Long-term budgeting: A cautionary tale from U.S. experience:
There is a growing tendency, among central budget-makers and commentators, to argue budgets should be made for the long-term, rather than the traditional annual budget. This tendency is especially strong in the United States, where it has become virtually a conventional wisdom. This article explains...
Gespeichert in:
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| Format: | Elektronisch Buchkapitel |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2018
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| Schlagworte: | |
| Online-Zugang: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 Volltext |
| Zusammenfassung: | There is a growing tendency, among central budget-makers and commentators, to argue budgets should be made for the long-term, rather than the traditional annual budget. This tendency is especially strong in the United States, where it has become virtually a conventional wisdom. This article explains, first, why that approach fits very poorly with most of the goals of budgeting. It then evaluates U.S. experience with approximations of long-term budgeting of three types: i) medium-term limits on discretionary spending, ii) the Social Security programme, and the iii) Medicare programme. That experience illustrates the reasons why long-term budgeting would not be a positive reform. They include the fantastical nature of many long-term forecasts, strong incentives for both deception and self-deception about the effects of planned budget totals, and ignoring the basic task of budgeting, which is to reconcile preferences about policy details to preferences about budget totals in a way that considers each |
| Beschreibung: | 1 Online-Ressource (50 Seiten) 21 x 28cm |
| DOI: | 10.1787/budget-17-5j8mxqlpl98n |
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| spelling | White, Joseph Verfasser aut Long-term budgeting: A cautionary tale from U.S. experience Joseph White Paris OECD Publishing 2018 1 Online-Ressource (50 Seiten) 21 x 28cm txt rdacontent c rdamedia cr rdacarrier There is a growing tendency, among central budget-makers and commentators, to argue budgets should be made for the long-term, rather than the traditional annual budget. This tendency is especially strong in the United States, where it has become virtually a conventional wisdom. This article explains, first, why that approach fits very poorly with most of the goals of budgeting. It then evaluates U.S. experience with approximations of long-term budgeting of three types: i) medium-term limits on discretionary spending, ii) the Social Security programme, and the iii) Medicare programme. That experience illustrates the reasons why long-term budgeting would not be a positive reform. They include the fantastical nature of many long-term forecasts, strong incentives for both deception and self-deception about the effects of planned budget totals, and ignoring the basic task of budgeting, which is to reconcile preferences about policy details to preferences about budget totals in a way that considers each Finance and Investment Governance Economics https://doi.org/10.1787/budget-17-5j8mxqlpl98n Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | White, Joseph Long-term budgeting: A cautionary tale from U.S. experience Finance and Investment Governance Economics |
| title | Long-term budgeting: A cautionary tale from U.S. experience |
| title_auth | Long-term budgeting: A cautionary tale from U.S. experience |
| title_exact_search | Long-term budgeting: A cautionary tale from U.S. experience |
| title_exact_search_txtP | Long-term budgeting: A cautionary tale from U.S. experience |
| title_full | Long-term budgeting: A cautionary tale from U.S. experience Joseph White |
| title_fullStr | Long-term budgeting: A cautionary tale from U.S. experience Joseph White |
| title_full_unstemmed | Long-term budgeting: A cautionary tale from U.S. experience Joseph White |
| title_short | Long-term budgeting: A cautionary tale from U.S. experience |
| title_sort | long term budgeting a cautionary tale from u s experience |
| topic | Finance and Investment Governance Economics |
| topic_facet | Finance and Investment Governance Economics |
| url | https://doi.org/10.1787/budget-17-5j8mxqlpl98n |
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