Government budgets and fiscal policy

OpenStax

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Introduction to government budgets and fiscal policy

Government spending

1 Total u.s. government spending

2 State and local government spending

3 Key concepts and summary

1 Federal taxes

2 State and local taxes

3 Key concepts and summary

Federal deficits and the national debt

1 Debt/gdp ratio

2 The path from deficits to surpluses to deficits

3 Key concepts and summary

Using fiscal policy to fight recession, unemployment, and inflation

1 Expansionary fiscal policy

2 Contractionary fiscal policy

3 Key concepts and summary

Automatic stabilizers

1 Counterbalancing recession and boom

2 The standardized employment deficit or surplus

3 Key concepts and summary

Practical problems with discretionary fiscal policy

1 Fiscal policy and interest rates

2 Long and variable time lags

3 Temporary and permanent fiscal policy

4 Structural economic change takes time

5 The limitations of fiscal policy

6 Political realties and discretionary fiscal policy

7 Discretionary fiscal policy: summing up

8 Key concepts and summary

The question of a balanced budget

Source: OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11

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