A Fiscal Cliff: New Perspectives on the U.S. Federal Debt Crisis
26 trillion and rising. The unsustainable, and still rapidly growing, U.S. federal debt is a classic case of "in denial." This book explores the U.S. debt crisis from a public choice perspective and proposes new fiscal rules and institutional changes to address the crisis
Saved in:
| Main Author: | |
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| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
Cato Institute
2020
|
| Summary: | 26 trillion and rising. The unsustainable, and still rapidly growing, U.S. federal debt is a classic case of "in denial." This book explores the U.S. debt crisis from a public choice perspective and proposes new fiscal rules and institutional changes to address the crisis |
| Item Description: | Description based on publisher supplied metadata and other sources |
| Physical Description: | 1 Online-Ressource (505 Seiten) |
| ISBN: | 9781948647892 |
Staff View
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| 245 | 1 | 0 | |a A Fiscal Cliff |b New Perspectives on the U.S. Federal Debt Crisis |
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| 505 | 8 | |a Intro -- TITLE PAGE -- COPYRIGHT PAGE -- CONTENTS -- FOREWORD -- PREFACE -- INTRODUCTION -- CHAPTER ONE: THE FEDERAL FISCAL CRISIS: AN OVERVIEW -- KICKING THE CAN DOWN THE ROAD -- FASTER ECONOMIC GROWTH -- SLOWER SPENDING GROWTH -- FEDERAL MINERAL RIGHTS SALES -- IMMINENT OR ACTUAL DEFAULT -- SUMMARY AND CONCLUDING REMARKS -- CHAPTER TWO: FEDERAL DEBT IN HISTORICAL PERSPECTIVE -- JEFFERSONIAN FISCAL PRUDENCE, 1790-1930 -- THE PROBLEMS WITH GOVERNMENT DEBT -- CONCLUSIONS -- CHAPTER THREE: THE DEBT CRISIS IN INTERNATIONAL PERSPECTIVE -- CHAPTER FOUR: INTERNATIONAL EXPERIENCE WITH FISCAL RULES -- CHILE -- THE SWISS DEBT BRAKE -- THE UNITED KINGDOM'S EVER-CHANGING FISCAL RULES -- SWEDEN -- LESSONS FOR DEVISING A U.S. FISCAL RULE -- CHAPTER FIVE: THE UNITED STATES VS. SWITZERLAND AND SWEDEN: THREE APPROACHES TO FISCAL RESTRAINT -- THE U.S. FISCAL OUTLOOK -- INSTITUTIONAL FAILURE -- INADEQUATE FISCAL RULES -- EFFECTIVE FISCAL RESTRAINTS: AN INTERNATIONAL PERSPECTIVE -- THE UNITED STATES LACKS A COMPREHENSIVE FISCAL FRAMEWORK -- TOWARD EFFECTIVE FISCAL RESTRAINTS FOR THE UNITED STATES -- PROSPECTS FOR A SUSTAINABLE FISCAL FRAMEWORK IN THE UNITED STATES -- CHAPTER SIX: UNDER THREAT: RULES-BASED FISCAL POLICY AND HOW TO PRESERVE IT -- DESIGNING FISCAL RULES: MISSION IMPOSSIBLE? -- THREATS TO RULES-BASED FISCAL POLICY -- RULES-BASED FISCAL POLICY WITHOUT FORMAL ENFORCEMENT -- CONCLUDING REMARKS -- APPENDIX: COSTLY ENFORCEMENT AND COMPLIANCE-A SIMPLE ILLUSTRATION -- CHAPTER SEVEN: RULES FOR SUSTAINABLE FISCAL POLICY: THREE PERSPECTIVES -- SUSTAINABILITY AS SOLVENCY -- SUSTAINABILITY AS CONSTRAINED GROWTH OF LIABILITIES -- FUNCTIONAL SUSTAINABILITY -- COMBINING THE PERSPECTIVES -- BIBLIOGRAPHY -- CHAPTER EIGHT: EFFECTIVE FISCAL RULES BUILD ON CONSENSUS -- THE PURPOSE OF FISCAL RULES -- PRINCIPLES FOR EFFECTIVE FISCAL RULES. | |
| 505 | 8 | |a CONSTITUTIONS PROMULGATE PRINCIPLES -- STATUTES IMPLEMENT PRINCIPLES BY NAVIGATING EFFECTIVENESS AND SUSTAINABILITY -- CONCLUSION -- APPENDIX -- CHAPTER NINE: MINUTES FROM MIDNIGHT: GROWING PRESSURE ON THE TREASURY MARKET COULD LEAD TO DEFAULT -- GROWING PRESSURE ON THE TREASURY SECURITIES MARKET -- BUYING TIME -- THE COMPACT FOR AMERICA PROPOSES FUNDAMENTAL BUDGET PROCESS REFORM -- THE COMPACT FOR AMERICA PROPOSES A VIABLE VEHICLE -- CONCLUSION: FOUR MINUTES TO MIDNIGHT -- CHAPTER TEN: FISCAL RULES, FISCAL POLICY, AND DEBT: A DYNAMIC SIMULATION ANALYSIS -- IN SEARCH OF A FISCAL TAYLOR RULE -- SECOND-GENERATION FISCAL RULES FOR THE UNITED STATES -- DYNAMIC SIMULATION OF THE MODEL -- CONCLUSION: HOW WE LEARNED TO STOP WORRYING AND LOVE DEBT -- APPENDIX: THE DYNAMIC SIMULATION MODEL -- CHAPTER ELEVEN: DEBT REDUCTION WITHOUT HIGHER TAXES: GRADUAL PRIVATIZATION OF FEDERAL MINERAL ASSETS -- AN ESTIMATE OF RESOURCES AND HISTORICAL TRENDS -- SOLUTIONS -- ANOTHER SOURCE OF FEDERAL REVENUE: THE STRATEGIC PETROLEUM RESERVE -- CONCLUSION -- CHAPTER TWELVE: SOCIAL SECURITY AND MEDICARE SPENDING GROWTH: IS IT JUST MORE SENIORS OR MORE PER SENIOR? -- BACKGROUND -- COMPONENTS OF SPENDING GROWTH -- MORE SENIORS OR MORE PER SENIOR? -- SIMULATIONS: WHAT HAPPENS WITH CAPS ON RELATIVE AND ABSOLUTE GENEROSITY? -- COMMENTS ON IMPLEMENTATION -- CONCLUSION -- CHAPTER THIRTEEN: CURB RISING DISASTER AND EMERGENCY SPENDING -- THE ORIGIN OF DISASTER AND EMERGENCY SPENDING -- DISASTER AND EMERGENCY SPENDING GROWS STEADILY -- TENSIONS WITH THE BUDGET CONTROL ACT -- RECOMMENDATIONS TO REFORM DISASTER AND EMERGENCY SPENDING -- CONCLUSION -- CHAPTER FOURTEEN: IMPROVING TRANSPARENCY AND ACCOUNTABILITY IN FEDERAL BUDGETING -- THE ROLE OF THE BUDGET PROCESS -- BUDGET ACCOUNTING REFORMS -- MEASURES TO STRENGTHEN ENFORCEMENT -- TRANSPARENT, ACCOUNTABLE BUDGETING. | |
| 505 | 8 | |a CHAPTER FIFTEEN: FEDERAL BUDGET PROCESS REFORM: ADDING A RESOURCE CONSTRAINT AND IMPROVING COST MEASUREMENT -- NO CONSTRAINT -- THE WIDE WORLD OF CASH-BASIS BUDGETARY ACCOUNTING -- ILLUSTRATIVE CASES OF "MANAGED" BUDGET COST -- REMEDY: ADDING A CONSTRAINT -- REMEDY: RECOGNIZING THE TOTAL RESOURCE COST OF A BUDGET DECISION WHEN THE DECISION IS MADE TO INCUR THAT COST -- CHAPTER SIXTEEN: THE GOLDEN RULE OF PUBLIC FINANCE AND PROSPECTS FOR ITS REVIVAL -- FOUNDATIONS OF THE GRPF -- EROSION OF THE GRPF -- SHOEHORNING EVER MORE SPENDING INTO THE GRPF -- THE GOLD STANDARD IN MONEY -- THE GOLDEN RULE IN MORALITY -- PROSPECTS FOR A REVIVAL -- CHAPTER SEVENTEEN: ADMINISTRATION VS. POLITICS IN THEORIES OF DEMOCRATIC BUDGETING -- RATIONALITY AND IDEOLOGY IN DEMOCRATIC BUDGETING -- BUDGETING: PERSONAL VS. DEMOCRATIC -- A SOCIETAL TOPOGRAPHY: ACTION LEVEL AND SYSTEMS LEVEL -- RICARDIAN EQUIVALENCE AND BUDGET DEFICITS: SEPARATING TRUTH FROM ERROR -- BUDGETING WITH THE STATE AS A FINANCIAL INTERMEDIARY -- EXIT AND VOICE IN THE RESTRICTION OF FACTION -- SOME CLOSING REMARKS ON DEMOCRATIC BUDGETING -- CHAPTER EIGHTEEN: WHY DEFICITS? -- A SYSTEMS THEORY APPROACH -- A BRIEF HISTORY OF THE FISCAL DECISION -- BUDGET CHICANERY -- CONCLUSION -- CHAPTER NINETEEN: FISCAL FEDERALISM AND DYNAMIC CREDENCE CAPITAL IN THE UNITED STATES -- EROSION OF FISCAL FEDERALISM -- ABANDONING THE NO-BAILOUT PRINCIPLE -- AMERICA'S FIRST FAILED STATE: ILLINOIS -- CONNECTICUT IMPOSES A UNIQUE DEBT BRAKE -- EROSION IN DYNAMIC CREDENCE CAPITAL -- RESTORING FISCAL FEDERALISM AND GROWING DYNAMIC CREDENCE CAPITAL -- CONCLUSION -- CHAPTER TWENTY: CONTROLLING GOVERNMENT SPENDING: THE DIFFICULTY AND THE HOPE -- A HISTORY OF THE GROWTH IN FEDERAL GOVERNMENT SPENDING -- THE REASONS GOVERNMENT SPENDING INCREASES -- THE DIFFICULTY OF REDUCING GOVERNMENT SPENDING -- WITHOUT HOPE THERE IS NO ENTERPRISE. | |
| 505 | 8 | |a CONCLUSION -- NOTES -- ABOUT THE EDITORS -- ABOUT THE CONTRIBUTORS -- ABOUT THE CATO INSTITUTE. | |
| 520 | |a 26 trillion and rising. The unsustainable, and still rapidly growing, U.S. federal debt is a classic case of "in denial." This book explores the U.S. debt crisis from a public choice perspective and proposes new fiscal rules and institutional changes to address the crisis | ||
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| 776 | 0 | 8 | |i Erscheint auch als |n Druck-Ausgabe |a Merrifield, John |t A Fiscal Cliff : New Perspectives on the U.S. Federal Debt Crisis |d Washington, D.C : Cato Institute,c2020 |
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Record in the Search Index
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| contents | Intro -- TITLE PAGE -- COPYRIGHT PAGE -- CONTENTS -- FOREWORD -- PREFACE -- INTRODUCTION -- CHAPTER ONE: THE FEDERAL FISCAL CRISIS: AN OVERVIEW -- KICKING THE CAN DOWN THE ROAD -- FASTER ECONOMIC GROWTH -- SLOWER SPENDING GROWTH -- FEDERAL MINERAL RIGHTS SALES -- IMMINENT OR ACTUAL DEFAULT -- SUMMARY AND CONCLUDING REMARKS -- CHAPTER TWO: FEDERAL DEBT IN HISTORICAL PERSPECTIVE -- JEFFERSONIAN FISCAL PRUDENCE, 1790-1930 -- THE PROBLEMS WITH GOVERNMENT DEBT -- CONCLUSIONS -- CHAPTER THREE: THE DEBT CRISIS IN INTERNATIONAL PERSPECTIVE -- CHAPTER FOUR: INTERNATIONAL EXPERIENCE WITH FISCAL RULES -- CHILE -- THE SWISS DEBT BRAKE -- THE UNITED KINGDOM'S EVER-CHANGING FISCAL RULES -- SWEDEN -- LESSONS FOR DEVISING A U.S. FISCAL RULE -- CHAPTER FIVE: THE UNITED STATES VS. SWITZERLAND AND SWEDEN: THREE APPROACHES TO FISCAL RESTRAINT -- THE U.S. FISCAL OUTLOOK -- INSTITUTIONAL FAILURE -- INADEQUATE FISCAL RULES -- EFFECTIVE FISCAL RESTRAINTS: AN INTERNATIONAL PERSPECTIVE -- THE UNITED STATES LACKS A COMPREHENSIVE FISCAL FRAMEWORK -- TOWARD EFFECTIVE FISCAL RESTRAINTS FOR THE UNITED STATES -- PROSPECTS FOR A SUSTAINABLE FISCAL FRAMEWORK IN THE UNITED STATES -- CHAPTER SIX: UNDER THREAT: RULES-BASED FISCAL POLICY AND HOW TO PRESERVE IT -- DESIGNING FISCAL RULES: MISSION IMPOSSIBLE? -- THREATS TO RULES-BASED FISCAL POLICY -- RULES-BASED FISCAL POLICY WITHOUT FORMAL ENFORCEMENT -- CONCLUDING REMARKS -- APPENDIX: COSTLY ENFORCEMENT AND COMPLIANCE-A SIMPLE ILLUSTRATION -- CHAPTER SEVEN: RULES FOR SUSTAINABLE FISCAL POLICY: THREE PERSPECTIVES -- SUSTAINABILITY AS SOLVENCY -- SUSTAINABILITY AS CONSTRAINED GROWTH OF LIABILITIES -- FUNCTIONAL SUSTAINABILITY -- COMBINING THE PERSPECTIVES -- BIBLIOGRAPHY -- CHAPTER EIGHT: EFFECTIVE FISCAL RULES BUILD ON CONSENSUS -- THE PURPOSE OF FISCAL RULES -- PRINCIPLES FOR EFFECTIVE FISCAL RULES. CONSTITUTIONS PROMULGATE PRINCIPLES -- STATUTES IMPLEMENT PRINCIPLES BY NAVIGATING EFFECTIVENESS AND SUSTAINABILITY -- CONCLUSION -- APPENDIX -- CHAPTER NINE: MINUTES FROM MIDNIGHT: GROWING PRESSURE ON THE TREASURY MARKET COULD LEAD TO DEFAULT -- GROWING PRESSURE ON THE TREASURY SECURITIES MARKET -- BUYING TIME -- THE COMPACT FOR AMERICA PROPOSES FUNDAMENTAL BUDGET PROCESS REFORM -- THE COMPACT FOR AMERICA PROPOSES A VIABLE VEHICLE -- CONCLUSION: FOUR MINUTES TO MIDNIGHT -- CHAPTER TEN: FISCAL RULES, FISCAL POLICY, AND DEBT: A DYNAMIC SIMULATION ANALYSIS -- IN SEARCH OF A FISCAL TAYLOR RULE -- SECOND-GENERATION FISCAL RULES FOR THE UNITED STATES -- DYNAMIC SIMULATION OF THE MODEL -- CONCLUSION: HOW WE LEARNED TO STOP WORRYING AND LOVE DEBT -- APPENDIX: THE DYNAMIC SIMULATION MODEL -- CHAPTER ELEVEN: DEBT REDUCTION WITHOUT HIGHER TAXES: GRADUAL PRIVATIZATION OF FEDERAL MINERAL ASSETS -- AN ESTIMATE OF RESOURCES AND HISTORICAL TRENDS -- SOLUTIONS -- ANOTHER SOURCE OF FEDERAL REVENUE: THE STRATEGIC PETROLEUM RESERVE -- CONCLUSION -- CHAPTER TWELVE: SOCIAL SECURITY AND MEDICARE SPENDING GROWTH: IS IT JUST MORE SENIORS OR MORE PER SENIOR? -- BACKGROUND -- COMPONENTS OF SPENDING GROWTH -- MORE SENIORS OR MORE PER SENIOR? -- SIMULATIONS: WHAT HAPPENS WITH CAPS ON RELATIVE AND ABSOLUTE GENEROSITY? -- COMMENTS ON IMPLEMENTATION -- CONCLUSION -- CHAPTER THIRTEEN: CURB RISING DISASTER AND EMERGENCY SPENDING -- THE ORIGIN OF DISASTER AND EMERGENCY SPENDING -- DISASTER AND EMERGENCY SPENDING GROWS STEADILY -- TENSIONS WITH THE BUDGET CONTROL ACT -- RECOMMENDATIONS TO REFORM DISASTER AND EMERGENCY SPENDING -- CONCLUSION -- CHAPTER FOURTEEN: IMPROVING TRANSPARENCY AND ACCOUNTABILITY IN FEDERAL BUDGETING -- THE ROLE OF THE BUDGET PROCESS -- BUDGET ACCOUNTING REFORMS -- MEASURES TO STRENGTHEN ENFORCEMENT -- TRANSPARENT, ACCOUNTABLE BUDGETING. CHAPTER FIFTEEN: FEDERAL BUDGET PROCESS REFORM: ADDING A RESOURCE CONSTRAINT AND IMPROVING COST MEASUREMENT -- NO CONSTRAINT -- THE WIDE WORLD OF CASH-BASIS BUDGETARY ACCOUNTING -- ILLUSTRATIVE CASES OF "MANAGED" BUDGET COST -- REMEDY: ADDING A CONSTRAINT -- REMEDY: RECOGNIZING THE TOTAL RESOURCE COST OF A BUDGET DECISION WHEN THE DECISION IS MADE TO INCUR THAT COST -- CHAPTER SIXTEEN: THE GOLDEN RULE OF PUBLIC FINANCE AND PROSPECTS FOR ITS REVIVAL -- FOUNDATIONS OF THE GRPF -- EROSION OF THE GRPF -- SHOEHORNING EVER MORE SPENDING INTO THE GRPF -- THE GOLD STANDARD IN MONEY -- THE GOLDEN RULE IN MORALITY -- PROSPECTS FOR A REVIVAL -- CHAPTER SEVENTEEN: ADMINISTRATION VS. POLITICS IN THEORIES OF DEMOCRATIC BUDGETING -- RATIONALITY AND IDEOLOGY IN DEMOCRATIC BUDGETING -- BUDGETING: PERSONAL VS. DEMOCRATIC -- A SOCIETAL TOPOGRAPHY: ACTION LEVEL AND SYSTEMS LEVEL -- RICARDIAN EQUIVALENCE AND BUDGET DEFICITS: SEPARATING TRUTH FROM ERROR -- BUDGETING WITH THE STATE AS A FINANCIAL INTERMEDIARY -- EXIT AND VOICE IN THE RESTRICTION OF FACTION -- SOME CLOSING REMARKS ON DEMOCRATIC BUDGETING -- CHAPTER EIGHTEEN: WHY DEFICITS? -- A SYSTEMS THEORY APPROACH -- A BRIEF HISTORY OF THE FISCAL DECISION -- BUDGET CHICANERY -- CONCLUSION -- CHAPTER NINETEEN: FISCAL FEDERALISM AND DYNAMIC CREDENCE CAPITAL IN THE UNITED STATES -- EROSION OF FISCAL FEDERALISM -- ABANDONING THE NO-BAILOUT PRINCIPLE -- AMERICA'S FIRST FAILED STATE: ILLINOIS -- CONNECTICUT IMPOSES A UNIQUE DEBT BRAKE -- EROSION IN DYNAMIC CREDENCE CAPITAL -- RESTORING FISCAL FEDERALISM AND GROWING DYNAMIC CREDENCE CAPITAL -- CONCLUSION -- CHAPTER TWENTY: CONTROLLING GOVERNMENT SPENDING: THE DIFFICULTY AND THE HOPE -- A HISTORY OF THE GROWTH IN FEDERAL GOVERNMENT SPENDING -- THE REASONS GOVERNMENT SPENDING INCREASES -- THE DIFFICULTY OF REDUCING GOVERNMENT SPENDING -- WITHOUT HOPE THERE IS NO ENTERPRISE. CONCLUSION -- NOTES -- ABOUT THE EDITORS -- ABOUT THE CONTRIBUTORS -- ABOUT THE CATO INSTITUTE. |
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DEMOCRATIC -- A SOCIETAL TOPOGRAPHY: ACTION LEVEL AND SYSTEMS LEVEL -- RICARDIAN EQUIVALENCE AND BUDGET DEFICITS: SEPARATING TRUTH FROM ERROR -- BUDGETING WITH THE STATE AS A FINANCIAL INTERMEDIARY -- EXIT AND VOICE IN THE RESTRICTION OF FACTION -- SOME CLOSING REMARKS ON DEMOCRATIC BUDGETING -- CHAPTER EIGHTEEN: WHY DEFICITS? -- A SYSTEMS THEORY APPROACH -- A BRIEF HISTORY OF THE FISCAL DECISION -- BUDGET CHICANERY -- CONCLUSION -- CHAPTER NINETEEN: FISCAL FEDERALISM AND DYNAMIC CREDENCE CAPITAL IN THE UNITED STATES -- EROSION OF FISCAL FEDERALISM -- ABANDONING THE NO-BAILOUT PRINCIPLE -- AMERICA'S FIRST FAILED STATE: ILLINOIS -- CONNECTICUT IMPOSES A UNIQUE DEBT BRAKE -- EROSION IN DYNAMIC CREDENCE CAPITAL -- RESTORING FISCAL FEDERALISM AND GROWING DYNAMIC CREDENCE CAPITAL -- CONCLUSION -- CHAPTER TWENTY: CONTROLLING GOVERNMENT SPENDING: THE DIFFICULTY AND THE HOPE -- A HISTORY OF THE GROWTH IN FEDERAL GOVERNMENT SPENDING -- THE REASONS GOVERNMENT SPENDING INCREASES -- THE DIFFICULTY OF REDUCING GOVERNMENT SPENDING -- WITHOUT HOPE THERE IS NO ENTERPRISE.</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">CONCLUSION -- NOTES -- ABOUT THE EDITORS -- ABOUT THE CONTRIBUTORS -- ABOUT THE CATO INSTITUTE.</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">26 trillion and rising. The unsustainable, and still rapidly growing, U.S. federal debt is a classic case of "in denial." This book explores the U.S. debt crisis from a public choice perspective and proposes new fiscal rules and institutional changes to address the crisis</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Poulson, Barry</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Druck-Ausgabe</subfield><subfield code="a">Merrifield, John</subfield><subfield code="t">A Fiscal Cliff : New Perspectives on the U.S. Federal Debt Crisis</subfield><subfield code="d">Washington, D.C : Cato Institute,c2020</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-30-PQE</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033600805</subfield></datafield></record></collection> |
| id | DE-604.BV048220059 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T19:50:30Z |
| indexdate | 2024-07-10T09:32:23Z |
| institution | BVB |
| isbn | 9781948647892 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033600805 |
| oclc_num | 1319630609 |
| open_access_boolean | |
| physical | 1 Online-Ressource (505 Seiten) |
| psigel | ZDB-30-PQE |
| publishDate | 2020 |
| publishDateSearch | 2020 |
| publishDateSort | 2020 |
| publisher | Cato Institute |
| record_format | marc |
| spelling | Merrifield, John Verfasser aut A Fiscal Cliff New Perspectives on the U.S. Federal Debt Crisis Washington, D.C Cato Institute 2020 ©2020 1 Online-Ressource (505 Seiten) txt rdacontent c rdamedia cr rdacarrier Description based on publisher supplied metadata and other sources Intro -- TITLE PAGE -- COPYRIGHT PAGE -- CONTENTS -- FOREWORD -- PREFACE -- INTRODUCTION -- CHAPTER ONE: THE FEDERAL FISCAL CRISIS: AN OVERVIEW -- KICKING THE CAN DOWN THE ROAD -- FASTER ECONOMIC GROWTH -- SLOWER SPENDING GROWTH -- FEDERAL MINERAL RIGHTS SALES -- IMMINENT OR ACTUAL DEFAULT -- SUMMARY AND CONCLUDING REMARKS -- CHAPTER TWO: FEDERAL DEBT IN HISTORICAL PERSPECTIVE -- JEFFERSONIAN FISCAL PRUDENCE, 1790-1930 -- THE PROBLEMS WITH GOVERNMENT DEBT -- CONCLUSIONS -- CHAPTER THREE: THE DEBT CRISIS IN INTERNATIONAL PERSPECTIVE -- CHAPTER FOUR: INTERNATIONAL EXPERIENCE WITH FISCAL RULES -- CHILE -- THE SWISS DEBT BRAKE -- THE UNITED KINGDOM'S EVER-CHANGING FISCAL RULES -- SWEDEN -- LESSONS FOR DEVISING A U.S. FISCAL RULE -- CHAPTER FIVE: THE UNITED STATES VS. SWITZERLAND AND SWEDEN: THREE APPROACHES TO FISCAL RESTRAINT -- THE U.S. FISCAL OUTLOOK -- INSTITUTIONAL FAILURE -- INADEQUATE FISCAL RULES -- EFFECTIVE FISCAL RESTRAINTS: AN INTERNATIONAL PERSPECTIVE -- THE UNITED STATES LACKS A COMPREHENSIVE FISCAL FRAMEWORK -- TOWARD EFFECTIVE FISCAL RESTRAINTS FOR THE UNITED STATES -- PROSPECTS FOR A SUSTAINABLE FISCAL FRAMEWORK IN THE UNITED STATES -- CHAPTER SIX: UNDER THREAT: RULES-BASED FISCAL POLICY AND HOW TO PRESERVE IT -- DESIGNING FISCAL RULES: MISSION IMPOSSIBLE? -- THREATS TO RULES-BASED FISCAL POLICY -- RULES-BASED FISCAL POLICY WITHOUT FORMAL ENFORCEMENT -- CONCLUDING REMARKS -- APPENDIX: COSTLY ENFORCEMENT AND COMPLIANCE-A SIMPLE ILLUSTRATION -- CHAPTER SEVEN: RULES FOR SUSTAINABLE FISCAL POLICY: THREE PERSPECTIVES -- SUSTAINABILITY AS SOLVENCY -- SUSTAINABILITY AS CONSTRAINED GROWTH OF LIABILITIES -- FUNCTIONAL SUSTAINABILITY -- COMBINING THE PERSPECTIVES -- BIBLIOGRAPHY -- CHAPTER EIGHT: EFFECTIVE FISCAL RULES BUILD ON CONSENSUS -- THE PURPOSE OF FISCAL RULES -- PRINCIPLES FOR EFFECTIVE FISCAL RULES. CONSTITUTIONS PROMULGATE PRINCIPLES -- STATUTES IMPLEMENT PRINCIPLES BY NAVIGATING EFFECTIVENESS AND SUSTAINABILITY -- CONCLUSION -- APPENDIX -- CHAPTER NINE: MINUTES FROM MIDNIGHT: GROWING PRESSURE ON THE TREASURY MARKET COULD LEAD TO DEFAULT -- GROWING PRESSURE ON THE TREASURY SECURITIES MARKET -- BUYING TIME -- THE COMPACT FOR AMERICA PROPOSES FUNDAMENTAL BUDGET PROCESS REFORM -- THE COMPACT FOR AMERICA PROPOSES A VIABLE VEHICLE -- CONCLUSION: FOUR MINUTES TO MIDNIGHT -- CHAPTER TEN: FISCAL RULES, FISCAL POLICY, AND DEBT: A DYNAMIC SIMULATION ANALYSIS -- IN SEARCH OF A FISCAL TAYLOR RULE -- SECOND-GENERATION FISCAL RULES FOR THE UNITED STATES -- DYNAMIC SIMULATION OF THE MODEL -- CONCLUSION: HOW WE LEARNED TO STOP WORRYING AND LOVE DEBT -- APPENDIX: THE DYNAMIC SIMULATION MODEL -- CHAPTER ELEVEN: DEBT REDUCTION WITHOUT HIGHER TAXES: GRADUAL PRIVATIZATION OF FEDERAL MINERAL ASSETS -- AN ESTIMATE OF RESOURCES AND HISTORICAL TRENDS -- SOLUTIONS -- ANOTHER SOURCE OF FEDERAL REVENUE: THE STRATEGIC PETROLEUM RESERVE -- CONCLUSION -- CHAPTER TWELVE: SOCIAL SECURITY AND MEDICARE SPENDING GROWTH: IS IT JUST MORE SENIORS OR MORE PER SENIOR? -- BACKGROUND -- COMPONENTS OF SPENDING GROWTH -- MORE SENIORS OR MORE PER SENIOR? -- SIMULATIONS: WHAT HAPPENS WITH CAPS ON RELATIVE AND ABSOLUTE GENEROSITY? -- COMMENTS ON IMPLEMENTATION -- CONCLUSION -- CHAPTER THIRTEEN: CURB RISING DISASTER AND EMERGENCY SPENDING -- THE ORIGIN OF DISASTER AND EMERGENCY SPENDING -- DISASTER AND EMERGENCY SPENDING GROWS STEADILY -- TENSIONS WITH THE BUDGET CONTROL ACT -- RECOMMENDATIONS TO REFORM DISASTER AND EMERGENCY SPENDING -- CONCLUSION -- CHAPTER FOURTEEN: IMPROVING TRANSPARENCY AND ACCOUNTABILITY IN FEDERAL BUDGETING -- THE ROLE OF THE BUDGET PROCESS -- BUDGET ACCOUNTING REFORMS -- MEASURES TO STRENGTHEN ENFORCEMENT -- TRANSPARENT, ACCOUNTABLE BUDGETING. CHAPTER FIFTEEN: FEDERAL BUDGET PROCESS REFORM: ADDING A RESOURCE CONSTRAINT AND IMPROVING COST MEASUREMENT -- NO CONSTRAINT -- THE WIDE WORLD OF CASH-BASIS BUDGETARY ACCOUNTING -- ILLUSTRATIVE CASES OF "MANAGED" BUDGET COST -- REMEDY: ADDING A CONSTRAINT -- REMEDY: RECOGNIZING THE TOTAL RESOURCE COST OF A BUDGET DECISION WHEN THE DECISION IS MADE TO INCUR THAT COST -- CHAPTER SIXTEEN: THE GOLDEN RULE OF PUBLIC FINANCE AND PROSPECTS FOR ITS REVIVAL -- FOUNDATIONS OF THE GRPF -- EROSION OF THE GRPF -- SHOEHORNING EVER MORE SPENDING INTO THE GRPF -- THE GOLD STANDARD IN MONEY -- THE GOLDEN RULE IN MORALITY -- PROSPECTS FOR A REVIVAL -- CHAPTER SEVENTEEN: ADMINISTRATION VS. POLITICS IN THEORIES OF DEMOCRATIC BUDGETING -- RATIONALITY AND IDEOLOGY IN DEMOCRATIC BUDGETING -- BUDGETING: PERSONAL VS. DEMOCRATIC -- A SOCIETAL TOPOGRAPHY: ACTION LEVEL AND SYSTEMS LEVEL -- RICARDIAN EQUIVALENCE AND BUDGET DEFICITS: SEPARATING TRUTH FROM ERROR -- BUDGETING WITH THE STATE AS A FINANCIAL INTERMEDIARY -- EXIT AND VOICE IN THE RESTRICTION OF FACTION -- SOME CLOSING REMARKS ON DEMOCRATIC BUDGETING -- CHAPTER EIGHTEEN: WHY DEFICITS? -- A SYSTEMS THEORY APPROACH -- A BRIEF HISTORY OF THE FISCAL DECISION -- BUDGET CHICANERY -- CONCLUSION -- CHAPTER NINETEEN: FISCAL FEDERALISM AND DYNAMIC CREDENCE CAPITAL IN THE UNITED STATES -- EROSION OF FISCAL FEDERALISM -- ABANDONING THE NO-BAILOUT PRINCIPLE -- AMERICA'S FIRST FAILED STATE: ILLINOIS -- CONNECTICUT IMPOSES A UNIQUE DEBT BRAKE -- EROSION IN DYNAMIC CREDENCE CAPITAL -- RESTORING FISCAL FEDERALISM AND GROWING DYNAMIC CREDENCE CAPITAL -- CONCLUSION -- CHAPTER TWENTY: CONTROLLING GOVERNMENT SPENDING: THE DIFFICULTY AND THE HOPE -- A HISTORY OF THE GROWTH IN FEDERAL GOVERNMENT SPENDING -- THE REASONS GOVERNMENT SPENDING INCREASES -- THE DIFFICULTY OF REDUCING GOVERNMENT SPENDING -- WITHOUT HOPE THERE IS NO ENTERPRISE. CONCLUSION -- NOTES -- ABOUT THE EDITORS -- ABOUT THE CONTRIBUTORS -- ABOUT THE CATO INSTITUTE. 26 trillion and rising. The unsustainable, and still rapidly growing, U.S. federal debt is a classic case of "in denial." This book explores the U.S. debt crisis from a public choice perspective and proposes new fiscal rules and institutional changes to address the crisis Poulson, Barry Sonstige oth Erscheint auch als Druck-Ausgabe Merrifield, John A Fiscal Cliff : New Perspectives on the U.S. Federal Debt Crisis Washington, D.C : Cato Institute,c2020 |
| spellingShingle | Merrifield, John A Fiscal Cliff New Perspectives on the U.S. Federal Debt Crisis Intro -- TITLE PAGE -- COPYRIGHT PAGE -- CONTENTS -- FOREWORD -- PREFACE -- INTRODUCTION -- CHAPTER ONE: THE FEDERAL FISCAL CRISIS: AN OVERVIEW -- KICKING THE CAN DOWN THE ROAD -- FASTER ECONOMIC GROWTH -- SLOWER SPENDING GROWTH -- FEDERAL MINERAL RIGHTS SALES -- IMMINENT OR ACTUAL DEFAULT -- SUMMARY AND CONCLUDING REMARKS -- CHAPTER TWO: FEDERAL DEBT IN HISTORICAL PERSPECTIVE -- JEFFERSONIAN FISCAL PRUDENCE, 1790-1930 -- THE PROBLEMS WITH GOVERNMENT DEBT -- CONCLUSIONS -- CHAPTER THREE: THE DEBT CRISIS IN INTERNATIONAL PERSPECTIVE -- CHAPTER FOUR: INTERNATIONAL EXPERIENCE WITH FISCAL RULES -- CHILE -- THE SWISS DEBT BRAKE -- THE UNITED KINGDOM'S EVER-CHANGING FISCAL RULES -- SWEDEN -- LESSONS FOR DEVISING A U.S. FISCAL RULE -- CHAPTER FIVE: THE UNITED STATES VS. SWITZERLAND AND SWEDEN: THREE APPROACHES TO FISCAL RESTRAINT -- THE U.S. FISCAL OUTLOOK -- INSTITUTIONAL FAILURE -- INADEQUATE FISCAL RULES -- EFFECTIVE FISCAL RESTRAINTS: AN INTERNATIONAL PERSPECTIVE -- THE UNITED STATES LACKS A COMPREHENSIVE FISCAL FRAMEWORK -- TOWARD EFFECTIVE FISCAL RESTRAINTS FOR THE UNITED STATES -- PROSPECTS FOR A SUSTAINABLE FISCAL FRAMEWORK IN THE UNITED STATES -- CHAPTER SIX: UNDER THREAT: RULES-BASED FISCAL POLICY AND HOW TO PRESERVE IT -- DESIGNING FISCAL RULES: MISSION IMPOSSIBLE? -- THREATS TO RULES-BASED FISCAL POLICY -- RULES-BASED FISCAL POLICY WITHOUT FORMAL ENFORCEMENT -- CONCLUDING REMARKS -- APPENDIX: COSTLY ENFORCEMENT AND COMPLIANCE-A SIMPLE ILLUSTRATION -- CHAPTER SEVEN: RULES FOR SUSTAINABLE FISCAL POLICY: THREE PERSPECTIVES -- SUSTAINABILITY AS SOLVENCY -- SUSTAINABILITY AS CONSTRAINED GROWTH OF LIABILITIES -- FUNCTIONAL SUSTAINABILITY -- COMBINING THE PERSPECTIVES -- BIBLIOGRAPHY -- CHAPTER EIGHT: EFFECTIVE FISCAL RULES BUILD ON CONSENSUS -- THE PURPOSE OF FISCAL RULES -- PRINCIPLES FOR EFFECTIVE FISCAL RULES. CONSTITUTIONS PROMULGATE PRINCIPLES -- STATUTES IMPLEMENT PRINCIPLES BY NAVIGATING EFFECTIVENESS AND SUSTAINABILITY -- CONCLUSION -- APPENDIX -- CHAPTER NINE: MINUTES FROM MIDNIGHT: GROWING PRESSURE ON THE TREASURY MARKET COULD LEAD TO DEFAULT -- GROWING PRESSURE ON THE TREASURY SECURITIES MARKET -- BUYING TIME -- THE COMPACT FOR AMERICA PROPOSES FUNDAMENTAL BUDGET PROCESS REFORM -- THE COMPACT FOR AMERICA PROPOSES A VIABLE VEHICLE -- CONCLUSION: FOUR MINUTES TO MIDNIGHT -- CHAPTER TEN: FISCAL RULES, FISCAL POLICY, AND DEBT: A DYNAMIC SIMULATION ANALYSIS -- IN SEARCH OF A FISCAL TAYLOR RULE -- SECOND-GENERATION FISCAL RULES FOR THE UNITED STATES -- DYNAMIC SIMULATION OF THE MODEL -- CONCLUSION: HOW WE LEARNED TO STOP WORRYING AND LOVE DEBT -- APPENDIX: THE DYNAMIC SIMULATION MODEL -- CHAPTER ELEVEN: DEBT REDUCTION WITHOUT HIGHER TAXES: GRADUAL PRIVATIZATION OF FEDERAL MINERAL ASSETS -- AN ESTIMATE OF RESOURCES AND HISTORICAL TRENDS -- SOLUTIONS -- ANOTHER SOURCE OF FEDERAL REVENUE: THE STRATEGIC PETROLEUM RESERVE -- CONCLUSION -- CHAPTER TWELVE: SOCIAL SECURITY AND MEDICARE SPENDING GROWTH: IS IT JUST MORE SENIORS OR MORE PER SENIOR? -- BACKGROUND -- COMPONENTS OF SPENDING GROWTH -- MORE SENIORS OR MORE PER SENIOR? -- SIMULATIONS: WHAT HAPPENS WITH CAPS ON RELATIVE AND ABSOLUTE GENEROSITY? -- COMMENTS ON IMPLEMENTATION -- CONCLUSION -- CHAPTER THIRTEEN: CURB RISING DISASTER AND EMERGENCY SPENDING -- THE ORIGIN OF DISASTER AND EMERGENCY SPENDING -- DISASTER AND EMERGENCY SPENDING GROWS STEADILY -- TENSIONS WITH THE BUDGET CONTROL ACT -- RECOMMENDATIONS TO REFORM DISASTER AND EMERGENCY SPENDING -- CONCLUSION -- CHAPTER FOURTEEN: IMPROVING TRANSPARENCY AND ACCOUNTABILITY IN FEDERAL BUDGETING -- THE ROLE OF THE BUDGET PROCESS -- BUDGET ACCOUNTING REFORMS -- MEASURES TO STRENGTHEN ENFORCEMENT -- TRANSPARENT, ACCOUNTABLE BUDGETING. CHAPTER FIFTEEN: FEDERAL BUDGET PROCESS REFORM: ADDING A RESOURCE CONSTRAINT AND IMPROVING COST MEASUREMENT -- NO CONSTRAINT -- THE WIDE WORLD OF CASH-BASIS BUDGETARY ACCOUNTING -- ILLUSTRATIVE CASES OF "MANAGED" BUDGET COST -- REMEDY: ADDING A CONSTRAINT -- REMEDY: RECOGNIZING THE TOTAL RESOURCE COST OF A BUDGET DECISION WHEN THE DECISION IS MADE TO INCUR THAT COST -- CHAPTER SIXTEEN: THE GOLDEN RULE OF PUBLIC FINANCE AND PROSPECTS FOR ITS REVIVAL -- FOUNDATIONS OF THE GRPF -- EROSION OF THE GRPF -- SHOEHORNING EVER MORE SPENDING INTO THE GRPF -- THE GOLD STANDARD IN MONEY -- THE GOLDEN RULE IN MORALITY -- PROSPECTS FOR A REVIVAL -- CHAPTER SEVENTEEN: ADMINISTRATION VS. POLITICS IN THEORIES OF DEMOCRATIC BUDGETING -- RATIONALITY AND IDEOLOGY IN DEMOCRATIC BUDGETING -- BUDGETING: PERSONAL VS. DEMOCRATIC -- A SOCIETAL TOPOGRAPHY: ACTION LEVEL AND SYSTEMS LEVEL -- RICARDIAN EQUIVALENCE AND BUDGET DEFICITS: SEPARATING TRUTH FROM ERROR -- BUDGETING WITH THE STATE AS A FINANCIAL INTERMEDIARY -- EXIT AND VOICE IN THE RESTRICTION OF FACTION -- SOME CLOSING REMARKS ON DEMOCRATIC BUDGETING -- CHAPTER EIGHTEEN: WHY DEFICITS? -- A SYSTEMS THEORY APPROACH -- A BRIEF HISTORY OF THE FISCAL DECISION -- BUDGET CHICANERY -- CONCLUSION -- CHAPTER NINETEEN: FISCAL FEDERALISM AND DYNAMIC CREDENCE CAPITAL IN THE UNITED STATES -- EROSION OF FISCAL FEDERALISM -- ABANDONING THE NO-BAILOUT PRINCIPLE -- AMERICA'S FIRST FAILED STATE: ILLINOIS -- CONNECTICUT IMPOSES A UNIQUE DEBT BRAKE -- EROSION IN DYNAMIC CREDENCE CAPITAL -- RESTORING FISCAL FEDERALISM AND GROWING DYNAMIC CREDENCE CAPITAL -- CONCLUSION -- CHAPTER TWENTY: CONTROLLING GOVERNMENT SPENDING: THE DIFFICULTY AND THE HOPE -- A HISTORY OF THE GROWTH IN FEDERAL GOVERNMENT SPENDING -- THE REASONS GOVERNMENT SPENDING INCREASES -- THE DIFFICULTY OF REDUCING GOVERNMENT SPENDING -- WITHOUT HOPE THERE IS NO ENTERPRISE. CONCLUSION -- NOTES -- ABOUT THE EDITORS -- ABOUT THE CONTRIBUTORS -- ABOUT THE CATO INSTITUTE. |
| title | A Fiscal Cliff New Perspectives on the U.S. Federal Debt Crisis |
| title_auth | A Fiscal Cliff New Perspectives on the U.S. Federal Debt Crisis |
| title_exact_search | A Fiscal Cliff New Perspectives on the U.S. Federal Debt Crisis |
| title_exact_search_txtP | A Fiscal Cliff New Perspectives on the U.S. Federal Debt Crisis |
| title_full | A Fiscal Cliff New Perspectives on the U.S. Federal Debt Crisis |
| title_fullStr | A Fiscal Cliff New Perspectives on the U.S. Federal Debt Crisis |
| title_full_unstemmed | A Fiscal Cliff New Perspectives on the U.S. Federal Debt Crisis |
| title_short | A Fiscal Cliff |
| title_sort | a fiscal cliff new perspectives on the u s federal debt crisis |
| title_sub | New Perspectives on the U.S. Federal Debt Crisis |
| work_keys_str_mv | AT merrifieldjohn afiscalcliffnewperspectivesontheusfederaldebtcrisis AT poulsonbarry afiscalcliffnewperspectivesontheusfederaldebtcrisis |