Fiscal Policy

From the Paper:

"Introduction
Monetary and fiscal policy have a direct effect on all individuals, yet many do not understand how these two types of economic controls work. Monetary policy in the United States is conducted largely by the Federal Reserve, which sets interest rates for commercial financial institutions. These institutions, in turn, set their interest rates based on the Fed rates, and customers pay (and receive) interest based on these rates. Higher interest rates result in higher borrowing costs and thus less borrowing activity. Fiscal policy, on the other hand, is conducted by the government and is concerned with government revenues and spending. Although fiscal policy is often equated with taxation by many voters, it encompasses a great many more issues than merely taxation, including how much (if any) debt should be carried by the..."

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