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Innocuous Spending In several years in the past the federal government did not collect as much money as they spent (Mikesell 2003). This is said to be due to economic
that. Much later, things would get rather sticky. The United States would go through a cold war and the McCarthy era was upon the nation where creative industries
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margins for Chinese producers. In general, for their wares Chinese companies get paid around 10% of the final on-shelf retail prices in Europe. The middlemen, who
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Submitted by pndababy11 on June 30, 2006
Category: Business
Words: 1470 | Pages: 6
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In several years in the past the federal government did not collect as much money as they spent (Mikesell 2003). This is said to be due to economic expansion and economic decline (Mikesell 2003). However, this causes the government to borrow money to make up the difference (Mikesell 2003). The known term for spending more money than what is taken in, is known as a Budget Deficit (O'Sullivan and Sheffrin 2006). Political issues and economic policies arise from the size of the governmental budget deficit (Wikimedia 2006). Many people and fiscal officials promote a balanced budget while disapproving deficit spending. "Deficit spending occurs when a government, business, or individual's spending exceeds income (Wikimedia 2006)." Ultimately, any deficit must be paid back. Though the United States Government would rather forgo a deficit rather than raise taxes or constrain spending (Hummel 2002 and 2006).
In 2000, the federal funds had a surplus, meaning the government was taking in more money than they were spending (Mikesell 2003). The last known account of a federal surplus was in the 1960's (Wikimedia 2006). However, by 2001 the United States was back in a deficit due to the tax reduction and the recession that began in March of that year (Mikesell 2003). Usually deficits occur during times of war of catastrophic events (Hummel 2002 and 2006). The war of 1812, the Civil War, the Great Depression, and World War 1, all produced a deficit for the United States government.
As the war on terrorism began in late 2001, the economy of our nation has struggled and the federal government spending increased dramatically, placing the United States in a deficit of enormous proportion (Mikesell 2003). Most of the deficit spending went unreported and the fiscal discipline of our country is slipping away (Hummel 2002 and 2006). According to the budget estimates of the past five years, homeland security, defense spending, and tax cuts played a major role in our...
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