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.
Snapshot of “Federal Deficits” from Economics USA Series…
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.
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.
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.
If you have any questions, please contact Media Services at the Notre Dame Campus Library at firstname.lastname@example.org or 204-632-2231.