Taxes, Spending, and the U.S. Government's March towards Bankruptcy
Rethinking Fiscal Language and Budgetary Policy
Format:Paperback
Publisher:Cambridge University Press
Published:4th Dec '06
Currently unavailable, and unfortunately no date known when it will be back
This insightful book examines the flaws in current U.S. fiscal language and proposes a new framework for understanding budgetary policy and its implications.
In Taxes, Spending, and the U.S. Government's March towards Bankruptcy, the author delves into the complexities of fiscal language that shapes U.S. budgetary policy. The book argues that the traditional terms of 'taxes' and 'spending' obscure the underlying economic fundamentals, such as wealth distribution and resource allocation. By relying on outdated fiscal terminology, policymakers may overlook critical long-term implications, leading the nation closer to potential fiscal collapse. The author emphasizes the importance of adopting a new fiscal language that reflects a more accurate understanding of economic realities.
Moreover, the text highlights how the current focus on annual budget deficits allows politicians to evade addressing larger, looming financial issues. The prevailing belief that 'tax cuts' and 'spending cuts' equate to smaller government is challenged, as the author illustrates how these labels can mislead the public and policymakers alike. Instead, the book advocates for the use of multiple measures, including the fiscal gap and generational accounting, to provide a clearer picture of the nation's financial health. This shift in perspective is crucial for making informed decisions that can steer the country away from a potential fiscal crisis.
Ultimately, Taxes, Spending, and the U.S. Government's March towards Bankruptcy serves as a call to rethink the language we use in fiscal discussions. By grounding budgetary policy in robust economic principles, the book aims to foster a more sustainable approach to governance and financial management in the United States.
The words fiscal policy normally provoke only yawns from educated readers. But any indifference to the ticking time bombs that threaten the financial soundness of the modern social welfare state should be rudely interrupted by Daniel Shaviro's lucid and disturbing account of our long-term problem. With devastating accuracy he exposes the financial timidity and accounting double-talk that infects members of both political parties and makes a reasoned plea for corrective actionbefore it is too late. -- Richard Epstein, University of Chicago
Daniel Shaviro has performed an important public service by showing how our thinking about the federal budget has not kept pace with advances in economic analysis. Although we are now in the age of the Internet, we are still using horse-and-buggy budgetary terms and presentations. The result is that both policymakers and the public are misinformed and ill-informed about the looming fiscal crisis when the baby boomers retire. When that day comes, it is essential that everyone has a better understanding of the nature of the budgetary problem and options for dealing with it. "Taxes, Spending, and the U.S. Government's March Toward Bankruptcy" is a big step in providing that understanding. --Bruce Bartlett, Nationally syndicated columnist
ISBN: 9780521689588
Dimensions: 229mm x 152mm x 15mm
Weight: 390g
262 pages