成果曼昆宏观经济学.pptx

MACROECONOMICSN. Gregory MankiwS E V E N T H E D I T I O NPowerPoint? Slides by Ron Cronovich16C H A P T E RGovernment Debt and Budget DeficitsIn this chapter, you will learn:about the size of the U.S. government’s debt, and how it compares to that of other countriesproblems measuring the budget deficitthe traditional and Ricardian views of the government debtother perspectives on the debtIndebtedness of the world’s governmentsCountryGov Debt (% of GDP)CountryGov Debt (% of GDP)Japan173U.K.59Italy113Netherlands55Greece101Norway46Belgium92Sweden45U.S.A.73Spain44France73Finland40Portugal71Ireland33Germany65Korea33Canada63Denmark28Austria63Australia14Iraq WarCivil WarWW1WW2Revolutionary WarRatio of U.S. debt held by public to GDPThe U.S. experience in recent yearsEarly 1980s through early 1990sdebt-GDP ratio: 25.5% in 1980, 48.9% in 1993due to Reagan tax cuts, increases in defense spending & entitlementsEarly 1990s through 2000$290b deficit in 1992, $236b surplus in 2000debt-GDP ratio fell to 32.5% in 2000due to rapid growth, stock market boom, tax increaseCHAPTER 15 Government Debt and Budget DeficitsThe U.S. experience in recent yearsEarly 2000sthe return of huge deficits, due to Bush tax cuts, 2001 recession, Iraq warThe 2008-2009 recessionfall in tax revenueshuge spending increases (bailouts of financial institutions and auto industry, stimulus package)CHAPTER 15 Government Debt and Budget DeficitsThe troubling long-term fiscal outlookThe U.S. population is aging.Health care costs are rising. Spending on entitlements like Social Security and Medicare is growing.Deficits and the debt are projected to significantly increase…CHAPTER 15 Government Debt and Budget DeficitsPercent of U.S. population age 65+23Percent of pop.actualprojected201714118520302040205019701980199020002010195019602020CHAPTER 15 Government Debt and Budget Deficits86420199520002005196519701975198019851950195519601990U.S. government spending on Medicare and Social SecurityPercent of GDPCHAPTER 15