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RRC Library Acquires New Video Series: Economics USA

January 6, 2014

Economics USA: 21st Century Edition

This new video series on micro- and macroeconomics recently arrived at Red River College Library. Each of the 28 titles spans 30 minutes and focuses on a specific aspect of economics. Viewers are offered a discussion, historical background, commentary and analysis, along with input from experts in the field. The award-winning series comes “highly recommended” in a review by Michael J. Coffta, Business Librarian at Bloomsberg University of Pennsylvania.

Below is a snapshot of one title from the series called “Federal Deficits: Can We Live with Them?” Both Video on Demand and DVD formats are available.

Snapshot of “Federal Deficits” from Economics USA Series…

During World War II, America's national debt more than quadrupled. The government encouraged citizens to buy war bonds and federal stamps to help defray the costs.During World War II, America’s national debt more than quadrupled. The government encouraged citizens to buy war bonds and federal stamps to help defray the costs.


In 1960, President Eisenhower achieved a surplus. President Nixon argued that a growing economy actually required a deficit, and many economists agreed. In reality, the budget surplus was holding money out of the economy causing workers to lose their jobs.

In 1960, President Eisenhower achieved a surplus. President Nixon argued that a growing economy actually required a deficit, and many economists agreed. In reality, the budget surplus was holding money out of the economy causing workers to lose their jobs.


Economic analyst Richard Gill discusses counter-cyclical policy: the idea of producing budget deficits in bad times and budget surpluses in good times in an effort to stabilize the economy.

Economic analyst Richard Gill discusses counter-cyclical policy: the idea of producing budget deficits in bad times and budget surpluses in good times in an effort to stabilize the economy.


After a large tax cut, three wars, a down market, and expensive entitlement costs, the deficit and the national debt reached unsustainable heights. Increases in spending and decreases in taxes have been funded through borrowing... but borrowing has a cost to it – interest.After a large tax cut, three wars, a down market, and expensive entitlement costs, the deficit and the national debt reached unsustainable heights. Increases in spending and decreases in taxes have been funded through borrowing… but borrowing has a cost to it – interest.


How to fix the deficit and how to balance the budget are complicated questions. The deficit is staggering and the mission to find a solution is urgent and still unsolved.

How to fix the deficit and how to balance the budget are complicated questions. The deficit is staggering and the mission to find a solution is urgent and still unsolved.


Politics make reducing the deficit tricky because no one wants to see cuts to programs that benefit their lives. Everyone has to sacrifice but no one wants to. Can a compromise on the budget ever be reached?

Politics make reducing the deficit tricky because no one wants to see cuts to programs that benefit their lives. Everyone has to sacrifice but no one wants to. Can a compromise on the budget ever be reached?


Conclusion: The Situation is Urgent and Unsolved

America’s deficit is staggering and the mission to find a solution is urgent and still unsolved. Every year, the USA uses a good part of their annual budget just to pay the interest on the debt, but they also keep accumulating debt. In 2011, the Treasury Department asked congress to increase the nation’s debt ceiling to over 14.3 trillion dollars. Can the USA continue on this course? Absolutely not. Are deficits always bad? No, they are not.

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If you have any questions, please contact Media Services at the Notre Dame Campus Library at media@rrc.ca or 204-632-2231.