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Topic: Deficit spending

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Crowding out (economics)

Fiscal policy

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	Deficit Spending Definition
		Deficit spending represents an overload of government expenditures over government revenue, creating a shortfall or deficit that needs to be financed.
		Deficit spending may be reflective of excessive buying of goods and services and establishing costly government programs.
		Deficit spending may also be the result of transferring grants to individuals and corporations.
	www.investorglossary.com /deficit-spending.htm (194 words)

	White House Predicts 2004 Deficit Of $445 Billion -- the Biggest Ever (washingtonpost.com)
		Dragged down by the lowest consumer spending in three years, the quarterly growth rate was the lowest since the first quarter of 2003.
		But Bolten said declining deficit projections for the next four years do not include additional emergency spending, which is expected to reach tens of billions of dollars.
		Kerry's campaign said that even the reduced deficit forecast for 2004 is $800 billion worse than what the Congressional Budget Office had forecast in 2001 for this year -- including the loss of an expected surplus.
	www.washingtonpost.com /wp-dyn/articles/A27211-2004Jul30.html (911 words)

	CNN.com - Conservatives stew as Bush spending grows - Jan. 6, 2004
		Mounting spending has combined with the recession and two major tax cuts to turn a four-year string of annual surpluses into deficits that last year hit $374 billion, the worst ever in dollar terms.
		Last February, Bush proposed holding discretionary spending increases to 4 percent this year and next, although aides now say he meant to exclude the military and anti-terror activities.
		And they note this year's discretionary spending increase, though low, adds to boosts of 11 percent and then 15 percent in Bush's first two years as president.
	www.cnn.com /2004/ALLPOLITICS/01/06/elec04.prez.bush.spending.ap (962 words)

	CCPPP - Issues - Infrastructure Investment Deficit
		Recent research from various associations in Canada shows that there is a growing infrastructure investment deficit occurring in many sectors.
		If the current level of infrastructure under-investment is allowed to continue in Canada, the deficit could balloon to $1 trillion in 60 years.
		Drivers in Southern Ontario are now having to spend an average of almost $2,000 over the life of their vehicles in repairing damage to their cars caused by poor road conditions (10)
	www.pppcouncil.ca /issues_infraDeficit.asp (1083 words)

	Budget Deficits and National Debt \| Economy Books
		To understand what deficit and debt are all about, one should know what a budget is. The national (or federal) budget gives an account of government spending and revenue over a period (usually a fiscal year).
		Deficit is an indicator of the nature and size of government's spending.
		Although deficit has fuelled growth-rate and proved to be a blessing in some cases, yet it is a strain on the government as well as the people.
	www.icfaipress.org /books/BudgetDeficits-ov.asp (965 words)

	South-Western: Budget Deficit
		Deficits are a sign that federal spending is too high, but deficits do not cause many of the economic harms that some analysts are claiming.
		This omission is understandable and appropriate in the context of deficits that are small and temporary; it is increasingly untenable, however, in an environment with deficits that are large and permanent.
		He suggests that the deficit was helpful in recovering from the recession and countering the slow growth from 2001-2003, but it is likely to lead to crowding out if the deficit continues to grow in the long run.
	www.swlearning.com /economics/policy_debates/deficit.html (4201 words)

	Reducing the Deficit: Spending and Revenue Options (Site not responding. Last check: )
		Total federal spending averaged around 18 percent of GDP from 1950 to 1970, rose to over 23 percent of GDP in the early 1980s, and fell to about 21 percent of GDP by the 1990s.
		Deficit reduction policies totaling that amount would also reduce federal debt-service costs (lowering the deficit by about $45 billion over the period) and produce a balanced budget "fiscal dividend" (reducing deficits an additional $80 billion or so over the period).
		The BEA procedures appear to have been effective in controlling discretionary spending, although the end of the Cold War eased the way for significant cuts in defense (which accounts for most of the discretionary spending restraint), and in preventing new mandatory spending and revenue legislation from increasing the deficit.
	www.cbo.gov /showdoc.cfm?index=6&sequence=1&from=5 (3550 words)

	Deficit spending - Campaigns Wikia - a Wikia wiki
		Defecit Spending, despite it's widespread use for decades to propell economic development, is developing rapidly into a dire situation for America.
		In the last five years, we have seen our Nation's debt rise by over 50%, and we now have approximately 8.4 trillion dollars in government debt[1], a great deal of it held by foreign governments that could be described as less than friendly.
		The deficit may not be nearly the problem most people think it is. While the current spending does indeed seem to be fiscally irresponsibile, focusing on the size of the deficit is the wrong argument; the rate of growth is more key.
	campaigns.wikia.com /wiki/Deficit_spending (1307 words)

	RealClearPolitics - Articles - The Tax-Cut Myth
		Government makes up the deficit either by borrowing, which removes productive resources from private hands and must be repaid by future taxes, or by creating money out of thin air -- inflation -- which steals purchasing power from us by devaluing our money.
		President Bush brags that the deficit is coming down -- and it is. It's expected to be "only" $244 billion by the time the current fiscal year ends.
		The deficit is shrinking because the government takes more and more out of the productive private sector each year.
	www.realclearpolitics.com /articles/2007/05/the_taxcut_myth.html (574 words)

	Governmental Deficit Spending
		Deficit spending is one of numerous tools used by the federal government to manage the world’s largest economy — the largest in history.
		A deficit stimulates consumer demand, but that is not all it does, nor is it the only tool used to manage the economy.
		Deficit spending may also create a rise in unemployment, but lower the inflation rate.
	www.u-s-history.com /pages/h1982.html (1091 words)

	Bentsen Op-Ed on the Deficit (Site not responding. Last check: )
		Some claim that the continued existence of the deficit proves that the government's appetite is always out-of-control: something in Washington-maybe in the water-forces Congresses and Presidents to always push spending well beyond reasonable limits.
		Our current federal deficits have a single source: they are the hangover from the borrow-and-spend bender that the government tied on in the 1980s.
		In fiscal 1995, we are going to spend $51 billion in interest on that portion of the national debt that pre-dates the budgets of the 1980s.
	www.j-bradford-delong.net /OpEd/bentsenopedonthedeficit.html (984 words)

	The Joys of Deficit Spending (Site not responding. Last check: )
		State and local governments, which often spend less than their tax revenues and thus run budget surpluses, are not included in everyday discussions of THE budget deficit.
		Generating a deficit to finance wild parties or current consumption is not a very good idea.
		There are those who feel that the federal government, through the inappropriate use of its spending and taxing abilities, causes the booms and busts of the business cycle.
	www.eco.utexas.edu /graduate/Konstantinova/PedDeficit.htm (1480 words)

	Anti Essays : Free Essays on Deficit Spending Essay (Site not responding. Last check: )
		The Government, for instance, generated deficits during the War of 1812, the recession of 1837, the Civil War, the depression of the 1890s, and World War I. However, as soon as the war ended the deficit would be eliminated and the economy which was much larger than the amounted debt would quickly absorb it.
		Also, the deep recession of the early 1980s reduced revenues, raising the deficit and forcing the Government to spend much more on paying interest for the national debt at a time when interest rates were high.
		For example in the 1980’s when the huge deficits were adding up the actual additions to the public capital or increased productivity were often as big, or bigger than the deficit.
	www.antiessays.com /essay.php?eid=184 (1667 words)

	Al Jazeera English - Archive (Site not responding. Last check: )
		The United States' budget deficit for the fiscal year 2006 is now likely to balloon to more than $400 billion, smashing a prior estimate of $341 billion, a top US budget official says.
		The new deficit projection was likely to further intensify a debate leading up to mid-term elections in November on whether to renew President George Bush's tax cuts that he says are essential for economic growth but which Democrats say are a drain on the budget.
		A more precise deficit projection is expected in the proposed federal budget for the 2007 fiscal year - starting next October - that Bush will submit to Congress in early February.
	english.aljazeera.net /NR/exeres/A3264E99-6992-441C-9B3D-79552738B7AD.htm (508 words)

	Americans keep spending, trade deficit blows out - Business - Business
		Falling petrol prices are leaving Americans with more money to spend, and inflation has become less of a threat in recent weeks, according to a report released on Thursday by the Federal Reserve.
		A separate report on Thursday showing that the nation's trade deficit reached an all-time high in August was apparently an afterthought for investors.
		Other potential problem spots in the economy - rising prices and slower consumer spending - do not appear to be much of a problem at all in many areas of the country, the report said.
	www.smh.com.au /news/business/americans-keep-spending-trade-deficit-blows-out/2006/10/13/1160246326119.html (728 words)

	AEI - Short Publications
		Discretionary spending is what the president and Congress decide to spend each year through appropriations bills.
		Because discretionary spending can theoretically be zeroed out each year, it is generally regarded as the clearest indicator of whether a president and Congress are serious about reducing government spending.
		Mandatory spending reached its zenith under Nixon, partly because entitlement spending tends to balloon during recessions, as poverty rates and unemployment increase.
	www.aei.org /publications/filter.all,pubID.23352/pub_detail.asp (1731 words)

	Deficit Spending for Katrina
		One side claims Katrina proves there is not enough government welfare and government spending in general.
		But history shows us that “compassionate” deficit spending hurts poor people the most, by devaluating the value of the dollar.
		A fiat money system that engenders cycles of new money and deficit spending is not the savior of the poor, but rather their worst enemy.
	www.house.gov /paul/tst/tst2005/tst091905.htm (524 words)

	CNN - China plans deficit spending to beat economic woes - March 6, 1999
		BEIJING (CNN) -- China on Saturday proposed a massive government spending spree, including a double-digit hike for the military, to push the country toward recovery.
		Beijing outlined a 56 per cent increase in the existing deficit, bringing total debt to 150.3 billion yuan ($18.16 billion).
		Deficit spending will continue the public works programs begun last year to make sure the economy grows at 7 percent and generates jobs, they said.
	www.cnn.com /world/asiapcf/9903/06/china.congress.01 (748 words)

	Deficit Spending
		Deficit spending means spending in excess of tax revenues.
		The Treasury recovers all such spending on average by the sale of its own securities.
		The answer is “yes.” Say the Treasury needs $10 billion by the end of the month to cover its deficit spending.
	wfhummel.cnchost.com /deficitspending.html (343 words)

	Is Deficit Spending Ethically Deficient? \| Free exchange \| Economist.com
		I don't have a big beef against running up deficits now and then, but I do think there are good reasons of political economy to generally prefer more or less balanced budgets financed with more or less current taxation.
		If the patterns of government spending older people prefer tend to reduce the rate of growth relative to the alternatives, then not only will folks today be leaving future taxpayers the bill for their party, but could also be leaving them with less to pay it with.
		Public spending ought to provide for public goods, not for the private consumption of some people at the expense of others.
	www.economist.com /blogs/freeexchange/2007/05/is_deficit_spending_ethically.cfm (783 words)

	Grandfather Trust Fund & Deficit Report - by MWHodges
		The practice of siphoning-off trust fund surpluses to spend on non-trust stuff is a way of camouflaging general government deficit spending, making it appear to be in surplus when it's really in deficit - - - or making it appear that a huge deficit is just a modest deficit.
		After bragging in the late 1990s about budget surpluses, when in fact the general government was in deficit (not surplus) despite the highest tax revenue share of the economy in peace-time history, we know they were claiming trust fund surpluses as their own.
		Answer: they siphon-off surpluses from trust funds to cover their deficit spending on other stuff, and they don't count the funds they siphon off trust funds in their budget calculations they announce to their citizens via public media.).
	mwhodges.home.att.net /deficit-trusts.htm (3729 words)

	Online NewsHour: What's At Stake? -- Deficit Spending
		That's not including defense spending; that's not including the prescription drugs plan that's about to be passed," David Brooks of The Weekly Standard said on the NewsHour.
		That spending, combined with a surge in homeland security and defense spending after Sept. 11, 2001, has led to an unexpected budget morass after four years of budget surpluses.
		Emergency spending after the Sept. 11 attacks makes up part of the spending flurry Congress and the president have approved recently, while another part, lawmakers say, comes from the voters themselves.
	www.pbs.org /newshour/vote2002/issues/deficit.php (511 words)

	William F. Buckley Jr. on Bush, Social Security, Deficit Spending, and Economics on NRO Financial
		This is a morality tale, springing from the old saying, “I lost it at the Astor.” For the benefit of the newborn (age 70 or younger), the Astor was a hotel with a famous bar popular with the young, at which seductions were frequently initiated, resulting in the loss of virginity.
		Of course Keynes was absolutely right on that score, and for 60 years deficit spending has been approved even by people who thought themselves impregnable to the lures of misbehavior at the Astor.
		But what crept into the act, with the acceptance of deficit spending as required for national economic policy, was an attitude of detachment toward the old principle that you should not spend what you do not have.
	www.nationalreview.com /buckley/wfb200505031436.asp (917 words)

	Temporary Provisions in the Corporate Tax Bill Mask Its Likely Long-Term Impact on the Deficit , 10/7/04
		These tax cuts only serve to erode the corporate tax base at a time when corporate tax revenues have fallen to historically low levels and evidence of corporations engaging in tax-avoidance schemes is abundant.
		In fact, despite an official cost estimate that shows the bill to be deficit neutral, the measure is likely to lead to higher deficits in the future.
		But the accuracy of this estimate relies on the crucial assumption that all of the provisions in the bill that expire before 2014 will in fact be allowed to expire.
	www.cbpp.org /10-7-04tax.htm (1448 words)

	Bush Deficit Spending: CTJ Analysis
		According to the CBO figures, the on-budget deficit in fiscal 2003 is likely to exceed $570 billion, meaning that 32 percent of non-Social Security spending will be financed with borrowed money this year.
		The new level of deficit spending exceeds the previous records set during the Reagan and George Herbert Walker Bush administrations, when on-budget deficits averaged 25 percent and 28 percent of on-budget spending, respectively.
		Deficit-financed spending rose in the 1970s, to 14 percent under Nixon-Ford and 13 percent during the Carter administration, but that was still less than half the current level.
	www.ctj.org /html/debt0603.htm (484 words)

	Deficit Spending - Definition
		Government spending in excess of what they take in as tax revenue.
		Don't confuse the deficit with the debt: the debt is the total amount the government owes; the deficit is the annual amount by which the debt gets bigger...
		You can get information on the deficit from the Congressional Budget Office, and on the debt from the Treasury Department.
	www.moneychimp.com /glossary/deficit_spending.htm (60 words)

	California Numismatic Investments - The Case for Owning Gold, Silver, and Platinum
		A government employs deficit spending in emergency, to carry out long-term projects quickly, or to increase business and employment during economic depression." The New York Times says "We cannot switch from years of deficit spending to a balanced budget in too short a time"
		Deficit spending creates higher inflation and taxes, rising interest rates, credit shortages, reduced economic growth, reduced standard of living, loss of control over domestic economic policy, and loss of world power according to author Harry E. Figgie, Jr..
		Their conclusion was that once a country’s current account deficit reached five percent of GDP it typically led to an “adjustment” or crisis.
	www.golddealer.com /caseforowning.html (3897 words)

	Bush Budget to Increase Deficits $1.6 Trillion over 10 Years - March 7, 2005 Vol.6, No.5 - OMB Watch
		It also changed its estimation of the FY 05 deficit to $395 billion and FY 06 deficit to $332 billion.
		Over the next decade, the changes to all mandatory spending proposed by the president, including tax credits, will actually put the government more into debt by $16 billion, not save $70 billion as the president claimed in his budget.
		Perhaps the most damaging conclusion in the report for the president, coming only two months into his second term, is that he will fail to keep his promise to cut the deficit in half by 2009.
	www.ombwatch.org /article/articleview/2709/1/324 (454 words)

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