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Deficit Politics in the United States

2022-02-22 Political Science
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Release : 2022-02-22
Genre : Political Science
Kind : eBook
Book Rating : 990/5 ( reviews)

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Book Synopsis Deficit Politics in the United States by : Dennis Ippolito

Download or read book Deficit Politics in the United States written by Dennis Ippolito. This book was released on 2022-02-22. Available in PDF, EPUB and Kindle. Book excerpt: From the clashes between Federalists and Republicans in the 1790s until today, partisan battles over taxing, spending, and public debt have shaped American political development. These battles were formerly constrained by fiscal norms that mandated balanced budgets and low debt. In his Farewell Address, President George Washington counseled the nation to "cherish public credit" by using "it as sparingly as possible". In the 1980s, however, tax cuts and spending increases created large structural deficits and much higher debt levels. With only a brief interruption in the late 1990s, deficit politics has been a mainstay ever since. Over this period, the Republican Party has passed large tax cuts but failed to retrench the large entitlement programs that continue to raise spending. Likewise, the Democratic Party has expanded the domestic role of government but has abandoned the broad-based taxation it supported in the 1990s. Funding their domestic agenda with matching revenues is now as unappealing for Democrats as entitlement cutbacks are for Republicans, contributing to the current stalemate of Republican tax policy, Democratic spending policy, and soaring deficits and debt. The economic risks this entails are serious, yet an end to the era of deficit politics is nowhere in sight.

Deficit Politics in the United States

2022-02-23
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Release : 2022-02-23
Genre :
Kind : eBook
Book Rating : 064/5 ( reviews)

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Book Synopsis Deficit Politics in the United States by : DENNIS S. IPPOLITO

Download or read book Deficit Politics in the United States written by DENNIS S. IPPOLITO. This book was released on 2022-02-23. Available in PDF, EPUB and Kindle. Book excerpt: From the clashes between Federalists and Republicans in the 1790s until today, partisan battles over taxing, spending, and public debt have shaped American political development. These battles were formerly constrained by fiscal norms that mandated balanced budgets and low debt. In his Farewell Address, President George Washington counseled the nation to cherish public credit by using it as sparingly as possible. In the 1980s, however, tax cuts and spending increases created large structural deficits and much higher debt levels. With only a brief interruption in the late 1990s, deficit politics has been a mainstay ever since. Over this period, the Republican Party has passed large tax cuts but failed to retrench the large entitlement programs that continue to raise spending. Likewise, the Democratic Party has expanded the domestic role of government but has abandoned the broad-based taxation it supported in the 1990s. Funding their domestic agenda with matching revenues is now as unappealing for Democrats as entitlement cutbacks are for Republicans, contributing to the current stalemate of Republican tax policy, Democratic spending policy, and soaring deficits and debt. The economic risks this entails are serious, yet an end to the era of deficit politics is nowhere in sight.

Deficit Politics

2003 Business & Economics
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Release : 2003
Genre : Business & Economics
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Deficit Politics by : Donald F. Kettl

Download or read book Deficit Politics written by Donald F. Kettl. This book was released on 2003. Available in PDF, EPUB and Kindle. Book excerpt: This Second Edition of Kettl's landmark work on public budgeting has been completely updated and is now part of the "Longman Classics in Political Science" series. Deficit Politics, as part of the Longman Classics series, features a new Foreword by Ross K. Baker of Rutgers University. The rest of the text has been completely updated. Like the original, the Second Edition puts deficit politics at the center of our political system and explores the politics of public budgeting with special attention to its historical roots (what are the traditional battles over budgeting?), economic impact (how do budgets steer the economy?), and the role of political institutions (how do presidents and members of Congress, in particular, resolve the political tradeoffs that lie at the core of budgetary policy?).

Deficits, Debt, and American Politics

2023-05-31 Political Science
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Release : 2023-05-31
Genre : Political Science
Kind : eBook
Book Rating : 752/5 ( reviews)

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Book Synopsis Deficits, Debt, and American Politics by : Marc Allen Eisner

Download or read book Deficits, Debt, and American Politics written by Marc Allen Eisner. This book was released on 2023-05-31. Available in PDF, EPUB and Kindle. Book excerpt: "For most of the history of the United States, periods of growing indebtedness—a product of wars and economic crises—were followed by reductions in the debt-to-GDP ratio." But why have the last several decades failed to follow this pattern, leaving the national debt at its highest level since World War II? In this groundbreaking new book, author Marc Allen Eisner, who has devoted most of his scholarly career to studying the evolution of the US political economy, explores the significant changes in the fiscal conditions of the United States during the postwar period, embedding the discussion in a broader historical context. He demonstrates that the national debt is in part a product of reduced revenues and the growing costs of the largest entitlement programs, but it also reflects a long series of shocks, including two wars, the financial crisis and Great Recession, and the COVID-19 pandemic. Deficits, Debt, and American Politics chronicles the history of the US debt in the postwar period, placed in the context of broader changes in the political economy and partisan politics. But it grounds this exploration in reader-friendly, chapter-length discussions of public finance, taxation, mandatory spending, and the budgetary process from a policy perspective. The volume concludes with a discussion of the challenges of comprehensive tax and program reforms in the current political climate. Deficits, Debt, and American Politics assumes little prior knowledge on the part of the reader, making it an ideal book for courses on public policy and political economy taught at both the upper-level undergraduate and graduate level. The material on public finance, long-term trends in taxation and spending, and the budgetary process, often relegated to descriptive texts, will be invaluable in courses engaging the deficit and debt.

Red Ink

1997 Business & Economics
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Release : 1997
Genre : Business & Economics
Kind : eBook
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Book Synopsis Red Ink by : Gary R. Evans

Download or read book Red Ink written by Gary R. Evans. This book was released on 1997. Available in PDF, EPUB and Kindle. Book excerpt: Discussions and conversations about the U.S. federal budget are commonplace, filling living rooms, coffee shops, and talk radio. "Red Ink" offers an insightful, non-partisan explanation of the budget as a political document. The book examines the budget as well as discussing the current structure of the federal government.

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