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Author: John Merrifield
Publisher: Lexington Books
ISBN: 1498553540
Category : Business & Economics
Languages : en
Pages : 259
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Book Description
Restoring America’s Fiscal Constitution estimates the potential impact of new fiscal rules on the U.S. economy over the next two decades. The new rules would require a cyclically balanced budget and an expenditure limit. The study shows that over the forecast period, the budget could be balanced and the total debt-to-GDP ratio reduced to the 60 percent tolerance level under this scheme, but this fiscal consolidation can only be achieved using a combination of fiscal reforms that go far beyond what has been proposed by Congress and the President. The first chapter explores the theoretical foundations of a fiscal constitution. The orthodox public finance view of public debt is contrasted with a public choice perspective. This is followed by chapters surveying the new fiscal rules enacted in other countries to address debt issues. Several chapters provide a historical perspective on U.S. debt, including a critical appraisal of our fiscal rules. New laws are proposed to address the debt crisis, and a dynamic simulation model is used to estimate the impact of the proposed laws on the U.S. economy. The final section provides a roadmap for enacting the proposed constitutional and statutory fiscal rules.
Author: John Merrifield
Publisher: Lexington Books
ISBN: 1498553540
Category : Business & Economics
Languages : en
Pages : 259
Get Book Here
Book Description
Restoring America’s Fiscal Constitution estimates the potential impact of new fiscal rules on the U.S. economy over the next two decades. The new rules would require a cyclically balanced budget and an expenditure limit. The study shows that over the forecast period, the budget could be balanced and the total debt-to-GDP ratio reduced to the 60 percent tolerance level under this scheme, but this fiscal consolidation can only be achieved using a combination of fiscal reforms that go far beyond what has been proposed by Congress and the President. The first chapter explores the theoretical foundations of a fiscal constitution. The orthodox public finance view of public debt is contrasted with a public choice perspective. This is followed by chapters surveying the new fiscal rules enacted in other countries to address debt issues. Several chapters provide a historical perspective on U.S. debt, including a critical appraisal of our fiscal rules. New laws are proposed to address the debt crisis, and a dynamic simulation model is used to estimate the impact of the proposed laws on the U.S. economy. The final section provides a roadmap for enacting the proposed constitutional and statutory fiscal rules.
Author: David M. Walker
Publisher: Random House
ISBN: 1588369765
Category : Business & Economics
Languages : en
Pages : 242
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Book Description
He's one of America's most capable, canny, candid, and independent financial experts. Now David M. Walker sounds a call to action. Comeback America is a tough-minded, innovative, inspiring guide to help us avoid the approaching economic abyss and put the country back on track again. As comptroller general of the United States and head of the Government Accountability Office (GAO)—"the nation's top auditor"—Walker warned Congress and the administration as the federal surplus became a giant deficit under George W. Bush. As president and CEO of the Peter G. Peterson Foundation, he now works full-time to raise public awareness regarding mounting debt burdens being imposed on future generations. Comeback America is his crucial manifesto, a way for President Obama to end out-of-control government spending and reform our tax, retirement, health care, defense, and other systems—before it's too late. Walker believes that by 2030, absent significant reforms to current government programs and policies, federal taxes could double from current levels, meaning less money and poorer education for kids—which will hurt families along with our nation's economic strength and position in the world. If our foreign creditors—such as China—decide to buy fewer of our Treasury bonds, interest rates will rise and cars and homes will become less affordable. But it doesn't have to be that way. Comeback America shows how we can return to our founding principles of fiscal responsibility and stewardship for future generations. The book includes bold ideas to control spending, save Social Security, dramatically alter Medicare, and simplify the tax code—all taking into account the Obama Administration's current efforts, which receive never-before-published assessments both complimentary and critical. Nonpartisan, nonideological, and filled with a love of the country its esteemed author has spent his life serving, Comeback America is a book for anyone interested in America's economic future—in other words, a book everyone should read.
Author: Chip Maxwell
Publisher: Createspace Independent Pub
ISBN: 9781475183221
Category : Political Science
Languages : en
Pages : 250
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Book Description
A reader-friendly explanation of the need to restore limited government and other American founding values.
Author: John Merrifield
Publisher: Cato Institute
ISBN: 1948647893
Category : Political Science
Languages : en
Pages : 616
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Book Description
"'A Fiscal Cliff' is precisely the right book for perilous fiscal times. Giants in economics and public policy offer a spirited defense of fiscal rules critically needed to protect our children and grandchildren from a bleak future." -Richard K. Vedder, Distinguished Professor of Economics Emeritus, Ohio University/p> The unsustainable, and still rapidly growing, U.S. federal government debt is a classic case of ‘'in denial.” Indeed, we are no closer to a solution to the debt crisis than we were ten years ago when the Simpson-Bowles Commission issued a report with recommendations to address the nation's debt crisis. The bipartisan Commission fell short of the supermajority vote required to submit their recommendations to Congress. President Trump declared a debt crisis, but didn't act like it. Various commissions and think tanks have made numerous recommendations. In 2019, a Congressional Committee was appointed to recommend budget process reforms, but that Committee could not agree on any recommendations to submit to Congress. While the dominant sentiment is that maybe if we ignore it, it will just go away, the debt crisis will not just vanish. A Fiscal Cliff: New Perspectives on the U.S. Debt Crisis is a timely addition to a critical policy discussion.
Author: Robert J. Thorpe
Publisher: Robert Thorpe
ISBN: 9780615380445
Category : Liberty
Languages : en
Pages : 250
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Book Description
WASHINGTON IS BROKEN! Its out-of-control spending and debts have set new, unimaginable records: - FEDERAL GOVERNMENT: spent over 1/3 of a TRILLION DOLLARS in just 28 days during February 2010 ($9 million per minute) - NATION: pays over $1.1 BILLION per day on the national debt interest payments (3/4 million per minute), over $4 billion per day by 2020 - TAXPAYERS: each owes $1.1 MILLION of the federal government debt (not including $10 TRILLION of new borrowing and debt through 2020) RECLAIM LIBERTY contains common sense solutions for repairing and restoring our Constitutional government and reclaiming our personal liberties and religious freedoms. 15 new citizen / State-sponsored Constitutional amendments and how to ratify them, including: a balanced budget, end to national debt, income tax and congressional reforms, protections for individual and State's rights. Out-of-control federal spending and national debt is exposed; we will soon face a "Greece-like" demise if we don't rein-in Washington. Learn how to reform congressional members and curb ever-growing federal debt, spending, federal salaries and waste. Learn how to choose, elect and support quality candidates and effectively communicate with and influence your representatives. Includes over 600 'day-planner' style entries where the reader can keep track of important information, dates and communications. Resources include 14 recommended books, 6 news-based websites, 20 resource websites and a terrific FREE news gathering organizational tool. Includes the U.S. Declaration of Independence, Bill of Rights, Constitution of the United States and all the amendments, and a new 2010 version of The Declaration of Independence. Also 50 memorable quotes from our Founding Fathers and describes what our "moral and virtuous" Founders believed and how "political correctness" and our "progressive" governments have strayed from our Founder's visions. LEARN MORE: www.ReclaimLiberty.us
Author: Bill White
Publisher: Public Affairs
ISBN: 1610393430
Category : Political Science
Languages : en
Pages : 578
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Book Description
What would Washington, Jefferson, Madison, Lincoln, the Roosevelts, Truman, and Eisenhower have done about today’s federal debt crisis? America’s Fiscal Constitution tells the remarkable story of fiscal heroes who imposed clear limits on the use of federal debt, limits that for two centuries were part of an unwritten constitution. Those national leaders borrowed only for extraordinary purposes and relied on well-defined budget practices to balance federal spending and revenues. That traditional fiscal constitution collapsed in 2001. Afterward—for the first time in history—federal elected officials cut taxes during war, funded permanent new programs entirely with debt, grew dependent on foreign creditors, and claimed that the economy could not thrive without routine federal borrowing. For most of the nation’s history, conservatives fought to restrain the growth of government by insisting that new programs be paid for with taxation, while progressives sought to preserve opportunities for people on the way up by balancing budgets. Virtually all mainstream politicians recognized that excessive debt could jeopardize private investment and national independence. With original scholarship and the benefit of experience in finance and public service, Bill White dispels common budget myths and distills practical lessons from the nation’s five previous spikes in debt. America’s Fiscal Constitution offers an objective and hopeful guide for people trying to make sense of the nation’s current, most severe, debt crisis and its impact on their lives and our future.
Author: Douglas A. Irwin
Publisher: University of Chicago Press
ISBN: 0226384756
Category : Business & Economics
Languages : en
Pages : 365
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Book Description
Papers of the National Bureau of Economic Research conference held at Dartmouth College on May 8-9, 2009.
Author: Larry J. Sabato
Publisher: Bloomsbury Publishing USA
ISBN: 0802777562
Category : History
Languages : en
Pages : 353
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Book Description
"The reader can't help but hold out hope that maybe someday, some of these sweeping changes could actually bring the nation's government out of its intellectual quagmire...his lively, conversational tone and compelling examples make the reader a more than willing student for this updated civics lesson." --The Hill The political book of the year, from the acclaimed founder and director of the Center for politics at the University of Virginia. A More Perfect Constitution presents creative and dynamic proposals from one of the most visionary and fertile political minds of our time to reinvigorate our Constitution and American governance at a time when such change is urgently needed, given the growing dysfunction and unfairness of our political system . Combining idealism and pragmatism, and with full respect for the original document, Larry Sabato's thought-provoking ideas range from the length of the president's term in office and the number and terms of Supreme Court justices to the vagaries of the antiquated Electoral College, and a compelling call for universal national service-all laced through with the history behind each proposal and the potential impact on the lives of ordinary people. Aware that such changes won't happen easily, but that the original Framers fully expected the Constitution to be regularly revised, Sabato urges us to engage in the debate and discussion his ideas will surely engender. During an election year, no book is more relevant or significant than this.
Author: Barry Warren Poulson
Publisher: Rowman & Littlefield
ISBN: 1666916617
Category : Debts, Public
Languages : en
Pages : 203
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Book Description
By looking at the macroeconomic frameworks and experiences of countries such as Germany, Sweden, and Switzerland, Restoring Sustainable Macroeconomic Policies in the U.S. presents a way for the United States to normalize fiscal and monetary policy in order to achieve sustainable debt in the post-COVID-19 era.
Author: Alice M. Rivlin
Publisher: Rowman & Littlefield
ISBN: 9780815796398
Category : Business & Economics
Languages : en
Pages : 142
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Book Description
The United States is standing at a critical juncture in its fiscal outlook. After experiencing a brief period of budget surpluses at the turn of the century, the federal government will run deficits that add about $4 trillion to the national debt over the next decade. Substantial deficits will likely continue long into the future because the looming retirement of the baby boom generation will raise spending in Social Security, Medicare, and Medicaid. At the same time, the federal government appears to be neglecting spending in key areas of social and economic policy. The nation thus faces a vital choice: continue down a path toward future fiscal crisis while under investing in critical areas, or increase resources in high-priority areas while also reducing the overall budget deficit. This choice will materially affect Americans' economic status and security in the immediate future as well as over long horizons. In R estoring Fiscal Sanity, a group of Brookings scholars with high-level government experience provide an overview of the country's likely medium- and long-term spending needs and the resources available to pay for them. They propose three alternative fiscal paths that are more responsible than the current path. One plan emphasizes spending cuts, the second emphasizes revenue increases, and a third is a balanced mix between the two. The contributors address the policy choices in such areas as defense, homeland security, international assistance, and programs targeted to the less advantaged, the elderly, and other domestic priorities. In the process, they provide an understanding of the short- and long-run trade offs and illustrate how the budget can be reshaped to achieve high priority objectives in a fiscally responsible way.
