SS.912.E.2.9 Analyze how changes in federal spending and taxation affect budget deficits and surpluses and the national debt Standard 2 Understand the.

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Presentation transcript:

SS.912.E.2.9 Analyze how changes in federal spending and taxation affect budget deficits and surpluses and the national debt Standard 2 Understand the fundamental concepts relevant to the institutions, structure, and functions of a national economy SS.912.E.2.9 Analyze how changes in federal spending and taxation affect budget deficits and surpluses and the national debt

Definitions Balanced budget: revenues = expenditures Budget surplus: revenues > expenditures Budget deficit: revenues < expenditures Budget surplus funds can either be spent as additional expenditures or used to pay off existing debt For now, assume surplus is used to pay off debt

Definitions National deficit: yearly budget deficit for federal government National debt: cumulative amount of deficits or surpluses See national debt clock,

Fiscal policy Expansionary fiscal policy: reduce taxes and/or increase expenditures; goal is to expand or stimulate the economy Restrictive fiscal policy: raise taxes and/or decrease expenditures; goal is to slow economy

Scenarios Expansionary policy will likely lead to budget deficit (or shrink current surplus); will result in larger national debt Restrictive policy will likely lead to budget surplus (or shrink current deficit); will result in smaller national debt

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