Budget Deficits

Paper Summary:

This paper begins by explaining that even since biblical times budget deficits have been a part of government financial policy and that once begun,they become a pervasive and destructive force on society. The paper also looks at how the current U.S. budget deficit began, explains just why budget deficits are problematic, examines the consequences of budget deficits and discusses what can be done to help address the problem. The paper also asserts that budget deficits can be controlled, if not eliminated, if society learns to live within the government's means.

Outline
Introduction to Budget Deficits
The Beginnings of Our Current Crisis
The Problems of Budget Deficits
Consequence of Budget Deficits
Distorting the Budget Decision-Making Process
Statutory Measures Just Won't Suffice
Social Security and Budget Deficits
Medicare and Other Entitlement Programs
Conclusions about Budget Deficits

From the Paper:

"The idea of government deficit spending has been with humankind since the earlier times of the history of civilizations as recorded in the Old Testament of the Holy Bible. The first recorded political leader to generate budget deficits, although they weren't so labeled, was King Solomon. As recorded in the books of the Chronicles and Kings, Solomon issued promissory commitments of various kinds to the King of Tyre, the Queen of Egypt, and the King of Lebanon to assemble the materials necessary to build the Temple."

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• Essay # 35978 : "Budget Deficits"
• Term Paper # 124508 : "Budget Deficits and National Debt"
• Cause and Effect Essay # 45920 : "Federal Budget Deficits"

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