CSM Public Economics Project: Recent Episodes
Paul Hentges
This podcast will compare actual federal government costs versus estimates made by relevant federal agencies for a series of expenditures.
In my final episode, Wob and I discuss Medicare, one of the largest annual expenses for the federal government. Needless to say, neither of us were surprised when in came in over-budget.
Intro Song: Dance, Dance, Dance - Steve Miller Band
References:
https://www.cbo.gov/ftpdocs/93xx/doc9385/06-17-LTBO_Testimony.pdf
http://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/102xx/doc10297/chapter2.5.1.shtml
https://www.healthaffairs.org/doi/pdf/10.1377/hlthaff.14.4.231
https://www.kff.org/medicare/issue-brief/the-facts-on-medicare-spending-and-financing/
https://www.dailysignal.com/2009/08/04/health-care-reform-cost-estimates-what-is-the-track-record/
https://www.politifact.com/factchecks/2017/mar/20/jack-kingston/did-cbo-exist-1964-no/
https://www.washingtontimes.com/news/2009/nov/18/health-programs-have-history-of-cost-overruns/
https://thefederalist.com/2015/07/31/medicare-medicaid-same-problems-50-years-ago/
https://www.medicareresources.org/basic-medicare-information/brief-history-of-medicare/
https://www.thebalance.com/u-s-inflation-rate-history-by-year-and-forecast-3306093
Abby and I have a little sibling rivalry in our discussion on one of the most famous federal programs ever, The Manhattan Project. It turns out, that even on Episode 15, neither my guest nor I are any good at guessing the cost of federal programs. Unfortunately, neither is the federal government.
Intro Song: Kashmir - Led Zeppelin
References:
https://history.army.mil/html/books/010/10-5/CMH_Pub_10-5.pdf
https://history.army.mil/html/books/011/11-10/CMH_Pub_11-10.pdf
https://www.history.com/topics/world-war-ii/the-manhattan-project
https://www.brookings.edu/the-costs-of-the-manhattan-project/
https://www.ctbto.org/nuclear-testing/history-of-nuclear-testing/manhattan-project/
Victoria and I discuss the CCC and their effect on the US Park Services. We both love parks, but we had to decide if the unanticipated high costs were worth it. And WOW, look at all those CHICKENS (Vine reference).
Intro Song: 9 to 5 - Dolly Parton
References:
https://u-s-history.com/pages/h1586.html
https://books.google.com/books?id=Vnj4Fw6CNxkC&pg=RA2-PA726&lpg=RA2-PA726&dq=ccc+cost+per+man+per+day&source=bl&ots=ZEZ3hVqYLr&sig=ACfU3U1n89q8h9Cl_SR0tqiPs9FPboGd8g&hl=en&sa=X&ved=2ahUKEwji757ZyujoAhVFZ80KHUBiCksQ6AEwCXoECAoQKA#v=onepage&q=ccc%20cost%20per%20man%20per%20day&f=false
http://triplecrisis.com/a-lesson-in-job-creation-the-civilian-conservation-corps/
https://www.history.com/topics/great-depression/civilian-conservation-corps
https://www.archives.gov/publications/prologue/2006/fall/ccc.html
https://books.google.com/books?id=zH9TsMLl410C&pg=PA7&lpg=PA7&dq=civilian+conservation+corps+cost+per+man+per+day&source=bl&ots=MUj1ij_sqn&sig=ACfU3U064pAPGWR8jqz2gOdeN0kxGipUMQ&hl=en&sa=X&ved=2ahUKEwjV7PGKy-joAhUIWs0KHZEFCnIQ6AEwDHoECA0QKw#v=onepage&q=civilian%20conservation%20corps%20cost%20per%20man%20per%20day&f=false
http://npshistory.com/centennial/0416/index.htm
https://www.nps.gov/parkhistory/online_books/ccc/salmond/chap6.htm
https://stats.areppim.com/stats/stats_usxbudget_history.htm
Abby and I chat about EPA Superfund Sites and what went wrong for the program as a whole. We all know the old saying "If it ain't broke, don't fix it." Maybe Congress should have listened...
Intro Song: Watching Over - Greta Van Fleet
References:
https://www.gao.gov/new.items/d04475r.pdf
http://chej.org/wp-content/uploads/Superfund-35th-Anniversary-Report1.pdf
https://www.epaalumni.org/hcp/superfund.pdf
https://reason.org/wp-content/uploads/files/4e6a7d7e3e5ee9f7b522c2781e2ed680.pdf
http://scorecard.goodguide.com/env-releases/def/land_npl.html
https://www.epa.gov/superfund
Wob and I chat about the M1 Abrams Tank: the "on-budget" tank of the 80's and 90's. We also discuss the culture of the military's budget habits, what could have been done if the M1 Abrams Tank was on budget, and Donald Rumsfield's poor decision making.
Intro Song: Fortunate Son – Creedence Clearwater Revival
References:
http://www.deagel.com/Armored-Vehicles/M1A2-Abrams_a000516003.aspx
https://www.globalsecurity.org/military/library/budget/fy1999/dot-e/army/99m1a2.html
https://www.thefreelibrary.com/The+first+Chrysler+bail-out%3b+the+M-1+tank.-a04696991
https://www.globalsecurity.org/military/facility/lima.htm
Wob and I discuss the cost of Food Stamps from 1964-1970. Food Stamps was a key component of LBJ's War on Poverty, but how big was it really? We chat about that and whether the program was truly worth it.
Intro Song: Cheeseburger in Paradise - Jimmy Buffett
References:
https://econofact.org/snap-benefits-and-the-government-shutdown
https://www.fns.usda.gov/snap/short-history-snap
https://www.everycrsreport.com/files/19791116_79-244EPW_6c518d5b0585b016cc92e18159b135b263031863.pdf
https://fred.stlouisfed.org/series/TRP6001A027NBEA
https://www.mercatus.org/publications/financial-markets/growth-entitlements-means-less-money-budget
Victoria and I have a (lengthy) conversation about the Affordable Care Act aka. ObamaCare. This conversation deviated slightly from the usual economics talk and swayed toward political polarization and why you can't believe the first thing you find on the internet.
Intro Song: Live and Let Die - Paul McCartney and Wings
References:
https://obamacarefacts.com/obamacare-facts/
https://money.com/obamacare-cost-taxpayers-2016/
https://www.statnews.com/2019/03/22/affordable-care-act-controls-costs/
https://www.govinfo.gov/content/pkg/CREC-2010-03-21/html/CREC-2010-03-21-pt1-PgH1854-2.htm
https://www.thebalance.com/cbo-report-obamacare-3305627
https://www.thebalance.com/cost-of-obamacare-3306050#citation-5
https://www.cbo.gov/system/files/2018-10/03-13-Coverage-Estimates.pdf
https://www.cbo.gov/topics/health-care/affordable-care-act
https://www.washingtonpost.com/blogs/ezra-klein/post/cbo-health-reform-to-cut-deficit-by-50-billion-more-than-we-thought/2011/08/25/gIQAXgPSES_blog.html
https://www.govinfo.gov/content/pkg/PLAW-111publ152/pdf/PLAW-111publ152.pdf
Henry and I discuss the economic costs of Hurricane Katrina, the role of the government in helping areas effected by natural disaster, and the comparisons we can draw between Katrina and our current situation regarding the Corona virus.
Intro Song: New Orleans is Sinking - The Tragically Hip
References:
http://archive.boston.com/news/nation/washington/articles/2006/04/01/ex_chief_says_fema_readiness_even_worse/
https://www.nola.com/news/article_338b3dd9-30e5-576d-b52a-d91ee07a499a.html
https://www.cnn.com/2017/08/31/politics/hurricane-harvey-recovery-money/index.html
https://web.archive.org/web/20131226042813/http://spectrummagazine.net/pdfs/2005_10_SpectrumArchive.pdf
Leah and I nearly perfectly predict the cost for the St. Louis Arch but discuss whether it was truly worth it. We also chat about the extensive history of the Arch and all the obstacles it had to overcome in order to become "The Gateway to the West."
P.S. Unfortunately I cannot upload pictures into this description box so you'll just have to go without seeing me holding up the Arch.
Intro Song: Big River - Johnny Cash
References: https://www.cnbc.com/2018/03/08/a-look-inside-st-louis-gateway-archs-380-million-makeover.html
https://www.gatewayarch.com/gateway-arch-by-the-numbers/
https://www.nps.gov/jeff/faqs.htm
https://www.statista.com/statistics/254021/number-of-visitors-to-gateway-arch-national-park/
http://www.interestingamerica.com/2011-04-09_Gateway_Arch_Architecture_by_R_Grigonis_41.html
My sister Abby and I play a few fun trivia games with some unexpected results. In addition, we discuss the effects of the EPAct of 2005 and decide whether it should have received the bipartisan support it did.
Intro Song: The Times They are a Changin' - Bob Dylan
References:
https://www.energy.gov/sites/prod/files/2018/11/f57/Examination%20of%20Federal%20Financial%20Assistance%20in%20the%20Renewable%20Energy%20Mark..._1.pdf
https://www.govinfo.gov/content/pkg/PLAW-109publ58/pdf/PLAW-109publ58.pdf
https://www.energy.senate.gov/public/index.cfm/files/serve?File_id=36ED1777-1CED-4FBD-AC03-0FCC685F8E49
http://energyfuse.org/energy-policy-act-of-2005-ten-years-on/
https://ballotpedia.org/Energy_Policy_Act_of_2005
http://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/65xx/doc6581/hr6prelim.pdf
https://www.congress.gov/bill/109th-congress/house-bill/6
Henry and I chat about how wrong we were at guessing the cost of the 2010 census and then banter about whether it is actually worth it given its true cost.
Intro Song: Who Are You - The Who
References:
https://datadrivendetroit.org/blog/2017/10/02/introduction-to-the-us-census-budget/
https://www.thebalance.com/fy-2007-u-s-federal-budget-and-spending-3306310
http://www.cnn.com/2010/POLITICS/08/10/census.under.budget/
https://www.gao.gov/products/GAO-04-37
https://www.gao.gov/highrisk/2020_decennial_census/why_did_study
This episode Leah and I discuss the Eisenhower Tunnel on Highway 70 towards Vail, Colorado. Topics include why it was so over-budget and why we believe it was still economically worth it.
Intro Song: Rocky Mountain High - John Denver
References:
https://news.google.com/newspapers?nid=2209&dat=19710714&id=6pkrAAAAIBAJ&sjid=BfkFAAAAIBAJ&pg=6909,1420038
https://www.usgovernmentspending.com/year_spending_1973USbt_21bs2n_6065_401#usgs302
https://www.onlyinyourstate.com/colorado/eisenhower-tunnel-construction-co/
https://www.history.com/this-day-in-history/construction-begins-on-americas-highest-vehicle-tunnel
https://www.codot.gov/about/CDOTHistory/50th-anniversary/interstate-70/eisenhower-johnson-memorial-tunnels.html
https://www.codot.gov/travel/eisenhower-tunnel/eisenhower-tunnel-traffic-counts.html#collapseZero
This episode talks about the cost of Hoover Dam, how the project was remarkedly on budget, and how a little insider trading can win you the largest government contract ever awarded at the time.
Intro Song: Highwayman - The Highwaymen
References:
https://archive.org/details/hooverdamamerica00stev
https://tribupedia.com/old-photos-building-the-hoover-dam/
https://www.whatitcosts.com/hoover-dam-cost-build/
http://www.constructioncompany.com/historic-construction-projects/hoover-dam/
https://www.history.com/topics/great-depression/hoover-dam
This episode I again talk with my friend Colton; however, this time we discuss the Apollo program, James E Webb, and how things were better back in the good ol' days.
Intro Song: Brain Damage - Pink Floyd
References:
https://www.history.nasa.gov/SP-4029/Apollo_18-16_Apollo_Program_Budget_Appropriations.htm
https://www.reference.com/science/much-did-apollo-11-mission-cost-609c8a3ec923f93b
https://www.history.nasa.gov/Apollomon/Apollo.html
This episode my friend Colton and I discuss the F-35 and how overbudget it is. Spoiler: It's a lot.
Intro Song: Learning to Fly - Tom Petty
References:
https://www.washingtonpost.com/archive/politics/2001/10/27/lockheed-martin-beats-boeing-for-fighter-contract/c65b8843-131f-4827-9c69-c183066f1f57/
https://www.washingtonpost.com/wp-dyn/articles/A38236-2005Mar15.html
https://www.airforcemag.com/anewcapecostestimateforthef-35/
https://www.nationaldefensemagazine.org/articles/2010/3/11/high-drama-over-f35-cost-overruns-can-the-pentagon-fix-this-procurement-mess
https://www.airforcemag.com/the-cost-of-teamwork/
https://www.politico.com/story/2014/02/f-35-fighter-plane-costs-103579
https://www.bloomberg.com/news/articles/2017-07-10/f-35-program-costs-jump-to-406-billion-in-new-pentagon-estimate
https://www.thenation.com/article/archive/f35-fighter-jet-pentagon/
This episode is introducing the podcast. It does not have any research relevant to my project, but I wanted to get my feet wet with the process.