Deficit Politics in the United States
Taxes, Spending and Fiscal Disconnect
Seiten
2024
Routledge (Verlag)
978-1-032-20124-5 (ISBN)
Routledge (Verlag)
978-1-032-20124-5 (ISBN)
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.
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.
List of Figures and Tables
Preface
Chapter One: From Balanced Budgets to Deficit Politics
Chapter Two: From Deficit to Surplus—The Reagan-Clinton Transition
Chapter Three: From Surplus to Deficit—The George W. Bush Presidency
Chapter Four: Stabilizing the Deficit—The Obama Presidency
Chapter Five: Raising the Deficit—The Trump Presidency
Chapter Six: The Future of Deficit Politics—And Why It Matters
Selected Bibliography
Index
| Erscheinungsdatum | 13.09.2024 |
|---|---|
| Reihe/Serie | Europa Economic Perspectives |
| Zusatzinfo | 33 Tables, black and white; 2 Halftones, black and white; 2 Illustrations, black and white |
| Verlagsort | London |
| Sprache | englisch |
| Maße | 156 x 234 mm |
| Gewicht | 435 g |
| Themenwelt | Sozialwissenschaften ► Politik / Verwaltung |
| Wirtschaft ► Allgemeines / Lexika | |
| Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik | |
| ISBN-10 | 1-032-20124-X / 103220124X |
| ISBN-13 | 978-1-032-20124-5 / 9781032201245 |
| Zustand | Neuware |
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