John Merrifield, Barry W. Poulson

Restoring America's Fiscal Constitution (eBook, ePUB)

• Format: ePub

Produktbeschreibung

Restoring America's Fiscal Constitution estimates the potential impact of new fiscal rules on the U.S. economy over the next two decades. The new rules would require a cyclically balanced budget and an expenditure limit. The study shows that over the forecast period, the budget could be balanced and the total debt-to-GDP ratio reduced to the 60 percent tolerance level under this scheme, but this fiscal consolidation can only be achieved using a combination of fiscal reforms that go far beyond what has been proposed by Congress and the President.

The first chapter explores the theoretical foundations of a fiscal constitution. The orthodox public finance view of public debt is contrasted with a public choice perspective. This is followed by chapters surveying the new fiscal rules enacted in other countries to address debt issues. Several chapters provide a historical perspective on U.S. debt, including a critical appraisal of our fiscal rules. New laws are proposed to address the debt crisis, and a dynamic simulation model is used to estimate the impact of the proposed laws on the U.S. economy. The final section provides a roadmap for enacting the proposed constitutional and statutory fiscal rules.

Produktdetails

• Verlag: Bloomsbury eBooks US
• Seitenzahl: 258
• Erscheinungstermin: 28. September 2017
• Englisch
• ISBN-13: 9781498553544
• Artikelnr.: 49273007

Autorenporträt

By John Merrifield and Barry W. Poulson

Inhaltsangabe

List of Figures
List of Tables
Acknowledgments
Introduction
Chapter 1: Theoretical Foundations for America's Fiscal Constitution
Chapter 2: A New Era of Fiscal Rules
Chapter 3: Fiscal Rules in Euroland Revisited
Chapter 4: Abandoning America's Fiscal Constitution
Chapter 5: A Nation Under-Water
Chapter 6: Fiscal Rules in America: A Critique
Chapter 7: New Fiscal Rules for America
Chapter 8: Our Fiscal Future: A Road to Serfdom or Freedom?
Chapter 9: A Roadmap to Restore America's Fiscal Constitution
Chapter 10: Reopening the Constitutional Road to a Balanced Budget
Amendment
Appendix A
Appendix B
References
About the Authors