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Restoring America’s Fiscal Constitution
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Artikel-Nr:
9781498553544
Veröffentl:
2017
Seiten:
258
Autor:
John Merrifield
eBook Typ:
EPUB
Kopierschutz:
Adobe DRM [Hard-DRM]
Sprache:
Englisch
Beschreibung:
This book proposes new fiscal rules to address the debt crisis, including a balanced budget amendment and a deficit-debt brake. It estimates the impact of the proposed rules on the economy over the next two decades.
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.
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.
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
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