Public Debt and Tax Cut

Paper Summary:

This paper begins by explaining the difference between a public debt and a federal debt and then takes a look at President Bush's tax-cut policy, the theory behind why it is supposed to help the economy, its effects, and its implications for American citizens and the American economy.

From the Paper:

"A debt that has been accumulated by the Federal Government in either its Treasury or in its Financing Bank is referred to as a "Public Debt". The debt could have been incurred by either the selling of "securities" and bonds to the public, or through the borrowing of funds from a Federal account. A public debt can also be defined as the total amount that the Federal Government has accrued due to all its borrowings in the past. (Definition of Public Debt) Federal Debt, on the other hand, can be defined as the total amount of debt that is owed by the Federal Government that is as yet unpaid. A federal debt can consist of both public debt and agency debt. A federal debt is made up of the funds owed to the Treasury, in the form of Treasury Bills, Treasury Notes, and also Treasury Bonds."

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