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Chapter 14: Q. 1 (page 319)
In 2019, government spending istrillion, and taxes collected are trillion. What is the federal government deficit in that year?
In 2015, the federal government's budget deficit is .
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In each of the past few years, the federal government has regularly borrowed funds to pay for at least one-third of expenditures that tax revenues were insufficient to cover. More thanpercent
of all federal expenditures now go for entitlement spending. What does this fact imply about how the government is paying for most of its discretionary expenditures?
Explain in your own words why there is likely to be a relationship between federal budget deficits and U.S. international trade deficits.
A fraction of the funds borrowed by the federal government between 2008 and 2015 were utilized to fund public investments in a number of solar power companies that produced little output and halted operations. These concerns provided no repayments to the government. In what sense might this fraction of deficit spending arguably have imposed a "burden" on future generations?
How might the fact that many people who vote in national elections pay very low or even no income taxes affect the capability of the political process to reduce government budget deficits?
The long-run effect of higher government budget deficits on the equilibrium annual flow of real GDP is zero. Who, therefore, benefits in the long run from higher government deficits?
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