Budget Outlook: Projections and Implications, Term Paper

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This type of policy is aimed at "stimulating total spending in the economy," through cutting taxes to leave businesses and individuals with more money to buy goods, thus raising demand and increasing production and generating increased spending (Microsoft® Encarta® Online Encyclopedia).

Importantly, the authors note that these budget imbalances will have a significant negative impact on the general economy. They will reduce living standards and damage the economy, and bring the nation to a "real risk of a fiscal crisis" (p. 5). In large part, these effects will come from reducing national saving.

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The authors note, however, that all is not lost if action is taken immediately to reduce budget deficits. Gale and Orszag write, "Significant changes in fiscal policy are needed to deal preemptively with the costs from low national saving and the risk of a fiscal crisis. The sooner we begin, the better" (p. 6)......

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