The Political Economy of the Budget Surplus in the U.S
27 Pages Posted: 30 Mar 2000 Last revised: 26 Dec 2022
Date Written: January 2000
Abstract
Current surpluses in the U.S. have been achieved by a combination of a strong economy, low interest rates, and sharp cuts in defence spending. These surpluses follow a period (the eighties) of rather exceptional budget deficits. This paper investigates the origin, size, and expected future patterns of the U.S. budget balance. It discusses how different political forces may generate alternative fiscal scenarios for the U.S. in the next decade.
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