1. Lecture 23. FISCAL SUSTAINABILITY
Economics 1490
THE WORLD ECONOMY:
GROWTH OR STAGNATION?
with
Professor Dale W. Jorgenson
Lecture 23. FISCAL SUSTAINABILITY
November 16, 2017
Harvard University Department of Economics
Fall 2017

2. THE WORLD ECONOMY:
GROWTH OR STAGNATION?
A. Comparing Economies
B. U.S. Crisis and Recovery
C. European Slowdown
D. Asian Economic Miracles
E. Sustainability of Economic Growth
F. World Economic Outlook

3. E. SUSTAINABILITY OF ECONOMIC GROWTH
21. Demographic Projections 
22. Investing in Human Capital
23. Fiscal Sustainability
24. Environmental Sustainability
25. Ending Extreme Poverty 

4. FISCAL SUSTAINABILITY: OUTLINE
Fiscal Sustainability in the World Economy
Fiscal Sustainability in the United States
President Obama's National Commission on Fiscal Responsibility and Reform

5. FISCAL BALANCES, 2010-2018; OVERALL

6. FISCAL BALANCES, 2010-2018; ADJUSTED

7. GENERAL GOVERNMENT DEBT, 2010-2018

8. FISCAL TRENDS IN ADVANCED ECONOMIES

9. FISCAL TRENDS IN EMERGING MARKET AND MIDDLE-INCOME ECONOMIES

10. FISCAL TRENDS IN LOW-INCOME DEVELOPING ECONOMIES

11. FISCAL SUSTAINABILITY IN THE WORLD ECONOMY: SUMMARY
Sustainability Differs Widely Among Economies
The U.S. Has Preserved Sustainability through a Series of Bipartisan Budget Agreements, Beginning in 2011.
Due to Optimistic Prospects for Growth India Stands Out among Emerging Economies as Having a Sustainable Fiscal Policy.

13. FEDERAL BUDGET UNDER THE EXTENDED BASELINE

14. KEY PROJECTIONS

15. FEDERAL DEBT, SPENDING AND REVENUES

16. FEDERAL DEBT, SPENDING AND REVENUES (continued)

17. POPULATION

18. GROWTH OF POTENTIAL GDP

19. ASSUMPTIONS

20. SPENDING AND REVENUES

21. COMPOSITION

22. FINANCIAL MEASURES

23. FEDERAL SPENDING

24. PROJECTED SPENDING

25. OTHER FEDERAL

26. SIZE OF POLICY CHANGES

27. TIMING

28. CBO’S LONG TERM OUTLOOK
Extended Baseline Scenario
Outlook for Spending
Outlook for Revenue
Policy Choices for Fiscal Consolidation

30. FIVE-PART PLAN

31. HIGHLIGHTS