乔纳森·格鲁伯-财政学（第五版）gruber_5e_lecture_slides_ch04.pptxVIP

Copyright ? 2010 Worth Publishers 4.1 Government Budgeting4.2 Measuring the Budgetary Position of the Government: Alternative Approaches4.3 Do Current Debts and Deficits Mean Anything? A Long-Run Perspective4.4 Why Do We Care About the Government’s Fiscal Position?4.5 ConclusionBudget Analysis and Deficit Financing 4Heather Luea and Dan SacksP R E P A R E D B Y Excerpts from Inaugural Speeches and the U.S. Deficit4.1“We will continue along the path toward a balanced budget in a balanced economy.” President Lyndon JohnsonDeficit in first year in office (1964): 0.9% of GDPDeficit in last year in office (1968): 2.9% of GDP“We must balance our federal budget so that American families will have a better chance to balance their family budgets.” President Richard NixonDeficit in first year in office (1969): –0.3% of GDP (surplus)Deficit in last year in office (1974): 0.4% of GDP Excerpts from Inaugural Speeches and the U.S. Deficit4.1“We can achieve a balanced budget by 1979 if we have the courage and the wisdom to continue to reduce the growth of federal spending.” President Gerald FordDeficit in first year in office (1975): 3.4% of GDPDeficit in last year in office (1976): 4.2% of GDP“With careful planning, efficient management, and proper restraint on spending, we can move rapidly toward a balanced budget, and we will.” President Jimmy CarterDeficit in first year in office (1977): 2.7% of GDPDeficit in last year in office (1980): 2.7% of GDP Excerpts from Inaugural Speeches and the U.S. Deficit4.1“[This budget plan] will ensure a steady decline in deficits, aiming toward a balanced budget by the end of the decade.”President Ronald ReaganDeficit in first year in office (1981): 2.6% of GDPDeficit in last year in office (1988): 3.1% of GDP“[This budget plan] brings the deficit down further and balances the budget by 1993.” President George H. W. Bush, Deficit in first year in office (1989): 2.8% of GDPDeficit in last year in office (1992): 4.7% of GDP Excerpts from