E&F/Raffel The Federal Budget, Budget Deficits and the National Debt
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1 E&F/Raffel The Federal Budget, Budget Deficits and the National Debt Reading Check (pages ) The Federal Budget is comprised of two parts: Mandatory Spending (including Entitlement programs) and Discretionary spending. 1. Define Entitlement Programs. 2. What are some examples of major entitlement programs? 3. Define Discretionary spending. 4. What major programs are included in the discretionary portion of the Federal Budget?
2 Use the table below to complete the chart on page 3. When completing the chart, please (1) determine if the spending described in each situation is mandatory or discretionary and (2) explain the basis for your answer.
3 Situation 1. The factory a neighbor worked at closed down and he is receiving compensation from the state. 2. A federal highway is being widened to allow for better traffic flow. 3. A high speed rail system is being built to transport residents from one end of the state to another. 4. Your grandparents are retired and living on Social Security payments. 5. Thanks to your congressman, a new park is being built in the center of Sudbury. 6. A woman broke her arm at work and cannot perform her job duties. 7. A child whose parents have trouble making ends meet is getting shots for school at a free state clinic. 8. A first grader gets a free breakfast and lunch at school. 9. Airport security is conducted by members of the Transportation Safety Agency. 10. Spending increases for military members assigned overseas. 11. A 67 year old man is rushed to the hospital after suffering from a heart attack. Mandatory/Discretionary Mandatory Reason for Categorization (age, income, physical conditions, cooperation with states, other/explain) Unemployment Insurance Cooperation with states
4 Situation 1. Floods ravage the Midwest so the President declares the region a national disaster area allowing for federal aid to victims. 2. Congress increases taxes on all citizens without increasing spending. 3. To spur spending, Congress mails every taxpayer a $100 check without raising taxes. 4. A record number of Americans are living past the age of An increase in new businesses lowers unemployment to its lowest level in years. 6. Congress increases taxes on tobacco, alcohol and gasoline but does not increase spending. 7. National defense spending reaches an all time high to fight the war on terrorism. Debt Increase/ Decrease Surplus or Deficit Explanation Some Terms to Know: 1. Budget Deficit: When government payments/spending exceed revenues (taxes) collected in one year. When Taxes collected exceed government spending, there is a budget surplus. 2. National Debt: The total of all budget deficits accumulated over time and has not yet been repaid. For the test, you should know the difference between the public debt and the intergovernmental debt (page 531).
5 Using FRED (see class website for links) please answer the questions below: I. Using the graph Federal Surplus or Deficit (FYFSD) record the Federal deficit/surplus for the following years: A. 2000: B. 2004: C. 2009: D. 2015: E. Since 2009, have annual budget deficits increased or decreased? Be specific. II. Using the graph Federal Debt: Total Public Debt (GFDEBTN) record the Federal deficit/surplus for the following years: A. (Q2) 2000: B. (Q2) 2004: C. (Q2) 2009: D. (Q2) 2015: III. Using the graph Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ1885) record the Federal debt/gdp ratios for the following years: A. (Q2) 1973: B. (Q2) 1989: C. (Q2) 2007:
6 D. (Q2) 2009 F. (Q2) 2016: G. Since 1985, identify two periods where the debt/gdp ratio increased at a particularly high rate. Be specific. Given the trends evident in the table above, your task is to determine a level of spending and taxation that will make the Federal debt to GDP ratio more economically sustainable. Using the website from the Committee for a Responsible Budget, determine the spending/taxation levels that will reduce our debt/gdp ratio to 60%.
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