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U.S. Federal Budget: Practical Insights and Fun Facts

Learn about the role of government in a mixed capitalist economy, the concepts of balanced budgets, deficits, and surpluses, and the intricacies of federal budgeting. Discover how excessive spending, economic stimulus, and political influences impact the budget. Explore data from 2007 and examine ways to address wasteful spending.

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U.S. Federal Budget: Practical Insights and Fun Facts

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  1. The U.S. Federal Budget Active Learning Presented by: Mary Anne Pettit Southern Illinois University Edwardsville Office of Economic Education and Business Research mpettit@siue.edu (618)650-2583

  2. Key Concepts • Role of Government: Mixed Capitalism • 3 Levels of Government • What is a budget? A plan for expenditures (outlays) and tax collections (revenues/receipts).

  3. Budget Basics • Balanced Budget: Outlays = Tax Receipts • Budget Surplus: Tax Revenues EXCEED expenditures/outlays ● Budget Deficit: The Federal Government spends more than it collects in tax revenue. ● Fiscal Year vs. Calendar Year

  4. How would you spend more than you had coming in each month? • How does the Federal Government do it? • We borrow. Go into debt. A lot of debt. • Why? • It’s fun to spend money. • It’s even more fun to spend someone else’s money.

  5. More Ideas on Excessive Spending • Politics of Pork • Economic Stimulus • Waste and inefficiency • Real solutions may involve too much hard work, tough love, and be politically incorrect. • High standards of living increase the demand for public/social goods.

  6. Fun Facts 2007 • Outlays/Expenditures: $2.7 trillion • Tax Receipts: $2.5 trillion • 07 Deficit: $-162 billion 08(est.) $-410 • GDP (nominal/current) $14 trillion • GDP (real/chained 200): $11 trillion • www.gpoaccess.gov/usbudget • Browse Budget/Spread Sheets/Detailed Functional Tables/Historical Tables

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