The United States currently incarcerates a higher share of its population than any other country in the world. We calculate that a reduction in incarceration rates just to the level we had in 1993 (which was already high by historical standards) would lower correctional expenditures by $16.9...

With the debate over health care dragging on, it is becoming increasingly likely that the Senate will pass a bill through the reconciliation process, requiring just a simple majority rather than the super-majority needed to break a filibuster. This paper shows that if this path is taken,...