Taxes, Spending, and the U.S. Government's March Towards Bankruptcy

Taxes, Spending, and the U.S. Government's March Towards Bankruptcy

by Daniel N. Shaviro
     
 

ISBN-10: 0521869331

ISBN-13: 9780521869331

Pub. Date: 10/31/2006

Publisher: Cambridge University Press

What's in a word? Plenty, when it's a word such as “taxes,” “spending,” or “deficits” that pervades Washington political debate despite lacking coherent economic content. The United States is moving toward a possible catastrophic fiscal collapse. The country may not get there, but the risk is unmistakable and growing. The…  See more details below

Overview

What's in a word? Plenty, when it's a word such as “taxes,” “spending,” or “deficits” that pervades Washington political debate despite lacking coherent economic content. The United States is moving toward a possible catastrophic fiscal collapse. The country may not get there, but the risk is unmistakable and growing. The “fiscal language” of taxes, spending, and deficits has played a huge and underappreciated role in the decisions that have pushed the nation in this dangerous direction. This book proposes a better fiscal language for U.S. budgetary policy, rooted in economic fundamentals such as wealth distribution and resource allocation in lieu of “taxes” and “spending” and in the use of multiple measures (such as the fiscal gap and generational accounting) to replace misguided reliance on annual budget deficits.

Product Details

ISBN-13:
9780521869331
Publisher:
Cambridge University Press
Publication date:
10/31/2006
Edition description:
First Edition
Pages:
262
Product dimensions:
5.98(w) x 8.98(h) x 0.87(d)

Table of Contents

Part I. Labels and Consequences: The Failure of our Fiscal Language: 1. Fiscal language and the fiscal crisis; 2. Taxes, spending, and the size of government; 3. Fun and games with budget deficits; Part II. The Why and How of Long-Term Budgeting: 4. What are we talking about when we talk about budget deficits?; 5. Long-term measures in lieu of the budget deficit; 6. Fiscal gap politics; Part III. Labels and Policies across Budget Categories: 7. Benign fictions? Describing social security and Medicare; 8. Tax expenditures; 9. Welfare, cash grants, and marginal rates; Part IV. Conclusion: 10. Some modest proposals.

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