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More Than Fiscal

More Than Fiscal
Author: Andrew Podger
Publisher: Anu Press
Total Pages: 0
Release: 2023-05-04
Genre: Business & Economics
ISBN: 9781760465773
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Every five years, the Australian treasurer is required to publish an intergenerational report (IGR), which examines the long-term sustainability of current government policies and seeks to determine how demographic, technological and other structural trends might affect the economy and the budget in coming decades. Despite these lofty objectives, the five IGRs produced from 2002 have received only muted applause. Critics say that they are too mechanical, too narrow and too subject to the views of the government of the day and that they don't provide the intended wake-up call for public understanding of looming economic, social and environmental issues. This analysis of the most recent IGR (2021) is based on a workshop hosted by the Academy of the Social Sciences in Australia. While finding that the 2021 IGR is an improvement on the previous report (2015), the authors identify several fiscal and broader policy issues that deserve greater attention, including Australia's structural deficit, rising inequality and the impacts of climate change. They argue that the report fails to discuss the policies required to support greater resilience against future shocks, including the case for earlier budget repair. They propose that future IGRs be prepared with greater independence, cover all levels of government, have more transparent analysis and draw upon a wider 'wellbeing' approach to long-term sustainability. This book aims to attract close attention from public officials and politicians and generate constructive debate in the community.

More Than Fiscal

More Than Fiscal
Author: Andrew Podger
Publisher: ANU Press
Total Pages: 222
Release: 2023-05-04
Genre: Business & Economics
ISBN: 176046578X
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Every five years, the Australian treasurer is required to publish an intergenerational report (IGR), which examines the long-term sustainability of current government policies and seeks to determine how demographic, technological and other structural trends might affect the economy and the budget in coming decades. Despite these lofty objectives, the five IGRs produced from 2002 have received only muted applause. Critics say that they are too mechanical, too narrow and too subject to the views of the government of the day and that they don’t provide the intended wake-up call for public understanding of looming economic, social and environmental issues. This analysis of the most recent IGR (2021) is based on a workshop hosted by the Academy of the Social Sciences in Australia. While finding that the 2021 IGR is an improvement on the previous report (2015), the authors identify several fiscal and broader policy issues that deserve greater attention, including Australia’s structural deficit, rising inequality and the impacts of climate change. They argue that the report fails to discuss the policies required to support greater resilience against future shocks, including the case for earlier budget repair. They propose that future IGRs be prepared with greater independence, cover all levels of government, have more transparent analysis and draw upon a wider ‘wellbeing’ approach to long-term sustainability. This book aims to attract close attention from public officials and politicians and generate constructive debate in the community.

America's Fiscal Constitution

America's Fiscal Constitution
Author: Bill White
Publisher: PublicAffairs
Total Pages: 577
Release: 2014-04-01
Genre: Political Science
ISBN: 1610393449
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What would Washington, Jefferson, Madison, Lincoln, the Roosevelts, Truman, and Eisenhower have done about today's federal debt crisis? America's Fiscal Constitution tells the remarkable story of fiscal heroes who imposed clear limits on the use of federal debt, limits that for two centuries were part of an unwritten constitution. Those national leaders borrowed only for extraordinary purposes and relied on well-defined budget practices to balance federal spending and revenues. That traditional fiscal constitution collapsed in 2001. Afterward -- for the first time in history -- federal elected officials cut taxes during war, funded permanent new programs entirely with debt, grew dependent on foreign creditors, and claimed that the economy could not thrive without routine federal borrowing. For most of the nation's history, conservatives fought to restrain the growth of government by insisting that new programs be paid for with taxation, while progressives sought to preserve opportunities for people on the way up by balancing budgets. Virtually all mainstream politicians recognized that excessive debt could jeopardize private investment and national independence. With original scholarship and the benefit of experience in finance and public service, Bill White dispels common budget myths and distills practical lessons from the nation's five previous spikes in debt. America's Fiscal Constitution offers an objective and hopeful guide for people trying to make sense of the nation's current, most severe, debt crisis and its impact on their lives and our future.

The Economic and Fiscal Consequences of Immigration

The Economic and Fiscal Consequences of Immigration
Author: National Academies of Sciences, Engineering, and Medicine
Publisher: National Academies Press
Total Pages: 643
Release: 2017-07-13
Genre: Social Science
ISBN: 0309444454
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The Economic and Fiscal Consequences of Immigration finds that the long-term impact of immigration on the wages and employment of native-born workers overall is very small, and that any negative impacts are most likely to be found for prior immigrants or native-born high school dropouts. First-generation immigrants are more costly to governments than are the native-born, but the second generation are among the strongest fiscal and economic contributors in the U.S. This report concludes that immigration has an overall positive impact on long-run economic growth in the U.S. More than 40 million people living in the United States were born in other countries, and almost an equal number have at least one foreign-born parent. Together, the first generation (foreign-born) and second generation (children of the foreign-born) comprise almost one in four Americans. It comes as little surprise, then, that many U.S. residents view immigration as a major policy issue facing the nation. Not only does immigration affect the environment in which everyone lives, learns, and works, but it also interacts with nearly every policy area of concern, from jobs and the economy, education, and health care, to federal, state, and local government budgets. The changing patterns of immigration and the evolving consequences for American society, institutions, and the economy continue to fuel public policy debate that plays out at the national, state, and local levels. The Economic and Fiscal Consequences of Immigration assesses the impact of dynamic immigration processes on economic and fiscal outcomes for the United States, a major destination of world population movements. This report will be a fundamental resource for policy makers and law makers at the federal, state, and local levels but extends to the general public, nongovernmental organizations, the business community, educational institutions, and the research community.

Forgive Us Our Debts

Forgive Us Our Debts
Author: Andrew L. Yarrow
Publisher: Yale University Press
Total Pages: 185
Release: 2008-10-01
Genre: Business & Economics
ISBN: 0300145330
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In this immensely timely book, Andrew Yarrow brings the sometimes eye-glazing discussion of national debt down to earth, explaining in accessible terms why federal debt is rising (and will soon rise much faster), what effects it may have on Americans if debt is not brought under control, why our government borrows, and what it will take to pay it all back. The picture Yarrow paints should concern all Americans. Specifically, he brings to light how rising Medicare, Social Security, and other spending on one hand, and insufficient government revenues on the other, make a mockery of fiscal responsibility. Deficits and debt, Yarrow asserts, are crowding out spending on needed investments in science, environment, infrastructure, and other domestic discretionary programs and could severely harm our nations and our citizens future. But he makes clear that this does not have to be a doomsday scenario. If we act in a bipartisan fashion to restore fiscal health, our legacy to the next generation can be much more than trillions of dollars of IOUs.

Aging and the Macroeconomy

Aging and the Macroeconomy
Author: National Research Council
Publisher: National Academies Press
Total Pages: 230
Release: 2013-01-10
Genre: Social Science
ISBN: 0309261961
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The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.

Decentralizing Spending More Than Revenue

Decentralizing Spending More Than Revenue
Author: Luc Eyraud
Publisher: International Monetary Fund
Total Pages: 35
Release: 2011-09-01
Genre: Business & Economics
ISBN: 1463904940
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In many countries the decentralization of spending responsibilities has outpaced the decentralization of revenue powers. Sub-national governments have then to rely on transfers from the center and borrowing to finance their spending. When this occurs, we find that the overall fiscal deficit tends to increase. This result is based on cross-country econometric evidence from OECD countries, and is particularly strong in the presence of regional disparities. Fiscal discipline can be strengthened by ensuring that sub-national taxing powers are adequate to meet spending obligations.

The Great Demographic Reversal

The Great Demographic Reversal
Author: Charles Goodhart
Publisher: Springer Nature
Total Pages: 260
Release: 2020-08-08
Genre: Business & Economics
ISBN: 3030426572
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This original and panoramic book proposes that the underlying forces of demography and globalisation will shortly reverse three multi-decade global trends – it will raise inflation and interest rates, but lead to a pullback in inequality. “Whatever the future holds”, the authors argue, “it will be nothing like the past”. Deflationary headwinds over the last three decades have been primarily due to an enormous surge in the world’s available labour supply, owing to very favourable demographic trends and the entry of China and Eastern Europe into the world’s trading system. This book demonstrates how these demographic trends are on the point of reversing sharply, coinciding with a retreat from globalisation. The result? Ageing can be expected to raise inflation and interest rates, bringing a slew of problems for an over-indebted world economy, but is also anticipated to increase the share of labour, so that inequality falls. Covering many social and political factors, as well as those that are more purely macroeconomic, the authors address topics including ageing, dementia, inequality, populism, retirement and debt finance, among others. This book will be of interest and understandable to anyone with an interest on where the world’s economy may be going.

Sustaining the States

Sustaining the States
Author: Marilyn Marks Rubin
Publisher: CRC Press
Total Pages: 322
Release: 2014-08-26
Genre: Business & Economics
ISBN: 1466555416
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State fiscal decisions have a significant impact on the US economy. Taken together, subnational governments employ more than one out of every eight workers and provide the bulk of all basic governmental services consumed by individuals and businesses. Sustaining the States: The Fiscal Viability of American State Governments will give you a basic understanding of trends in, current status of, and future prospects for the fiscal sustainability of state governments. After reading this book, you should have a great appreciation for the reach and multiple contributions of state governments to individuals and communities across the nation. The book examines the broad range and depth of state revenues, responsibilities, and activities. It begins with an assessment of executive budgeting in the states, then presents the experiences of states with strong executive-driven systems and the various rules and institutions that impact state government budget discipline. The book goes on to examine state revenue sources, debt, pensions, and spending, honing in on vital state functions including education, transportation, health services and public safety. It concludes with an assessment of the challenges that will test the fiscal vibrancy of US state governments going forward: vulnerability to future economic downturns, growing dependence on an increasingly austere federal government, the obsolescence of state tax systems and an ever more coercive system of federalism. Edited by experts, with a hand-picked panel of contributors, the book delineates the resources that states generate and use to conduct the business of government. The chapters outline the very real and significant constraints on the ability of the states to fulfill their responsibilities and introduce several challenges that state governments face and are actively addressing as they strive for fiscal sustainability. These features provide a clear, realistic understanding of state operations and financing in the United States, today. The book should also leave you with a sense of optimism for the capacity of state governments to advance forward.

Forgive Us Our Debts

Forgive Us Our Debts
Author: Andrew L. Yarrow
Publisher: Yale University Press
Total Pages: 185
Release: 2008-10-01
Genre: Business & Economics
ISBN: 0300145330
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In this immensely timely book, Andrew Yarrow brings the sometimes eye-glazing discussion of national debt down to earth, explaining in accessible terms why federal debt is rising (and will soon rise much faster), what effects it may have on Americans if debt is not brought under control, why our government borrows, and what it will take to pay it all back. The picture Yarrow paints should concern all Americans. Specifically, he brings to light how rising Medicare, Social Security, and other spending on one hand, and insufficient government revenues on the other, make a mockery of fiscal responsibility. Deficits and debt, Yarrow asserts, are crowding out spending on needed investments in science, environment, infrastructure, and other domestic discretionary programs and could severely harm our nations and our citizens future. But he makes clear that this does not have to be a doomsday scenario. If we act in a bipartisan fashion to restore fiscal health, our legacy to the next generation can be much more than trillions of dollars of IOUs.