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تاريخ التسجيل: May 2013
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Fiscal policy
Fiscal policy involves decisions about government spending and taxation. A budget
deficit is the excess of government expenditures over tax revenues for a particular
time period, typically a year, while a budget surplus arises when tax revenues exceed
government expenditures. The government must finance any deficit by borrowing,
while a budget surplus leads to a lower government debt burden. As Figure 8 shows,
the budget deficit, relative to the size of our economy, peaked in 1983 at 6% of
national output (as calculated by the gross domestic product, or GDP, a measure ofaggregate output described in the appendix to this chapter). Since then, the budget
deficit at first declined to less than 3% of GDP, rose again to over 5% by 1989, and
fell subsequently, leading to budget surpluses from 1999 to 2001. In the aftermath of
the terrorist attacks of September 11, 2001, the budget has swung back again into
deficit. What to do about budget deficits and surpluses has been the subject of legislation
and bitter battles between the president and Congress in recent years.
You may have heard statements in newspapers or on TV that budget surpluses are
a good thing while deficits are undesirable. We explore the accuracy of such claims in
Chapters 8 and 21 by seeing how budget deficits might lead to a financial crisis as
they did in Argentina in 2001. In Chapter 27, we examine why deficits might result
in a higher rate of money growth, a higher rate of inflation, and higher interest rates
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