World War 2 Deficit Spending.

1482 words - 6 pages

needs a little work could use a few more exampleshere's one on the deficit for those economics classesSubject: the deficit good or badDeficit Spending"Spending financed not by current tax receipts, but by borrowing ordrawing upon past tax reserves." , Is it a good idea? Why does the a deficit? Since 1980 the deficit has grown enormously. Some say itsa bad thing, and predict impending doom, others say it is a safe andstable necessity to maintain a healthy economy.When the U.S. government came into existence and for about a 150 yearsthereafter the government managed to keep a balanced budget. The onlytimes a budget deficit existed during these first 150 years were intimes of war or other catastrophic events. The Government, for instance,generated deficits during the War of 1812, the recession of 1837, theCivil War, the depression of the 1890s, and World War I. However, assoon as the war ended the deficit would be eliminated and the economywhich was much larger than the amounted debt would quickly absorb it.The last time the budget ran a surplus was in 1969 during Nixon'spresidency. Budget deficits have grown larger and more frequent in thelast half-century. In the 1980s they soared to record levels. TheGovernment cut income tax rates, greatly increased defense spending, anddidn't cut domestic spending enough to make up the difference. Also, thedeep recession of the early 1980s reduced revenues, raising the deficitand forcing the Government to spend much more on paying interest for thenational debt at a time when interest rates were high. As a result, thenational debt grew in size after 1980. It grew from $709 billion to $3.6trillion in 1990, only one decade later.Increase of National Debt Since 1980Month Amount--------------------------------------------12/31/1980 $930,210,000,000.00 *12/31/1981 $1,028,729,000,000.00 *12/31/1982 $1,197,073,000,000.00 *12/31/1983 $1,410,702,000,000.00 *12/31/1984 $1,662,966,000,000.00 *12/31/1985 $1,945,941,616,459.8812/31/1986 $2,214,834,532,586.4312/31/1987 $2,431,715,264,976.8612/30/1988 $2,684,391,916,571.4112/29/1989 $2,952,994,244,624.7112/31/1990 $3,364,820,230,276.8612/31/1991 $3,801,698,272,862.0212/31/1992 $4,177,009,244,468.7712/31/1993 $4,535,687,054,406.1412/30/1994 $4,800,149,946,143.7510/31/1995 $4,985,262,110,021.0611/30/1995 $4,989,329,926,644.3112/29/1995 $4,988,664,979,014.5401/31/1996 $4,987,436,358,165.2002/29/1996 $5,017,040,703,255.0203/29/1996 $5,117,786,366,014.5604/30/1996 $5,102,048,827,234.2205/31/1996 $5,128,508,504,892.8006/28/1996 $5,161,075,688,140.9307/31/1996$5,188,888,625,925.8708/30/1996 $5,208,303,439,417.9309/30/1996 $5,224,810,939,135.7310/01/1996 $5,234,730,786,626.5010/02/1996 $5,235,509,457,452.5610/03/1996 $5,222,192,137,251.6210/04/1996 $5,222,049,625,819.53* Rounded to MillionsFederal spending has grown over the years, especially starting in the1930s in actual dollars and in proportion to the economy (Gross DomesticProduct, or GDP).Beginning with the 'New Deal' in...

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