Concepts and Measures of Federal Deficits and Debt and Their Impact on Economic Activity : Prepared for International Economic Association Conference on Economics of Public Debt, Stanford, California, 1986

Concepts and Measures of Federal Deficits and Debt and Their Impact on Economic Activity : Prepared for International Economic Association Conference on Economics of Public Debt, Stanford, California, 1986
Author: Michael J. Boskin
Publisher:
Total Pages: 0
Release: 1986
Genre:
ISBN:
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Concepts and Measures of Federal Deficits and Debt and Their Impact on Economic Activity

Concepts and Measures of Federal Deficits and Debt and Their Impact on Economic Activity
Author: Michael J. Boskin
Publisher:
Total Pages: 39
Release: 1987
Genre: Budget deficits
ISBN:
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This paper introduces extensions of the National Income Accounts to include a consistent treatment of consumer durables and government capital in the measurement of consumption and income, and explicitly tests alternative propositions concerning the effects of government financial policy on real economic activity. The paper discusses adjustments to various measures of the budget deficit, national debt, or government "net worth". These include separating government tangible investment from consumption, accounting for government financial assets, inflation adjustments, etc. The most important results estimate consumption functions in which government consumption is subtracted from income. I take this to be more in the spirit of the Ricardian equivalence hypothesis, asking: Given the level of government consumption, would a shift from tax to debt finance alter consumption? The various measures of the deficit produce virtually identical results in their impact on consumption: a tax cut holding government consumption constant, unambiguously increases consumption substantially, about 40 cents on the dollar. Estimating separate coefficients on private wealth, net of government bonds and on private holdings of government bonds, yields a coefficient on government bonds virtually identical to that of regular private wealth, rather than zero as would be the case under Ricardian equivalence. The estimates of the net impact of Social Security wealth are consistent with recent research suggesting that the propensity to consume out of Social Security wealth is about half that of regular private wealth. The estimated impact of changes in net government explicit assets -- the value of government tangible capital over and above regular debt -- again is quite similar to the propensity to consume out of private wealth. This would suggest that government tangible assets substitute for private saving. Reduced form estimates are presented on the impact of federal deficits on the composition of GNP. Various specifica

Federal Deficits and Debt

Federal Deficits and Debt
Author: Jamie Malone
Publisher:
Total Pages: 100
Release: 2016
Genre: Business & Economics
ISBN: 9781536102697
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The federal government incurs a budget deficit (also known as a net deficit) when its total outgoing payments (outlays) exceed the total money it collects (revenues). If instead federal revenues are greater than outlays, then the federal government generates a surplus. Deficits are measured over the course of a defined period of time--in the case of the federal government, a fiscal year. Over time, persistent budget deficits can hamper economic growth. Federal debt, either publicly held or intragovernmental, is funded through private capital. In the absence of federal debt, a portion of such funding would likely have been used on private investment projects that could increase the future productive capabilities of the economy. Large or rapidly increasing debt levels could also make the economy more susceptible to a recession, although that dynamic has not manifested itself in the United States. This book explores distinctions in the concept and composition of deficits and debt, explains how these two measures interact, and discusses their possible effects on the economy. Furthermore, the book discusses the size of projected budget deficits; how much the deficit would need to be reduced to return to long-term sustainability; analyzes alternative time frames for reducing the deficit; and discusses broad policy choices for reducing the deficit.

Global Trends 2040

Global Trends 2040
Author: National Intelligence Council
Publisher: Cosimo Reports
Total Pages: 158
Release: 2021-03
Genre:
ISBN: 9781646794973
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"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

The Economic Consequences of Government Deficits

The Economic Consequences of Government Deficits
Author: L.H. Meyer
Publisher: Springer
Total Pages: 268
Release: 1983-09-30
Genre: Business & Economics
ISBN:
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On October 29 and 30, 1982, the Center for the Study of American Business and the Institute for Banking and Financial Markets at Washington "The Economic Consequences of University cosponsored a conference on Government Deficits. " This was the sixth annual Economic Policy Con ference sponsored by the Center, and the first it has cosponsored with the Institute. This book contains the papers and comments delivered at that conference. Recent and prospective large federal deficits have prompted a thorough reconsideration of the political sources and economic consequences of government deficits. The papers in Part I focus on the implications of deficits for monetary growth and inflation, and the papers in Part II consider the effect of deficits on interest rates and capital formation. The papers in Part III deal with the political sources and remedies for the explosive growth in government spending and increased reliance on deficits. The papers in Part I by Alan S. Blinder, Professor of Economics at Princeton University, and Preston J. Miller, Assistant Vice President and Research Advisor at the Federal Reserve Bank of Minneapolis, discuss the relation between monetary growth and deficits and present evidence on the of deficits on inflation and output. A deficit is said to be monetized effects vii viii THE ECONOMIC CONSEQUENCES OF GOVERNMENT DEFICITS when the Federal Reserve purchases bonds to aid the Treasury in financing the deficit.

The Financial Crisis Inquiry Report

The Financial Crisis Inquiry Report
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
Total Pages: 692
Release: 2011-05-01
Genre: Political Science
ISBN: 1616405414
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The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Communities in Action

Communities in Action
Author: National Academies of Sciences, Engineering, and Medicine
Publisher: National Academies Press
Total Pages: 583
Release: 2017-04-27
Genre: Medical
ISBN: 0309452961
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In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.