Chap 7- POL 211 (Fall 2019)


Chap 7

                                         The Budget and Economy Policy

 

       Managing national deficits and debt is only one of the economic and budgetary tasks to which the federal government must attend on a continuous basis. Economy policy is critical to all other government functions but most people probably do not recognize it as readily as they do other substantive policy areas such as the environment, education, healthcare or welfare. Economy policymaking is crucial to almost everything the government does. It is the development of particular programs and policies that are intended to affect economic conditions in the nation, such as reducing unemployment or increasing economic growth.

Policymakers try to promote various goals and objectives in relation to economic policy. What’s taking place at the federal level is paralleled on state and localities, as their public officials attempt to promote certain economic goals, such as the growth of local and regional business. Also, regulating business practices related to health, safety, the environment and consumer protection.

       In terms of economic growth, which means the increase in the production of rising gross domestic products; on average, people’s income increase from year to year. A strong economy is likely to add to the government’s tax revenues. A low rate of economy growth can be a sign of impending recession, which is generally defined as negative growth over two or more consecutive quarters. A high level of economy growth may lead to a subject surplus, at which point government needs to make decisions regarding how to deal with it. Another factor that benefits the economy and individual is low levels of unemployment or full employment. Americans are generally more comfortable than citizens of many other nations in helping individuals find jobs and to use their abilities to improve their standard of living than they are providing public assistance; therefore, Americans have chosen low levels of unemployment as a policy goal.

Reference:

        Kraft, M. E., & Furlong, S. R. (2010), 6th ed. Public policy: Politics, analysis, and alternatives. Washington, D.C: CQ Press

   

 

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