18 - 1 Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out.

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Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show Deficits, Surpluses, and the Public Debt 18 C H A P T E R

Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show DEFICITS, SURPLUSES, AND DEBT Definitions: Budget Deficit Budget Surplus National or Public Debt U.S. Securities Budget Philosophies Annually Balanced Budget Cyclically Balanced Budget Functional Finance

Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show Causes: Wars Recessions Lack of Fiscal Discipline THE PUBLIC DEBT Facts and Figures: Quantitative Aspects Debt and GDP International Comparisons Interest Charges Ownership

Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show Japan Italy Belgium Canada France Spain Sweden Germany United States Netherlands United Kingdom Finland Denmark Australia GLOBAL PERSPECTIVE Public Sector Debt as a percent of GDP, 2002 Source: Organization for Economic Cooperation and Development

Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show Social Security Considerations Social Security Trust Fund THE PUBLIC DEBT False Concerns Bankruptcy Refinancing Taxation Burdening Future Generations

Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show PUBLIC DEBT OWNERSHIP, % 33% 11% 18% 11% 17% Debt held By Federal Reserve & Government Agencies Debt held Outside the Federal Reserve & Government Agencies Federal Reserve U.S. Government Agencies Other, Including State & Local Governments U.S. Banks & Financial Institutions Foreign Ownership U.S. Individuals

Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show Income Distribution Incentives Foreign-Owned Public Debt External Public Debt SUBSTANTIVE ISSUES

Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show Crowding Out and the Stock of Capital Public Investment Public-Private Complementarities SUBSTANTIVE ISSUES

Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show I D1 Investment (billions of dollars) Real interest rate (percent) THE CROWDING OUT EFFECT With a Deficit, An Increase in Investment Demand Causes… I D2 Crowding Out Effect

Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show DEFICITS AND SURPLUSES Source: Congressional Budget Office $ Budget Deficits or Surpluses, Billions Actual Projected (as of May 2003)

Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show Pay Down the Public Debt Cut Taxes Increase Federal Expenditures Back to Deficits in 2002 Bush Tax Cuts of 2001 The Economic Downturn September 11, 2001 Tax Cuts of 2003 OPTIONS FOR THE SURPLUSES

public debt U.S. Securities annually balanced budget cyclically balanced budget functional finance Social Security trust fund external public debt public investments ENDBACK Copyright McGraw-Hill/Irwin, Inc. 2005

Copyright McGraw-Hill/Irwin, 2005 Deficits, Surpluses, and Debt The Public Debt Ownership of the Public Debt Substantive Issues The Crowding Out Effect Deficits and Surpluses Options for the Surpluses Key Terms Previous Slide Next Slide End Show Next Disputes Over Macro Theory And Policy Chapter 19