Freshman Economics104 paper

The U.S. Budget Deficit and National Debt If you haven’t done so, read more about the ongoing debate over how to reduce the U.S.

federal budget deficit and national debt. Then see if you can apply the economic principles

you have learned (e.g., scarcity, choice, opportunity cost, the PPF, etc.) to improve your

understanding of the many facets of this debate.

There are many sources of information, including:

1. “An Update to the Budget and Economic Outlook, 2014-

2024,” Congressional Budget Office (CBO), August,

2014: http://www.cbo.gov/publication/45653

2. "Federal Receipts, Outlays, Surplus or Deficit, and Debt,

Fiscal Years, 1947-2015" (From Economic Report of the

President, 2014, Appendix B, Table B-19, p. 389): http://www.whitehouse.gov/sites/default/files/docs/erp_2014_app

endix_b.pdf

3. "Federal Receipts, Outlays, Surplus or Deficit, and Debt,

as Percent of Gross Domestic Product, Fiscal Years

1942-2015" (From Economic Report of the President,

2014, Appendix B, Table B-20, p. 390): http://www.whitehouse.gov/sites/default/files/docs/erp_2014_app

endix_b.pdf

4. “Federal Receipts and Outlays, by Major Category, and Surplus or Deficit, Fiscal Years 1947-2015”

(From Economic Report of the President, 2014, Appendix B, Table B-21, p.391): http://www.whitehouse.gov/sites/default/files/docs/erp_2014_appendix_b.pdf

5. “Raising the Ages of Eligibility for Medicare and Social Security,” Congressional Budget Office (CBO),

January 10, 2012: http://www.cbo.gov/doc.cfm?index=12531

Source of image:

http://static.flatworldknowledge.com/sites/all/files/29

936/fwk-rittenmacro-fig12_007.jpg