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Deficit Politics in the United States

- Taxes, Spending and Fiscal Disconnect
Af: Dennis Ippolito Engelsk Paperback

Deficit Politics in the United States

- Taxes, Spending and Fiscal Disconnect
Af: Dennis Ippolito Engelsk Paperback
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From the clashes between Federalists and Republicans in the 1790s until today, partisan battles over taxing, spending, and public debt have shaped American political development. These battles were formerly constrained by fiscal norms that mandated balanced budgets and low debt. In his Farewell Address, President George Washington counseled the nation to "cherish public credit" by using "it as sparingly as possible".

In the 1980s, however, tax cuts and spending increases created large structural deficits and much higher debt levels. With only a brief interruption in the late 1990s, deficit politics has been a mainstay ever since.

Over this period, the Republican Party has passed large tax cuts but failed to retrench the large entitlement programs that continue to raise spending. Likewise, the Democratic Party has expanded the domestic role of government but has abandoned the broad-based taxation it supported in the 1990s. Funding their domestic agenda with matching revenues is now as unappealing for Democrats as entitlement cutbacks are for Republicans, contributing to the current stalemate of Republican tax policy, Democratic spending policy, and soaring deficits and debt. The economic risks this entails are serious, yet an end to the era of deficit politics is nowhere in sight.

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From the clashes between Federalists and Republicans in the 1790s until today, partisan battles over taxing, spending, and public debt have shaped American political development. These battles were formerly constrained by fiscal norms that mandated balanced budgets and low debt. In his Farewell Address, President George Washington counseled the nation to "cherish public credit" by using "it as sparingly as possible".

In the 1980s, however, tax cuts and spending increases created large structural deficits and much higher debt levels. With only a brief interruption in the late 1990s, deficit politics has been a mainstay ever since.

Over this period, the Republican Party has passed large tax cuts but failed to retrench the large entitlement programs that continue to raise spending. Likewise, the Democratic Party has expanded the domestic role of government but has abandoned the broad-based taxation it supported in the 1990s. Funding their domestic agenda with matching revenues is now as unappealing for Democrats as entitlement cutbacks are for Republicans, contributing to the current stalemate of Republican tax policy, Democratic spending policy, and soaring deficits and debt. The economic risks this entails are serious, yet an end to the era of deficit politics is nowhere in sight.

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Produktdetaljer
Sprog: Engelsk
Sider: 224
ISBN-13: 9781032201245
Indbinding: Paperback
Udgave:
ISBN-10: 103220124X
Kategori: Politiske ledere og ledelse
Udg. Dato: 4 okt 2024
Længde: 15mm
Bredde: 157mm
Højde: 232mm
Forlag: Taylor & Francis Ltd
Oplagsdato: 4 okt 2024
Forfatter(e): Dennis Ippolito
Forfatter(e) Dennis Ippolito

Kategori Politiske ledere og ledelse

ISBN-13 9781032201245

Sprog Engelsk

Indbinding Paperback

Sider 224

Udgave

Længde 15mm

Bredde 157mm

Højde 232mm

Udg. Dato 4 okt 2024

Oplagsdato 4 okt 2024

Forlag Taylor & Francis Ltd