Budgets, Tariffs, Fiscal Policy
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1. The move from budget deficits to budget surpluses was brought about by a number of different factors, including the Balanced Budget Act that mandates balanced budgets. In addition, the late 1990s saw an economic recovery that offset the earlier recession that began the decade, and thus tax revenues increased in the latter part of the decade as the economy gained strength. Some at the time called for tax cuts to be implemented; the arguments for these ranged from the idea that Americans had been "overcharged" to the idea that tax cuts would further stimulate the economy and help maintain robust growth. Tax cuts did not come at that time. Whether tax cuts would have been advisable depends on whether they would have led to an over-stimulated economy, which could have triggered high levels of inflation and put in motion the move to another recession. In addition, the surpluses that were so widely recognized in the late 1990s were forecast to last at least a decade by many analysts; in reality, they did not last even five years. Given the rapid rate of change associated with the global economy today, it is probably of greater benefit to follow the Fed's lead and take slower rather than more rapid action. Tax cuts are highly politically charged, and once imposed, are difficult to rescind. Had tax cuts been put into place and other key events remained unchanged--including the war in Iraq, the deficits that the nation faces today would be even greater in magnitude, an
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Approximate Word count = 874
Approximate Pages = 3 (250 words per page)
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