies impacting my business.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 8 | 5 |
Public School Teacher (Chicago, IL)
Age: 38 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- Hopefully, this leads to more funding for crucial programs like education.
- It’s good to have accurate budget estimates but whether it influences policy positively is another thing.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Retired (Miami, FL)
Age: 67 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 14/20
Statement of Opinion:
- This may not affect me directly, but it’s good fiscal management for future generations.
- I'm skeptical until I see real changes in policy outcomes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Graduate Student (Seattle, WA)
Age: 23 | Gender: other
Wellbeing Before Policy: 8
Duration of Impact: 20.0 years
Commonness: 10/20
Statement of Opinion:
- This is a step in the right direction for policy transparency.
- The outcomes will depend on the political climate and priorities.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
Freelance Photographer (Los Angeles, CA)
Age: 31 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 0.0 years
Commonness: 16/20
Statement of Opinion:
- I'm unsure how this change will trickle down to impact people like me.
- I just hope it results in fairer tax policies.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Nurse (Phoenix, AZ)
Age: 47 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- Accurate budget assessments are essential for maintaining vital services like healthcare.
- I’m cautiously optimistic it will impact future healthcare funding.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Construction Worker (Houston, TX)
Age: 40 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 0.0 years
Commonness: 11/20
Statement of Opinion:
- It sounds like it could be beneficial, but I doubt it’ll change my situation.
- I’m mostly concerned with immediate cost changes, like taxes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Farmer (Rural Iowa)
Age: 62 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 8/20
Statement of Opinion:
- Federal budget transparency is important for long-term farm planning.
- I’ll wait and see how this affects agricultural supports.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Cost Estimates
Year 1: $25000000 (Low: $20000000, High: $30000000)
Year 2: $25000000 (Low: $20000000, High: $30000000)
Year 3: $26000000 (Low: $21000000, High: $31000000)
Year 5: $27000000 (Low: $22000000, High: $32000000)
Year 10: $28000000 (Low: $23000000, High: $33000000)
Year 100: $50000000 (Low: $40000000, High: $60000000)
Key Considerations
- The effectiveness of this policy depends on the proper integration of debt servicing cost calculations into budget estimates.
- Quantifying the direct impact on legislative decision-making and economic outcomes is complex and may vary significantly.
- The public and lawmakers may perceive budget estimates as more credible, potentially influencing policy choices in a non-quantifiable manner.