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Author: William Withers
Publisher: Studies in History, Economics, and Public Law, 374
ISBN:
Category : Business & Economics
Languages : en
Pages : 352
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Book Description
Looks at the habits of saving, the distribution of income, and changes in the price level in their relations to the public debt after World War l.
Author: William Withers
Publisher: Studies in History, Economics, and Public Law, 374
ISBN:
Category : Business & Economics
Languages : en
Pages : 352
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Book Description
Looks at the habits of saving, the distribution of income, and changes in the price level in their relations to the public debt after World War l.
Author: Marc Labonte
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: William Withers
Publisher:
ISBN:
Category :
Languages : en
Pages : 344
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Book Description
Author: William Herbert Withers
Publisher:
ISBN:
Category :
Languages : en
Pages : 344
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Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Measuring the economic size of the federal government can be an elusive goal. Over the past 40 years, for example, the total outlays of the federal government have ranged between 17% and 23.5% of Gross Domestic Product (GDP). Yet, an alternative measure based on the government's consumption of goods and services, suggests a much smaller economic size: for over the past 40 years, this measure has ranged between 6% and 13% of GDP. The disparity between these two measures is accounted for by outlays that transfer income from some Americans to other Americans. One major transfer is interest on the national debt. The current and prospective budget surpluses suggest that the publicly held debt could be effectively retired with the coming decade. This will reduce (and eventually eliminate) future interest outlays. The government is then free to used this saved revenue for further debt reduction, other transfer payments, increased spending on goods and services, or tax cuts. If the spending option is chosen, it will increase the governmentÕs consumption of goods and services, and the share of GDP accounted for by government even though the outlays as a percentage of GDP will remain constant. A transfer payment will have been converted into an outlay that will increase the percentage of GDP consumed by the federal government. Depending on which measure of size is used, the economic size of the federal government could increase. This report will updated as events warrant.
Author: William Herbert WITHERS
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: William Herbert WITHERS
Publisher:
ISBN:
Category :
Languages : en
Pages : 344
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Book Description
Author: Robert Mallory MacIntosh
Publisher:
ISBN:
Category : Finance
Languages : en
Pages :
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Author: Marc Labonte
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Charles W. Steadman
Publisher: Praeger
ISBN: 0275943607
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
The Washington financier who first proposed creation of a trust fund to retire the national debt has written a book outlining a new plan that would prevent Congress from raiding the fund to supplement the cost of regular government programs. In 1982 he suggested a temporary 5% tax on manufacturers sales. The income would go into a debt trust fund similar to the highway trust fund. The $1 trillion federal debt would have been retired in five years (by 1985 or 1986) under that proposal. In the past decade, however, federal trust fund have not fared as well. For example, contributions to the social security fund essentially are borrowed for the regular budget. The trust fund contains federal I.O.U.s. A special tax that raised secure funds exclusively for debt retirement might well get public support. Without federal interest payments, the 1992 federal deficit would have been cut to $114 billion from $314 billion. Washington banker and attorney Charles W. Steadman, who made the 1982 proposal, now has eliminated the trust fund from his method of paying off the debt. In The National Debt Conclusion: Establishing the Debt Repayment Plan, (Praeger Publishers, November 1993), Steadman lays out his proposal to eliminate the debt in ten years. Steadman would issue new debt bonds for existing federal government debt securities in a single exchange. A sales tax at the producers' level would be dedicated solely to paying off the new debt bonds on schedule. There would be no trust fund. The rate of the sales tax would be scheduled to raise only enough money each year to call the bonds scheduled for retirement in that year. The debt bonds could be retired only by income from the special purpose tax. Steadman's plan establishes a contract between the government and the bondholders, who would have no claim on general funds of the United States. The Congress would have no way to borrow from the debt retirement receipts. Steadman argues that America must adopt a fundamentally different fiscal structure before the debt burden ultimately causes collapse of the nation's financial structure.
