Federal Debt and the Risk of a Fiscal Crisis
- ISBN-10
- 1437938256
- ISBN-13
- 9781437938258
- Pages
- 8
- Language
- English
- Published
- 2011-04
- Publisher
- DIANE Publishing
- Author
- Jonathan Huntley
Description
Over the past few years, U.S. gov¿t. debt held by the public has grown rapidly -- to the point that, compared with the total output of the economy, it is now higher than it has ever been. The recent increase in debt has been the result of 3 factors: an imbalance between fed. revenues and spending; sharply lower revenues and elevated spending; and the costs of various fed. policies. This study explains how further increases in fed. debt relative to the nation¿s output almost certainly lie ahead if current policies remain in place. Unless policymakers restrain the growth of spending, increase revenues significantly as a share of GDP, or adopt some combination of those two approaches, growing budget deficits will cause debt to rise to unsupportable levels. Ill.
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