PPT-Debt and Deficit: The Problem with Entitlements

Mark Schug PhD Professor Emeritus University of WisconsinMilwaukee Overview What is the national debt How is federal spending changing What are entitlements How does Social Security work. Presentation to Wim Drees Foundation for Public Finance. Conrad Smewing. Deputy Director, Fiscal Policy and Statistics. April 2011. UNCLASSIFIED. Overview of presentation. Origin of the UK fiscal deficit. Link to syllabus. Plus page 538 - Supply Side Economics and the . Laffer. Curve. .. Government Spending and Taxes/GDP. Fig 13-1 p. 378. Breakdown of US Government Taxes and Spending, 2007. Figs. 13-2 and 13-3, p. 379. By. Prof. Mike Kwanashie. Dept. of Economics. Ahmadu. Bello University. Zaria. Outline. Introduction. The Budget. Deficit Budgeting. Government Borrowing. Borrowing Cost and the Debt Burden. Fiscal and Monetary Stability. Debts and Deficits. Last time:. Conceptual issues of debts and deficits. Deficits and slower growth of potential Y in the closed . economy. Deficits and foreign borrowing and lower national income (. Fiscal Council . March 11, 2013. FISCAL TRENDS IN 2012 AND CHALLENGES . FOR 2013 AND 2014.  . Risks. 2013 –. disturbing flows. Deficit of . 3. .. 6% . of GDP . → 4. .. 5% . of GDP. 2014 – . significant deficit reduction is necessary . (with reference to . frbm. act 2003). . . The Institute of Chartered Accountants of India. Bangalore. CA & CS Pratap G. . Subramanyam. BACKGROUND. FRBM is a new dispensation in India’s fiscal and budgetary management system in line with global practices in this area (US, UK, . Fiscal Council. December 8, 2015. ASSESSMENT OF THE DRAFT LAW ON BUDGET OF THE REPUBLIC OF SERBIA FOR 2016. Key notes. Planned permanent deficit decrease in 2016 of 0.75% of GDP will be very difficult to achieve. Debts and Deficits. Last time:. Conceptual issues of debts and deficits. Deficits and slower growth of potential Y in the closed . economy. Deficits and foreign borrowing and lower Y in the open economy. What is a deficit?. WHEN . total spending in a year is higher than total receipts. , the government needs to borrow to cover the difference. . This . gap is known as the budget deficit or ‘public sector net borrowing’. . From Deficits to Debt. Because of deficit spending, the national debt has increased dramatically.. . Typically, . deficit spending . is a result of the government forced to spend more than it collects because of unexpected developments causing a drop in revenues or a rise in expenditures.. By. Prof. Mike Kwanashie. Dept. of Economics. Ahmadu. Bello University. Zaria. Outline. Introduction. The Budget. Deficit Budgeting. Government Borrowing. Borrowing Cost and the Debt Burden. Fiscal and Monetary Stability. Raising Money. Types of Taxes. Managing the Country’s Money. Managing the Country’s Money. Chapter 12. Section 3. P305-308. Key Terms. Balanced Budget – revenues = expenditures. (. David Wessel. Hutchins Center on Fiscal & Monetary Policy. Brookings Institution. dwessel@brookings.edu. . March 7, 2019. Senate Staff Briefing . The Problem is the Problem . Why does Congress have to raise the debt ceiling? . Medicaid:. --Health care for the poor. Social Security:. --pension money for those who retire. --unemployment insurance; disability. Growing National Debt. Should we be worried?. Federal . Deficit.