Operations of Anheuser Busch Companies

The term business cycle is the name given to shortterm fluxuations in the general level of economic activity, as measured by macroeconomic variables, such as changes in real gross national product.1 Business cycles are defined as a type of fluxuation found in the aggregate economic activity where work is organized mainly in the context of business.2 A cycle, according to this definition, consists of expansions occurring at about the same time in many economic activities, followed by similarly general recessions, contractions, and revivals, which merge into the expansion phase of the next cycle.3 This sequence of changes is recurrent but not periodic. In duration

1J. D. Gwartney, R. Stroup, and A. H. Studenmund, Economics: Private and Public Choice, 4th ed. (New York: Academic Press, 1989), 178.

2W. C. Mitchell, and A. F. Burns, Measuring Business Cycles (New York: National Bureau of Economic Research, 1946), 14.

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otalled $226.8 billion. This cumulative Carter Administration deficit followed a cumulative deficit of $144.1 billion in the 19731976 fiscal year period of the Nixon/Ford presidency. The cumulative four year deficit increased $82.7 billion, or 57.4 percent, from Nixon/Ford to Carter, in terms of current dollars. Under President Reagan, the cumulative budget deficit in the Administration's first term (fiscal years 19811984)was $599.9 billion. The cumulative four year deficit increased $373.1 billion, or 164.5 percent, from Carter to Reagan, in terms of current dollars. The deficit for the second term of the Reagan Administration was $776.2 billiona 28 percent increase over the first term, and a 242.2 percent over the cumulative Carter Administration deficit which, during the 1980 election, was decried by candidate Reagan as being irresponsible, and severely damaging to the economy. Federal budget deficits did not originate with Nixon, Ford, Carter, or Reagan. The last federal budget surplus occurred in fiscal 1969, and that is the only one which has been recorded in the past 25years. Under Ronald Reagan, however, federal budget deficits spiraled to undreamed of heights, and, many economists think, threaten the futur
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