TAILIEUCHUNG - Ebook Macroeconomics for today (6th edition): Part 2
(BQ) Part 2 book "Macroeconomics for today" has contents: Fiscal policy, the public sector, federal deficits, surpluses, and the national debt, monetary policy, money creation, money and the federal reserve system, economies in transition, international trade and finance,.and other contents. | CHAPTER CHAPTER 11 Fiscal Policy © David Muir/Digital Vision/Getty Images. I n the early 1980s, under President Ronald Reagan, Fiscal policy is one of the major issues that touches the federal government reduced personal income everyone’s life. Fiscal policy is the use of government tax rates. The goal was to expand aggregate demand and spending and taxes to influence the nation’s output, boost national output and employment in order to end employment, and price level. Federal government spend- the recession of 1980–1981. In the 1990s, a key part of ing policies affect Social Security benefits, price supports President Bill Clinton’s economic program was to for dairy farmers, and employment in the defense indus- stimulate economic growth by boosting government try. Tax policies can change the amount of your paycheck spending on long-term investment. This investment and therefore influence whether you purchase a car or program included highways, bridges, fiber-optic commu- attend college. nications networks, and education. In 2001, the United Using fiscal policy to influence the performance of the States experienced a recession, and President George W. economy has been an important idea since the Bush proposed and signed into law a tax cut in order to Keynesian revolution of the 1930s. This chapter removes stimulate the economy. And in 2003, another tax cut bill the political veil and looks at fiscal policy from the view- was passed to create jobs and stimulate economic point of two opposing economic theories. First, you will growth. From May to July 2008, Americans received study Keynesian demand-side fiscal policies that “fine- about $170 billion in a tax-rebate stimulus package tune” aggregate demand so that the economy grows and intended to trigger a spending spree that would enable achieves full employment with a higher price level. Sec- the economy to avoid a recession. ond, you will study supply-side fiscal policy, which .
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