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Macro 16
- 3. Chapter 17 The Government Budget Taxes and Spending
- 5. Monetary Tools Fiscal Tools Central Bank Discount Rate Reserve Ratio Open Market Excess Reserve Rate Central Government Taxes Spending Aggregate Demand Aggregate Demand Aggregate Supply
- 6. Monetary Central Bank Tools Reserve Ratio Discount Rate Open Market Excess Reserve Rate Fiscal Government Tools Taxes Spending
- 9. Tax Revenues Income Taxes Social Security Taxes Other
- 11. Progressive The more you earn, the higher the rate
- 13. Deficits and Debt Government Spending and Revenue
- 15. Balanced Budget Spending exactly equals revenues
- 19. Debt $21.7 trillion $65,956 per person
- 21. Why would you want government to go into debt? Don’t have to pay Future larger economy
- 22. Debt Investment Only if the return is higher than the interest rate
- 23. How to reduce deficits Higher taxes Lower spending
- 24. Entitlements Guaranteed benefits 1960 - 20% 2017 - 60%
- 25. Interest Expense $240 billion 2.0% current rate 6.2% historical 1962-2017
- 27. Solution to Debt Economic Growth
- 28. Spending Taxes Aggregate Demand Expand Increase Decrease Right Contract Decrease Increase Left Fiscal Policies
- 30. P2 Price Level Real GDP orY Increase Aggregate Demand Lower Taxes and/or Increase Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 Unemployment
- 31. P3 Price Level Real GDP orY Decrease Aggregate Demand Raise Taxes and/or Decrease Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 Inflation
- 34. More Borrowing Crowding Out Increase interest rates
- 35. Lower Taxes People may just save more and not spend
- 36. More Spending Now get free stuff. No new spending