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The U.S. Federal Budget

The U.S. Federal Budget. Active Learning Presented by: Mary Anne Pettit Southern Illinois University Edwardsville Office of Economic Education and Business Research mpettit@siue.edu (618)650-2583. Key Concepts. Role of Government: Mixed Capitalism 3 Levels of Government

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The U.S. Federal Budget

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  1. The U.S. Federal Budget Active Learning Presented by: Mary Anne Pettit Southern Illinois University Edwardsville Office of Economic Education and Business Research mpettit@siue.edu (618)650-2583

  2. Key Concepts • Role of Government: Mixed Capitalism • 3 Levels of Government • What is a budget? A plan for expenditures (outlays) and tax collections (revenues/receipts).

  3. Budget Basics • Balanced Budget: Outlays = Tax Receipts • Budget Surplus: Tax Revenues EXCEED expenditures/outlays ● Budget Deficit: The Federal Government spends more than it collects in tax revenue. ● Fiscal Year vs. Calendar Year

  4. How would you spend more than you had coming in each month? • How does the Federal Government do it? • We borrow. Go into debt. A lot of debt. • Why? • It’s fun to spend money. • It’s even more fun to spend someone else’s money.

  5. More Ideas on Excessive Spending • Politics of Pork • Economic Stimulus • Waste and inefficiency • Real solutions may involve too much hard work, tough love, and be politically incorrect. • High standards of living increase the demand for public/social goods.

  6. Fun Facts 2007 • Outlays/Expenditures: $2.7 trillion • Tax Receipts: $2.5 trillion • 07 Deficit: $-162 billion 08(est.) $-410 • GDP (nominal/current) $14 trillion • GDP (real/chained 200): $11 trillion • www.gpoaccess.gov/usbudget • Browse Budget/Spread Sheets/Detailed Functional Tables/Historical Tables

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