Governmental Spending

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Presentation transcript:

Governmental Spending Chapter 10 Review Governmental Spending

Budget Reform Measures Gramm-Rudman-Hollings Bill Congress’ attempt to balance the budget but it failed for 2 reasons Budget Enforcement Act (BEA) Spending in one area must reduce spending in another area Economic Recovery Act Omnibus Budget Reconciliation Act It was an attempt to reduce %500 billion from the deficit over 5 years Increase in taxes and reduction in spending

Concepts What is the Federal Government responsible for? What are the differences between debts and deficits? Deficit is spending more money than you receive in revenue, which is what the government is doing now. Categories of spending at all levels What is the Federal Government responsible for? Social Security National Defense Income security Medicare Medicaid Interest What is the State Government responsible for? Welfare, Bridge Card, Food stamp, public education What is the Local Government responsible for? Elementary and secondary ed; utilities (water, electricity)

Federal Deficits and Debt

Pg. 285

Concepts What is the difference between federal budgets and state budgets? State budgets are balanced but the federal budget is not. They go through a different approval process Federal budget goes through both Houses of Congress and must be approved by both Mandatory Spending Government spending that does not require approval by Congress Discretionary Spending What is it? Government spending that DOES require approval by Congress Examples- National Defense Budget Enforcement Act (1990) What does it do? What are its main provisions?

Pg. 285

Concepts Transfer Payments Budget Approval System What are they? They are payments from the government to people What are they used for? Medicare, Medicaid, Social Security What levels of government participate in these? Federal and state Budget Approval System How is the federal budget constructed and approved? The Office of Management and Budget  President  House  Senate President signs or vetoes and goes back to the House

Pg.285

Concepts “Pay as you go” provisions Crowding out effect What is the economic effect of this? What role does the Federal Government play?

Concepts Government Spending What is an ‘entitlement’? Level of combined government consumption versus the nation’s GDP. What is an ‘entitlement’?

Pg. 269

Essay Topics How does the Federal debt effect the average citizen? Why should the debt issue be important? Using the graph given, describe why the debt is an important concern.

Essay Topics Describe how the crowding out effect, as shown in the graph, affects businesses and individuals.

Essay Topics Why is the debt an important issue for the U.S.? Discuss the cost associated with the debt issue.

Essay Topics All Presidents have budget priorities. In the passage provided, discuss the budget priorities described.

Essay Topics What role, if any, does Social Security play in the debt/deficit issue.