The document discusses the roles of government bodies in determining fiscal policy, the effects of fiscal policy on the economy, and how the large U.S. national debt impacts fiscal policy decisions. It asks whether the national debt is a serious problem like personal debt by having the student thoroughly discuss reasons why it may or may not be.

1. The Federal Government’s Fiscal Policy and the National Debt
[WLOs: 3, 4] [CLOs: 6, 7]
Describe the roles of government bodies that determine fiscal
policy. Explain fiscal policies’ effects on the economy’s
production and employment. How does the enormous U.S.
national debt affect the federal government’s fiscal policy? Is
the current U.S. national debt a serious problem like a heavy
personal debt? Why or why not? Discuss thoroughly.