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===Early 20th century===
===Early 20th century===
During the 1920s, President [[Calvin Coolidge]] and his Treasury Secretary [[Andrew Mellon]] cut taxes and spending, and reduced the national debt. Their pro-business economic policy were credited for the successful period of economic growth known as the "Roaring Twenties." After the great crash of 1929, however, Coolidge's successor [[Herbert Hoover]] took the blame. Hoover increased spending and increased taxes, but because of falling revenues the national debt mushroomed relative to GDP.<ref> William J. Barber, ''From New Era to New Deal: Herbert Hoover, the economists, and American economic policy.'' (1985)
During the 1920s, President [[Calvin Coolidge]] and his Treasury Secretary [[Andrew Mellon]] cut taxes and spending, and reduced the national debt. Their pro-business economic policy were credited for the successful period of economic growth known as the "Roaring Twenties." After the great crash of 1929, however, Coolidge's successor [[Herbert Hoover]] took the blame. Hoover increased spending and increased taxes, but because of falling revenues the national debt mushroomed relative to GDP.<ref>William J. Barber, ''From New Era to New Deal: Herbert Hoover, the economists, and American economic policy.'' (1985)
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===New Deal===
===New Deal===
During the 1930s [[Franklin Roosevelt]]'s [[New Deal]] was opposed by many conservatives because it expanded the scope of the federal government, and regulated the economy. In general Roosevelt did not raise taxes above the high levels Hoover had set; the national debt changed little from 1933 to 1940 as a proportion of GDP.<ref> Stein, ''Presidential Economics: The Making of Economic Policy From Roosevelt to Clinton'' (1994)</ref>
During the 1930s [[Franklin Roosevelt]]'s [[New Deal]] was opposed by many conservatives because it expanded the scope of the federal government, and regulated the economy. In general Roosevelt did not raise taxes above the high levels Hoover had set; the national debt changed little from 1933 to 1940 as a proportion of GDP.<ref>Stein, ''Presidential Economics: The Making of Economic Policy From Roosevelt to Clinton'' (1994)</ref>
Roosevelt's Treasury Secretary, [[Henry Morgenthau, Jr.]] believed in balanced budgets, stable currency, reduction of the national debt, and the need for more private investment. Morgenthau accepted Roosevelt’s double budget as legitimate–that is a balanced regular budget, and an “emergency” budget for agencies, like the [[WPA]], [[PWA]], and [[Civilian Conservation Corps|CCC]], that would be temporary until full recovery was at hand. He fought against the veterans’ bonus until Congress finally overrode Roosevelt’s veto and gave out $2.2 billion in 1936. Morgenthau's most notable achievement was the new [[Social Security]] program; he managed to reverse the proposals to fund it from general revenue and insisted it be funded by new taxes on employees. Morgenthau insisted on excluding farm workers and domestic servants from Social Security because workers outside industry would not be paying their way.<ref>Zelizer, "The Forgotten Legacy of the New Deal: Fiscal Conservatism and the Roosevelt Administration, 1933-1938." (2000).</ref>
Roosevelt's Treasury Secretary, [[Henry Morgenthau, Jr.]] believed in balanced budgets, stable currency, reduction of the national debt, and the need for more private investment. Morgenthau accepted Roosevelt’s double budget as legitimate–that is a balanced regular budget, and an “emergency” budget for agencies, like the [[WPA]], [[PWA]], and [[Civilian Conservation Corps|CCC]], that would be temporary until full recovery was at hand. He fought against the veterans’ bonus until Congress finally overrode Roosevelt’s veto and gave out $2.2 billion in 1936. Morgenthau's most notable achievement was the new [[Social Security]] program; he managed to reverse the proposals to fund it from general revenue and insisted it be funded by new taxes on employees. Morgenthau insisted on excluding farm workers and domestic servants from Social Security because workers outside industry would not be paying their way.<ref>Zelizer, "The Forgotten Legacy of the New Deal: Fiscal Conservatism and the Roosevelt Administration, 1933-1938." (2000).</ref>
Fiscal Conservatism was rhetorically promoted during the presidency of [[Ronald Reagan]] (1981-1989). During his tenure, Reagan pushed through economic policies which became known as [[Reaganomics]]. Rooted in a belief in [[supply-side economics]], Reagan cut income taxes, raised social security taxes, deregulated the economy, and propounded a tight monetary policy to stop inflation. Reagan favored reducing the size and scope of government because it was conducive to inefficiency and corruption; he especially attacked welfare. He proposed greatly increased defense spending (which he got), reduction in income taxes (which he got), and reductions in domestic spending (which he did not get). The result was a large increase in the national debt, economic prosperity, and rapid growth. Reagan also achieved a compromise on Social Security that reduced long-term federal spending.<ref>Stein, ''Presidential Economics: The Making of Economic Policy From Roosevelt to Clinton'' (1994)</ref>
Fiscal Conservatism was rhetorically promoted during the presidency of [[Ronald Reagan]] (1981-1989). During his tenure, Reagan pushed through economic policies which became known as [[Reaganomics]]. Rooted in a belief in [[supply-side economics]], Reagan cut income taxes, raised social security taxes, deregulated the economy, and propounded a tight monetary policy to stop inflation. Reagan favored reducing the size and scope of government because it was conducive to inefficiency and corruption; he especially attacked welfare. He proposed greatly increased defense spending (which he got), reduction in income taxes (which he got), and reductions in domestic spending (which he did not get). The result was a large increase in the national debt, economic prosperity, and rapid growth. Reagan also achieved a compromise on Social Security that reduced long-term federal spending.<ref>Stein, ''Presidential Economics: The Making of Economic Policy From Roosevelt to Clinton'' (1994)</ref>
However, by the end of Reagan's second term the [[national debt]] held by the public rose from 26% of [[Gross Domestic Product|GDP]] in 1980 to 41% in 1989, the highest level since 1963. By 1988, the debt totaled $2.6 trillion. The country owed more to foreigners than it was owed, and the United States moved from being the world's largest international creditor to the world's largest debtor nation as investors around the world rushed to send their money to the U.S.<ref>See [http://www.washingtonpost.com/wp-dyn/articles/A26402-2004Jun8.html]</ref>
However, by the end of Reagan's second term the [[national debt]] held by the public rose from 26% of [[Gross Domestic Product|GDP]] in 1980 to 41% in 1989, the highest level since 1963. By 1988, the debt totaled $2.6 trillion. The country owed more to foreigners than it was owed, and the United States moved from being the world's largest international creditor to the world's largest debtor nation as investors around the world rushed to send their money to the U.S.<ref>[http://www.washingtonpost.com/wp-dyn/articles/A26402-2004Jun8.html See]</ref>
Under Democrat [[Bill Clinton]] the federal government ran a budget surplus and the debt went down.
Under Democrat [[Bill Clinton]] the federal government ran a budget surplus and the debt went down.
* Brownlee, W. Elliot. ''Federal taxation in America: A short history.'' (1996) [http://www.amazon.com/Federal-Taxation-America-History-Woodrow/dp/052154520X/ref=sr_1_1?ie=UTF8&s=books&qid=1201126453&sr=8-1 excerpt and text search]
* Brownlee, W. Elliot. ''Federal taxation in America: A short history.'' (1996) [http://www.amazon.com/Federal-Taxation-America-History-Woodrow/dp/052154520X/ref=sr_1_1?ie=UTF8&s=books&qid=1201126453&sr=8-1 excerpt and text search]
* Campbell, Ballard. ''The Growth of American Government: Governance from the Cleveland Era to the Present'' (1995)
* Campbell, Ballard. ''The Growth of American Government: Governance from the Cleveland Era to the Present'' (1995)
* Critchlow, Donald T. "The Political Control of the Economy: Deficit Spending as a Political Belief, 1932-1952," ''The Public Historian,'' Vol. 3, No. 2 (Spring, 1981), pp. 5-22 [http://links.jstor.org/sici?sici=0272-3433(198121)3%3A2%3C5%3ATPCOTE%3E2.0.CO%3B2-%23 in JSTOR]
* Critchlow, Donald T. "The Political Control of the Economy: Deficit Spending as a Political Belief, 1932-1952," ''The Public Historian,'' Vol. 3, No. 2 (Spring, 1981), pp. 5–22 [http://links.jstor.org/sici?sici=0272-3433(198121)3%3A2%3C5%3ATPCOTE%3E2.0.CO%3B2-%23 in JSTOR]
* Greenspan, Alan. ''The Age of Turbulence: Adventures in a New World'' (2007) autobiography of chairman of the Federal Reserve (1987-2006)
* Greenspan, Alan. ''The Age of Turbulence: Adventures in a New World'' (2007) autobiography of chairman of the Federal Reserve (1987-2006)
* Ippolito, Dennis S. ''Why Budgets Matter: Budget Policy and American Politics'' (2003) [http://www.amazon.com/Why-Budgets-Matter-American-Politics/dp/0271022590/ref=sr_1_2?ie=UTF8&s=books&qid=1201126672&sr=8-2 excerpt and text search]
* Ippolito, Dennis S. ''Why Budgets Matter: Budget Policy and American Politics'' (2003) [http://www.amazon.com/Why-Budgets-Matter-American-Politics/dp/0271022590/ref=sr_1_2?ie=UTF8&s=books&qid=1201126672&sr=8-2 excerpt and text search]
* Krol, Robert. "The Role of Fiscal and Political Institutions in Limiting the Size of State Government," ''The Cato Journal'', Vol. 27, 2007. [http://www.questia.com/read/5026702917?title=The%20Role%20of%20Fiscal%20and%20Political%20Institutions%20in%20Limiting%20the%20Size%20of%20State%20Government online edition]
* Krol, Robert. "The Role of Fiscal and Political Institutions in Limiting the Size of State Government," ''The Cato Journal'', Vol. 27, 2007. [http://www.questia.com/read/5026702917?title=The%20Role%20of%20Fiscal%20and%20Political%20Institutions%20in%20Limiting%20the%20Size%20of%20State%20Government online edition]
* Leff, Mark. "Taxing the 'forgotten man': The politics of Social Security finance in the New Deal." ''Journal of American History'' 70 (1983): 359-81. [http://links.jstor.org/sici?sici=0021-8723(198309)70%3A2%3C359%3ATT%22MTP%3E2.0.CO%3B2-L online in JSTOR]
* Leff, Mark. "Taxing the 'forgotten man': The politics of Social Security finance in the New Deal." ''Journal of American History'' 70 (1983): 359-81. [http://links.jstor.org/sici?sici=0021-8723(198309)70%3A2%3C359%3ATT%22MTP%3E2.0.CO%3B2-L online in JSTOR]
* Leff, Mark H. "The Politics of Sacrifice on the American Home Front in World War II," ''The Journal of American History,'' Vol. 77, No. 4 (Mar., 1991), pp. 1296-1318 [http://links.jstor.org/sici?sici=0021-8723(199103)77%3A4%3C1296%3ATPOSOT%3E2.0.CO%3B2-H in JSTOR]
* Leff, Mark H. "The Politics of Sacrifice on the American Home Front in World War II," ''The Journal of American History,'' Vol. 77, No. 4 (Mar., 1991), pp. 1296–1318 [http://links.jstor.org/sici?sici=0021-8723(199103)77%3A4%3C1296%3ATPOSOT%3E2.0.CO%3B2-H in JSTOR]
* Lind, Michael. ''Hamilton's Republic: Readings in the American Democratic Nationalist Tradition'' (1997)
* Lind, Michael. ''Hamilton's Republic: Readings in the American Democratic Nationalist Tradition'' (1997)
* Morgan, Iwan W. ''Deficit government: Taxing and spending in modern America.'' (1995). [http://www.amazon.com/Deficit-Government-Spending-America-American/dp/1566630827/ref=sr_1_2?ie=UTF8&s=books&qid=1201126591&sr=8-2 excerpt and text search]
* Morgan, Iwan W. ''Deficit government: Taxing and spending in modern America.'' (1995). [http://www.amazon.com/Deficit-Government-Spending-America-American/dp/1566630827/ref=sr_1_2?ie=UTF8&s=books&qid=1201126591&sr=8-2 excerpt and text search]
* Peltzman, Sam. "Voters as Fiscal Conservatives," ''The Quarterly Journal of Economics,'' Vol. 107, No. 2 (May, 1992), pp. 327-361 [http://links.jstor.org/sici?sici=0033-5533(199205)107%3A2%3C327%3AVAFC%3E2.0.CO%3B2-P in JSTOR]
* Peltzman, Sam. "Voters as Fiscal Conservatives," ''The Quarterly Journal of Economics,'' Vol. 107, No. 2 (May, 1992), pp. 327–361 [http://links.jstor.org/sici?sici=0033-5533(199205)107%3A2%3C327%3AVAFC%3E2.0.CO%3B2-P in JSTOR]
* Sargent, James E. "Roosevelt's Economy Act: Fiscal conservatism and the early New Deal." ''Congressional Studies'' 7 (winter 1980): 33-51.
* Sargent, James E. "Roosevelt's Economy Act: Fiscal conservatism and the early New Deal." ''Congressional Studies'' 7 (winter 1980): 33-51.
* Savage, James D. ''Balanced budgets & American politics.'' (1988).
* Savage, James D. ''Balanced budgets & American politics.'' (1988).