The Budget Reconciliation Act of 1993: a summary report

A summary of the administration's final budget bill that was enacted in summer 1993, highlighting the changes in the scope and timing of deficit reductions and in the amount and distribution of revenue increases.Omnibus Budget Reconciliation Act of 1993 ; Fiscal policy

An overview of the Clinton budget plan

An investigation of the allocative consequences of resource shifts that would result if the Clinton administration's budget plan is adopted, examining the timing and composition of both net outlay cuts and net revenue increases represented in the budget proposal, as well as the generational impact of each.Budget ; Fiscal policy

Health care reform from a generational perspective

An analysis of the intergenerational tax burdens that are likely to arise under the Clinton administration's health care reform proposal as well as under two alternative plans, examining the potential redistributive effects of each.Medical care ; Taxation

Back to the future: prospective deficits through the prism of the past

A look at the Clinton administration's first piece of budget legislation--the Omnibus Budget Reconciliation Act of 1993 (OBRA93)--showing that although it appears to be more successful than OBRA90, its Bush administration predecessor, it may still be subject to the same type of unanticipated "technical" problems that undermined the earlier legislation.Budget deficits

Social Security privatization: a simple proposal

A proposal for a U.S. Social Security reform that gradually, but ultimately fully, privatizes the system. This proposal follows the no-harm, no-foul principle in that it preserves the benefits of older generations and yet promises the same or higher retirement benefits for the young.Social security

Fixing Social Security: is the surplus the solution?

It may seem an attractive proposal-the Administration's plan of using projected budget surpluses to restore Social Security's finances-but it obscures the real trade-off we face in tackling this problem. The proposal is essentially a change in the accounting treatment of surpluses, deficits, and debt held by the public and in the Social Security Trust Fund. It would in no way alter the fundamental imbalance that afflicts the nation's most basic pension program.Social security

Do hostile takeovers reduce extramarginal wage payments?

Hostile takeovers may have significant implications for long-term employment contracts if they facilitate the opportunistic expropriation of extramarginal wage payments. We test the expropriation hypothesis by studying the relationship between proxies for extramarginal wage payments and subsequent hostile takeover activity. This paper improves on existing research by using firm- and establishment-level data from a salary survey of employers. In addition, we observe characteristics of wage and employment structures both before and after the occurrence of a hostile takeover and hence can see whether the data are consistent with reductions in extramarginal wage payments following such takeovers. Results from this ex post experiment provide evidence consistent with the hypothesis that hostile takeovers result in reductions of extramarginal wage payments to more-tenured workers, mostly through cutbacks in senior positions at firms with relatively steep wage profiles.Consolidation and merger of corporations ; Wages

The annuitization of Americans' resources: a cohort analysis

An analysis of the changes since 1960 in the share of Americans' resources that are annuitized, which has declined slightly for younger Americans but has risen dramatically for the elderly, with important implications for the national saving rate and income inequality.Saving and investment

Optimized Compilation of Aggregated Instructions for Realistic Quantum Computers

Recent developments in engineering and algorithms have made real-world applications in quantum computing possible in the near future. Existing quantum programming languages and compilers use a quantum assembly language composed of 1- and 2-qubit (quantum bit) gates. Quantum compiler frameworks translate this quantum assembly to electric signals (called control pulses) that implement the specified computation on specific physical devices. However, there is a mismatch between the operations defined by the 1- and 2-qubit logical ISA and their underlying physical implementation, so the current practice of directly translating logical instructions into control pulses results in inefficient, high-latency programs. To address this inefficiency, we propose a universal quantum compilation methodology that aggregates multiple logical operations into larger units that manipulate up to 10 qubits at a time. Our methodology then optimizes these aggregates by (1) finding commutative intermediate operations that result in more efficient schedules and (2) creating custom control pulses optimized for the aggregate (instead of individual 1- and 2-qubit operations). Compared to the standard gate-based compilation, the proposed approach realizes a deeper vertical integration of high-level quantum software and low-level, physical quantum hardware. We evaluate our approach on important near-term quantum applications on simulations of superconducting quantum architectures. Our proposed approach provides a mean speedup of $5\times$, with a maximum of $10\times$. Because latency directly affects the feasibility of quantum computation, our results not only improve performance but also have the potential to enable quantum computation sooner than otherwise possible.Comment: 13 pages, to apper in ASPLO