Difference between revisions of "Balanced budget"
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| − | A '''balanced budget''' is a [[budget]] in which receipts equal (or exceed) outlays. Fiscal conservatives, such as [[George H. W. Bush]] favor balanced budgets, while more liberal polticians do not.<ref>[ | + | A '''balanced budget''' is a [[budget]] in which receipts equal (or exceed) outlays. Fiscal conservatives, such as [[George H. W. Bush]] favor balanced budgets, while more liberal polticians do not.<ref>[https://www.senate.gov/reference/glossary_term/balanced_budget.htm] US Senate Reference</ref> In the [[United States]], every state except [[Vermont]] has laws that require a balanced budget<ref>National Conference of State Legislatures. "State Balanced Budget Provisions." [http://www.ncsl.org/?TabId=12651]</ref> and most local governments are also required to balance their budgets.<ref>[http://www.clearonmoney.com/dw/doku.php?id=public:state_and_local_balanced_budget_requirements "State and local balanced budget requirements." Clear on Money]</ref> The [[Federal Government]] has no such requirement and may incur a [[budget deficit]]. |
| − | There are conservatives, such as [[Bruce Bartlett]] (a former domestic policy adviser to [[President Reagan]]), who oppose a Federal balanced budget. Bartlett argues that a balanced budget amendment would be nearly impossible to enforce | + | There are conservatives, such as [[Bruce Bartlett]] (a former domestic policy adviser to [[President Reagan]]), who oppose a Federal balanced budget. Bartlett argues that a balanced budget amendment would be nearly impossible to enforce.<ref>Bartlett, Bruce. "Balanced Budget Amendment a 'Phony' Deficit Solution." The Fiscal Times, 27 August 2010. [http://www.thefiscaltimes.com/Columns/2010/08/27/Balanced-Budget-Amendment-a-Bad-Approach.aspx#page1]</ref> Bartlett, as well as most liberals, also claims that forcing a balanced budget in times of economic downturns would worsen the economy, but that is a [[Keynesian]] notion that has been proven false. |
==References== | ==References== | ||
<references/> | <references/> | ||
| + | {{Economic preparedness topics}} | ||
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| + | [[Category:Economic Preparedness]] | ||
[[Category:United States Senate Terms]] | [[Category:United States Senate Terms]] | ||
Latest revision as of 13:41, September 26, 2018
A balanced budget is a budget in which receipts equal (or exceed) outlays. Fiscal conservatives, such as George H. W. Bush favor balanced budgets, while more liberal polticians do not.[1] In the United States, every state except Vermont has laws that require a balanced budget[2] and most local governments are also required to balance their budgets.[3] The Federal Government has no such requirement and may incur a budget deficit.
There are conservatives, such as Bruce Bartlett (a former domestic policy adviser to President Reagan), who oppose a Federal balanced budget. Bartlett argues that a balanced budget amendment would be nearly impossible to enforce.[4] Bartlett, as well as most liberals, also claims that forcing a balanced budget in times of economic downturns would worsen the economy, but that is a Keynesian notion that has been proven false.
References
- ↑ [1] US Senate Reference
- ↑ National Conference of State Legislatures. "State Balanced Budget Provisions." [2]
- ↑ "State and local balanced budget requirements." Clear on Money
- ↑ Bartlett, Bruce. "Balanced Budget Amendment a 'Phony' Deficit Solution." The Fiscal Times, 27 August 2010. [3]
