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Deficit Politics in the United States - Dennis Ippolito

Deficit Politics in the United States

Taxes, Spending and Fiscal Disconnect

(Autor)

Buch | Softcover
224 Seiten
2024
Routledge (Verlag)
978-1-032-20124-5 (ISBN)
CHF 69,80 inkl. MwSt
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.

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
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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