America's National Debt by Arndt, Thomas;

Short description:

This vital resource is devoted to providing nonpartisan, objective analysis of US national debt, including leading drivers of the debt, the budgetary process, and claims and counter-claims about national debt benefits and drawbacks.

Long description:

This vital resource is devoted to providing nonpartisan, objective analysis of the national debt, including leading drivers of the debt, the budgetary process, and claims and counter-claims about national debt benefits and drawbacks.

This indispensable resource provides readers with a clear and unbiased understanding of the national debt and its relationship to the US economic system. The book addresses the foundations and major elements of America's budgetary process, details how government taxing and spending priorities impact the nation's debt, explains the difference between deficits and debt, and summarizes dominant conservative and liberal economic perspectives on the national debt and related fiscal issues.

Utilizing authoritative resources and accessible, lay-friendly terminology, this book punctures popular myths and misconceptions about America's national debt. It also shines a light on the numerous economic, social, and political drivers of our national conversation about the debt - and the ways in which the national debt is likely to influence the lives of future generations of Americans. At a time when American political discourse often descends into fact-free zones of wishful thinking and deceptive claims, this book provides information for readers to truly understand the national debt.

Table of Contents:

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How to Use This Book

1. America's National Debt throughout History
Q1: Has the U.S. government always accumulated national debt?
Q2: What has caused the national debt to rise so significantly in recent decades?
Q3: Should Americans be concerned about the size of the national debt?
Q4: What are the differences between deficits and debt?
Q5: Why has the debt issue faded from news headlines and public attention in recent years?

2. Thinking Critically about Debt
Q6: How does the government actually borrow money and who does it owe?
Q7: Is there anything good about deficit spending?
Q8: How much of the U.S. government's spending is truly wasteful?
Q9: Can the United States still consider itself the richest country in the world?

3. Congress and the Power of the Purse
Q10: Who has the power to decide how the public's tax dollars are spent?
Q11: What are the biggest line items in the budget that Congress spends its money on?
Q12: What is the debt ceiling and how often does it need to be raised?
Q13: What are the roles of congressional committees, such as Ways and Means, Finance, Budget, and Appropriations?
Q14: What are earmarks and how do they contribute to larger deficits?
Q15: What is the significance of a ""cbo score""?

4. Taxing, Spending, and Debt as Public Policy Issues
Q16: Why is there such a sharp clash of ideology when it comes to financial issues managed by Congress?
Q17: How do politicians argue the so-called guns versus butter debate?
Q18: How do tax increases and tax cuts affect the national debt?
Q19: How much of the government's spending is secret and kept hidden from the public?
Q20: Is Social Security going bankrupt and will it be viable for future generations?

5. Government Shutdowns
Q21: What is the process for reaching a budget deal between Congress and the president?
Q22: How frequently have government shutdowns occurred?
Q23: What happens to government services when there is a shutdown?
Q24: How does partisan polarization over the debt issue affect the chances of a government shutdown?

6. The Financial Crisis and Austerity Measures
Q25: How did the 2007-08 financial crisis impact the federal government's approach to budgeting and managing the debt?
Q26: Did the tarp bailout succeed in preventing an economic collapse?
Q27: How did the tea party movement capitalize on the perception that the government spends too much money?
Q28: What is sequestration and how did it impact the national debt issue?

7. The Implications of Debt
Q29: How much interest does the United States have to pay on the national debt?
Q30: How does the national debt affect the economy, including things such as interest rates, inflation, and the stock market?
Q31: Does a ballooning national debt compromise U.S. national security interests, especially if large sums are owed to China?
Q32: Can lenders simply call in the debts owed to them by the U.S. government at a moment's notice?

8. Reforms and the Landscape Ahead
Q33: Will the national debt ever get paid off by future generations?
Q34: What would be the result of the United States defaulting on its debt repayment obligations?
Q35: What is the leading justification for a proposed balanced budget amendment?
Q36: What other options for reducing the national debt have been considered?

Index