POL S 101 Study Guide - Final Guide: Game Theory, Communist Society, Labour Power
Document Summary
All governments assist private markets, are concerned about security, ect. Its how much they do these functions that causes debate. When economy goes throughout the floor, revenues decline. Compared to other advanced industrial democracies u. s. is a relatively low tax/spending nation. General government total outlays/expenditures (as percent of nominal gdp) 2/3 spending is by national gov, 1/3 by states and local gov. Large percentage on the elderly (social security and healthcare) Relatively small share of spending on human and physical investment. More than 40% from individual income taxes, also a high percentage from social security payroll taxes. Even if deficit is decreasing, debt is still increasing. Federal taxes are kept at level share of gdp. Spending for entitlements have risen, constraining human/physical investment the u. s. is a conservative" nation means more market reliance, less government protection against risks, less taxing and spending. By time obama finished last budget, we will be back where we were in 2007.
