Week 3 Notes Admin Law - Federal Budget Accountability
Week 3 Notes Admin Law - Federal Budget Accountability POSC 475
Cal State Fullerton
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This 1 page Class Notes was uploaded by Evy on Monday February 29, 2016. The Class Notes belongs to POSC 475 at California State University - Fullerton taught by James Fox in Spring 2016. Since its upload, it has received 50 views. For similar materials see Administrative Law in Political Science at California State University - Fullerton.
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Date Created: 02/29/16
Federal Budget Accountability 2/24/16 8:47 PM IOUSA VIDEO** Four Major Deficits Budget Saving Balance of Payments (imports/exports) Leadership Consider GPD = C+I+G+Xn Major factors of deficit (historical) • War and defense spending • Supply side economics (reaganomics) Biggest Current Factors • Social security • Medicare • Medicaid Supply side economics More spending and tax cuts (doesn't work) Budget deficit: more spending not enough revenue from taxes *due to fiscal policy Savings deficit: not enough savings or investments *due to low incomes *affected by monetary policy or the fed Controls interest rates and inflation Balance of payments: Imports exceed exports -‐ not enough going out and spending too much on what's coming in. U.S. HAS DRIFTED FROM PRODUCTION JOBS We owe to other countries, they hold much of our treasury bonds. Leadership: Plays a role, comfy triangles, interest groups and constituents. Reagan and Bush hiked deficit the most because they catered to the rich and spent too much on defense. Clinton balanced the budget-‐moderate tactics Responsibility lies in the direction the economy is going, types of jobs, reliance I foreign products, poor budget policy. President authorizes but does not make the decisions. Solution in not determined. Better incomes More value to the dollar More exports and production Prioritize budgets