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THE “GOLDEN RULE” OF PUBLIC FINANCE AND PROSPECTS FOR ITS REVIVAL

By Richard M. Salsman, Assistant Professor, Duke University Program in Philosophy, Politics, and Economics (PPE) E-mail: richard.salsman@duke.edu Chapter for book edited by John D. Merryfield and Barry W. Poulson Submitted: 2018.12.15 ● **** Count: 6000 (Max)   The golden rule

No Constraint and Cash Basis Accounting

                                                                                                                                                November 7, 2018 A Budget Process without a Resource Constraint and Relevant Costs of Alternatives is Not a Budget Process Reform of the federal budget process is a perennial topic of interest to analysts and policymakers. This interest is

Federal Fiscal Overview

John Merrifield, Professor at UT-San Antonio’s College of Business [presenter] John.merrifield@utsa.edu Barry Poulson, Emeritus – University of Colorado Barry.poulson@colorado.edu Abstract Since we published Restoring America’s Fiscal Constitution (2017), there has been a tax cut (including incentives to repatriate foreign earnings),

Debt Crisis – Historical Perspective

The Debt Crisis in Historical Perspective The panels that John and I organized for these meetings will explore our fiscal future, focusing on the growing debt crisis in the U.S. We thought that a good way to begin these discussions

Gov Growth Inst Erosion and the Fisc Squeeze_10_18_anonymous

 Government Growth, Institutional Erosion, and the Fiscal Squeeze: Nebraska as a Case Study   Abstract: This paper offers a case study of the state of Nebraska and of the institutional and ideological changes underpinning increasing budgets and fiscal pressures at

Why Deficits?

By: David Hebert Abstract This essay applies insights from the Virginia School of Political Economy to explain systematic factors that contribute to the current U.S. debt crisis. Specifically, this essay explores the trifurcation of the fiscal decision among authorization committees,

US vs. Switzerland and Sweden

U.S. Fiscal Restraint Evaluated Against Switzerland and Sweden The United States is on a fiscal collision course. Projected spending, deficit, and debt levels are highly unsustainable and growing automatically due to statutory rules, and structural demographic and programmatic factors. Absent

US State Debt Defaults

US State Debt Defaults and Constitutional Reform in Historical Perspective While the US government has never defaulted on its debt, dozens of US states, plus thousands of municipalities and other local taxing districts, have experienced debt defaults throughout US history.

Rational Democratic Budgeting

Is Rational Democratic Budgeting Impossible? Abstract How well does democratic budgeting complement economic organization based on free markets? Not much, and decreasingly so as the scale of government increases. All but one American state has some constitutional requirement for a

Pressure on the Treasury Market Could Lead to Default

 “Minutes from Midnight: Growing Pressure on the Treasury Market Could Lead to Default” According to the Compact for America Debt Default Clock, we are only minutes from midnight—that ominous hour when the federal government will face fiscal crisis, insolvency, and

Effective Fiscal Rules Build on Consensus

1. The purpose of fiscal rules Fiscal rules are not simply for accounting, nor only to meet budget targets. They should facilitate responsible governing. That includes avoiding the overuse of “common-pool resources”[1] such as American taxpayers. Unfortunately, that bears little

Curb Rising Disaster and Emergency Spending

Congress Must Take Action to Curb Rising Disaster and Emergency Spending Over the last 30 years the number of declared disasters and emergencies and the amount of money spent in response has been on the rise. While once used as

Controlling Government Spending

Controlling Government Spending: The Difficulty and the Hope If you want things to stay as they are, then things will have to change. Giuseppe Tomasi di Lampedusa, The Leopard 1. Introduction George Will (2017) put it bluntly when he wrote

Mineral Assets Chapter 2

With plentiful reserves of coal, natural gas, uranium, and oil, the U.S. is quite literally the land of opportunity. America has an abundance of natural resources, including sufficient energy reserves to provide Americans with affordable, reliable energy for several centuries.