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Government deficit spending is a central point of controversy in economics, with prominent economists holding differing views. [3]The mainstream economics position is that deficit spending is desirable and necessary as part of countercyclical fiscal policy, but that there should not be a structural deficit (i.e., permanent deficit): The government should run deficits during recessions to ...
French government borrowing (budget deficits) as a percentage of GNP, 1960–2009. A government deficit can be thought of as consisting of two elements, structural and cyclical. At the lowest point in the business cycle, there is a high level of unemployment. This means that tax revenues are low and expenditure (e.g., on social security) high ...
The total federal deficit is the sum of the on-budget deficit (or surplus) and the off-budget deficit (or surplus). Since FY1960, the federal government has run on-budget deficits except for FY1999 and FY2000, and total federal deficits except in FY1969 and FY1998–FY2001. [39]
Deficits occur when spending increases or when revenue falls. Since the national debt is an accumulation of federal deficits, each new tax cut and spending program creates a deficit and adds to ...
In a world where most people live their whole lives without ever seeing more than a few thousand dollars in the same place at the same time, $28 trillion is an incomprehensible sum. It's such a...
In a world where most people live their whole lives without ever seeing more than a few thousand dollars in the same place at the same time, $28 trillion is an incomprehensible sum. It's such a...
By definition, the three balances must net to zero. Since 2009, the U.S. capital surplus (i.e., trade deficit) and private sector surplus (i.e., savings greater than investment) have driven a government budget deficit. The CBO reported several types of risk factors related to rising debt levels in a July 2010 publication:
According to Central Intelligence Agency, "budget surplus (+) or deficit (-) records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit).