By Martin Feldstein
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They pay a lower marginal tax rate and contribute less to the government’s tax revenue. This is akin to an automatic tax cut, which provides more purchasing power to stimulate aggregate demand. For consumers and businesses, when incomes are reduced during a recessionary 43 44 Chapter 4 | Deficit and Debt Projections period, being pushed into a lower tax bracket is akin to putting a bit of money back in the piggy bank. Criticism of Discretionary Fiscal Policy There are definitely some problems associated with implementing fiscal policy.
After World War I, Keynes became a famous advocate of using fiscal policy to thrust a country’s economy out of depression. Leaving the economy alone might eventually cause it to correct itself, but most Americans want a quicker 36 Chapter 4 | Deficit and Debt Projections response and are unwilling to wait for the economy to bloom on its own. Enter fiscal policy. As mentioned, in macroeconomics there are two main policy tools used to influence the economy: Monetary policy: Manipulating the money supply and interest rates to influence the economy Fiscal policy: Adjusting government spending and/or taxation to achieve full employment, economic growth, and price stability There’s a huge debate within the economics community: monetary policy or fiscal policy—which will be quicker and more powerful to recharge the economy?
Population and paying for the rising costs of health care. These factors will likely push the federal government spending-as-a-percentage-of-GDP figure well above that of recent decades. 3 percent in 2022. 1 percent in the years 2014 to 2017. Although high by historical measures the deficit is projected to start shrinking within the next few years. The level of decrease is dependent on the overall recovery of the economy and policymakers actions related to taxation and spending policies that are scheduled to take effect in 2013 under current law.