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Summary of “The Debt Ceiling and Debt Default”

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Summary of “The Debt Ceiling and Debt Default”

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The debt ceiling was created by the federal government, without it the federal government would not be able to control the spending which it makes. The debt ceiling balance can reach to the trillions, the Democrats and Republicans wanted the debt ceiling to be raised. Without having the debt ceiling raised, the goverment would result in debt.

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Summary of “The National Debt and Economic Growth”

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Summary of “The National Debt and Economic Growth”

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The question is, what impact does the national debt have on economic growth ? Well researchers have identified 26 episodes around the world where their ratio of public debt to GDP exceeded 90 percent for about five years in a row. 20 of the episodes lasted more than a decade. Across the 26 episodes, the average duration of the slow down was about 23 years. Thus the cumulative shortfall in output from a high national debt is potentially huge. Because the United States economic growth declines are significant, the growth reducing efforts of high public debt are apparently not transmitted entirely through high real interest rates on that debt. Government deficits of one generation can affect the standard living of the next, however, our current measure of the national debt does not capture all burdens passed on to future generations. If the unfounded liabilities of government  retirement programs were included, this would more than triple the national debt.

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Summary of “Who Bears the Burden of the Debt”

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Summary of “Who Bears the Burden of the Debt”

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Government borrowing shifts the burden of paying for government spending initially onto those who purchase the bonds, and subsequently onto the taxpayers who must pay additional taxes to pay interest and principal on the outstanding debt

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Summary of “Are Persistent Deficits Sustainable”

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Summary of “Are Persistent Deficits Sustainable”

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The country can run a deficit as long as lenders are willing to finance it at reasonable interest rates. However, deficits can accumulate, and if they accumulate too much the interest rate can become extremely high. And although, ever since 2008, investors have been encouraged to buy U.S. securities, thus reducing the cost of servicing our debt.

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Summary of "Crowding Out and Capital Formation"

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Summary of "Crowding Out and Capital Formation"

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Government borrowing has the potential to drive up interest rates and crowd out private investments. The effect of the deficit depends on how the government decides to spend the borrowed money. It can have a positive effect if they invest the money into things like bettering education in workforces. Or it could create a negative effect by using the borrowed money on current expenditures. We need more investment today or else we will end up hurting our future standard of living. Due to a large about of the federal budget is now going towards income redistribution, public capital has declined. The declining infrastructure is suggested to lead to slower productivity growth.

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Federal deficit spending is if not equal but dominant in relations to the fiscal policy. Having policies to regulate the federal reserve, and having stability impacts how we spend today.

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Summary of "Are Persistent Deficits Sustainable"

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Summary of "Are Persistent Deficits Sustainable"

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Although countries in debt receive rescue packages, some still struggle with violent protest that reduces public spending and increased taxes. A problem for the U.S. is downgrading the nation's credit risk in 2011. This made debt issued by the government was judged to be risky. Countries still run deficits as long as service costs are manageable. If the economy is growing as fast as the debt service payments, then deficits should become manageable.