说明分析案例ch31eyeon.pptx

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说明分析案例ch31eyeon.pptx

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FiscalandMonetaryPolicyEffectsCHAPTER31

TheU.S.BudgetinGlobalPerspectiveSummingthebudgetsofallthegovernmentsintheworld,theIMFestimatesthattheglobalbudgetdeficitwas3.4percentofworldGDPin2002.

TheU.S.BudgetinGlobalPerspectiveJapanhadoneofthebiggestdeficitatmorethan7percentofGDP.ButthedevelopingcountriesofAsia,whichincludeChinaandIndia,havelargedeficits.

Canadawastheonlymajoradvancedeconomywithasurplusin2002.TheU.S.BudgetinGlobalPerspective

TheredlineshowsfederalgovernmentexpendituresasapercentageofGDP.FederalReceipts,

Expenditures,

Deficits,andDebtsThebluelineshowsfederalgovernmenttaxreceiptsasapercentageofGDP.Thegapbetweenthelinesisthedeficit(red)orsurplus(blue).

In1940,thefederalgovernmentcollected6.5centsofeverydollarearnedintaxesandspent9.3centsofeverydollarearned.By1943,thegovernmentwascollecting12centsofeverydollarearnedintaxesandspending40centsofeverydollarearned.FederalReceipts,

Expenditures,

Deficits,andDebts

Theseenormousdeficitsincreasedgovernmentdebttocloseto100percentofGDP.FederalReceipts,

Expenditures,

Deficits,andDebtsDuringthe1950sand1960s,debt(asapercentageofGDP)tumbledassmallbudgetdeficitscombinedwithrapidGDPgrowth.By1974,debthadfallento18.3percentofGDP.

Budgetdeficitsreturnedduringthe1980sasdefensespendingincreasedandtaxeswerecut.By1980,debthadrisentoalmost50percentofGDP.FederalReceipts,

Expenditures,

Deficits,andDebtsExpenditurerestraintandrapidrealGDPgrowthinthe1990sloweredthedebt-to-GDPratio.Withincreasedexpenditureandtaxcutsinrecentyears,thedebt-to-GDPratiohasincreased.

The2003DividendTaxCutBusinessprofitsaretaxedtwice:bycorporationetaxandbyindividualetaxes.In2000,theFederaltaxrateonbusinessprofitpaidasdividendstoastockholderwhopaidthehighestetaxr