TAILIEUCHUNG - Lecture Issues in economics today - Chapter 10: Federal deficits, surpluses, and the national debt

In this chapter: Explain how economists look at the federal budget deficits and surpluses and the national debt, associate significant deficits as resulting from wars and severe recessions/depressions, conclude that economists are interested less in raw numbers than in more sophisticated measures of the burdens that deficits and debt place on us,. | Chapter 10 Federal Deficits, Surpluses, and the National Debt Chapter Outline Surpluses, Deficits, and the Debt: Definition and History How Economists See the Debt Who Owns the Debt A Balanced Budget Amendment Projections of the Future Surpluses, Deficits, and the Debt: Definitions Budget Deficit: the amount by which expenditures exceed revenues Budget Surplus: the amount by which revenues exceed expenditures National Debt: the total amount owed by the federal government Off vs. On Budget Off-budget: parts of the budget designated by Congress as separate from the normal budget. Programs that operate with their own revenue sources and have trust funds; Social Security, Medicare, and the Post Office are examples. On-budget: parts of the budget that rely entirely or mostly on general revenue. History of Deficits, Surpluses, and the National Debt Revolutionary War debt $75 million Closest budget to balance (no deficit or surplus) was $3800 in 1835 There were more years of surplus than .

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• Issues in economics today
• Lecture Issues in economics today
• Macroeconomic issues
• International issues
• National debt
• Federal deficits
• Price control issues
• Economics of crime
• Economics of children
• Opportunity cost
• Prescription drugs
• Demand model
• Elasticity of demand
• Firm production
• Perfect competition
• Gross domestic product
• Federal spending
• Fiscal policy
• Monetary policy
• Flaws in the CPI
• International trade
• International monetary fund
• Trade agreements
• Economic model
• Environmental problems
• Economic models of health care
• Medicaid costs
• Public insurance
• Human capital
• Measuring poverty
• Social security
• Head start