BUS 102 Part One Quiz

BUS 102 Part One Quiz
BUS 102 Part One Quiz
1. More efficient distribution systems around the world have led to:
A. increased world trade.
B. decreased world trade.
C. decreased international competition.
D. reduced standards of living around the world.
2. Your local newspaper has a story in its business section that reports that government spending will again exceedtax revenues. This means that the:
A. national debt will increase.
B. balance of payments will experience yet another deficit.
C. rate of inflation is likely to fall.
D. monetary policies pursued by the Fed have been too loose.
3. When corruption is present in the business environment of a country: A. leaders can threaten competitors and minimize competition.
B. factories ... Show more content on Helpwriting.net ...
a purely capitalist approach to achieve its economic goals, and is likely to continue doing so in the future.
B. a purely socialist approach to achieve its economics goals, and is likely to continue doing so in the future.
C. a predominately socialist approach to achieving economic goals, but the current pressures it faces suggest it is likely to adopt a more capitalist
approach in the future.
D. a predominately capitalist approach toward achieving economic goals, but the current pressures it faces suggest it is likely to adopt a more socialist
approach in the future. 13. Business relationships often present ethical dilemmas that are:
A. not easily resolved.
B. easily resolved by following the relevant laws.
C. best resolved by creating a win–lose situation.
D. irrelevant and therefore require no action. 14. The value of goods imported into France exceeds the value of French exports. This indicates that
France: A. will experience an exchange rate decrease.

B. utilizes high tariffs.
C. will incur a budget deficit.
D. has a balance of trade deficit. 15. Which theory states that a nation should produce and sell goods to other countries that it produces most efficiently,
and buy goods produced more efficiently by other countries?
A. comparative advantage.
B. absolute advantage.
C. mercantilism.
D. bilateral advantage.
16. Using contract manufacturing as a strategy to reach global markets offers firms the
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Italy : Public Debt Will Not Drop Despite Low Deficit
ITALY: Public debt will not drop despite low deficit
The country's budget deficit is likely to decrease, while public debt is not
Italy's public debt will not start decreasing this year, despite the good momentum of the domestic economy, due to the legacy of past governments,
geopolitical factors and delays in implementing the public spending review. A recent Constitutional Court ruling [http://www.cortecostituzionale.it
/actionSchedaPronuncia.do?anno=2015&numero=70] on the 2012 pension reform shows how risky a significant deviation from austerity policies
could be. Compliance with the Maastricht criteria and avoiding the 'excessive deficit' procedure is good news. However, even with a 3% deficit, the debt
will increase.
Impact
The Court's ruling shows how difficult might be for Italy to meet the European Commission's debt and deficit goals.
The government could use the 'safeguard clauses', eg, an increase in VAT and fuel taxes.
However, this option is not politically viable and economically sensible if the deficit remains below the 3% limit.
If in September 2014 ISTAT had not changed its GDP methodology, public debt would now stand above 135% of GDP.
What next
The high public debt poses a threat to financial stability and is the largest hurdle for the pro–growth measures of the Italian government to boost the
economy more strongly. With debt at 132% of GDP and 270% of the individuals'tax base, the key for the debt sustainability lies in the ECB ability to
keep

The International Financial Institutions ( Ifis )
The international financial institutions (IFIs) are central pillars and the architects of the global economy. The world bank and IMF were founded
and funded by the United Nations at that time towards the end of the second world war to build devastated world economy after the war and great
economy collapse of the 1930s. The IFIs were to help the economy of the less developing countries (LDCs) to bring about growth, development and
integration. In the scope of this paper, I have picked Zimbabwe to shine some light on what these global economic pillars are capable of doing.
In 1980s, Zimbabwe's economic growth rate averaged about 4% a year. Its exports were increasingly manufactured goods, debts were regularly repaid,
food security was attained, and education and health services were greatly expanded by major increases in government spending. (World Bank Data,
2016). Zimbabwe implemented structural adjustment in 1991 after a long political reform that started after it gained its independency. A land reform
officially began with the signing of late 1980s, as an effort to more equitably distribute land between black subsistence farmers and white Zimbabweans
of European ancestry, who had traditionally enjoyed superior political and economic status. The equitable distribution of land never occurred as the
government of Zimbabwe accused Great Britain failing to fulfill its commitments in timely manner. Robert Mugabe decided to do go alone without
England participation.

The National Debt Of The United States
The national debt of the United States is the amount of money owed by the United States federal government to creditors. Such creditors include
businesses, other governments, organizations, or individuals that own U.S. debt securities (Investopedia). It is the sum of all past federal deficits,
minus any surpluses.
The current U.S. debt is at roughly $18 trillion dollars and counting (TreasuryDirect); see Figure 1 below for debt increase over time since 1939,
where the gray columns indicate periods of recession. The graph shows an exponential growth of the U.S. debt over time. Figure 1. Gross Federal
Debt in Dollars since 1939 (FRED)
This debt increases significantly at a highly rapid rate on a daily basis; the national debt currently increases at a rate of approximately $2.41 billion
dollars per day with each citizen of the Unites States holding a share of about $56,000 (Hall, 2014). The national debt consists of federal, state, and
local debt and is split into 1. Debt held by the public, 2. Debt held by government accounts, and 3. Debt held by the Federal Reserve; these debt
deficits amount for $12.8 trillion, $2.5 trillion, and $2.7 trillion of the U.S. debt, respectively.
The National Debt as percentage of GDP sits at 101.53 percent as of Q3 2014 and has a trend to increase or remain as is at its current state (Federal
Government Debt); see Figure 2 below for total debt as a percentage of GDP. Figure 2. Federal Debt as a Percent of GDP over time (FRED)
The

Zimbabwe Debt Crisis
List of Tables
Table 1: Zimbabwe debt figures 1995–1996
Table 2: Zimbabwe deficit figures 2000–2003
Table 3: Possible solutions
EXECUTIVE SUMMARY
In this paper the author shall trace the country's economic trajectory, starting with Dr Benard Chidzero's budget presentation of 1986 which he
described as "particularly difficult", and projected a budget deficit of ZW$1 billion. The importance of the huge post–war expectations of the general
populace, and the ruling party's deep desire to retain political power will be tackled in establishing the reason for the consistent worsening of budget
deficits and debt since then. The history of the development of Zimbabwe's economy with a particular emphasis on the impact of Government's
seemingly ... Show more content on Helpwriting.net ...
While the government's free education for all, and free health for all policies can be considered some of the successes of that era, the fact that they
were politically motivated meant that no due regard was given to spending within their means.
In the period under review, (up until the fall of the former soviet union in 1989), the government was aligned to the Marxist ideologies. This meant that
more was spent on subsidies and on efforts by government to ensure social adjustment and equity . Government's inward–oriented, conservative
approach to the economy meant that business, and employment levels did not grow significantly, and thus government's revenue base remained
limited. The resultant huge budget deficits led to high borrowing requirement from the domestic market, thus increasing the domestic debt and
subsequently the external debt.
2.2 The economic reforms period 1991–1996
Table [ 1 ]: Debt Figure 1995– 1996
As stated earlier, from the time of independence, Zimbabwe tried to embrace a socialistic approach to the economy. In doing this, the government tried
to retain and gain more control on the economy, and, as is always the case in such a scenario, restrictive policies were put in place. The Zimbabwean
government inherited the import substitution industry from the pre–independence era, and tried to protect the industry through tight controls (tariffs),
foreign exchange controls and infant industry

Greek Crisis
MACROECONOMICS
Greek debt crisis: causes
Instructor: Mou Hui
Student: Galina Bogdanova
JX1208903
Contents
Introduction3
Timeline of the Greek Debt Crisis4
Causes8
Internal8
1.GDP growth rates8
2.Unrestrained spending11
3.Greek public debt12
4.Statistical credibility14
External Causes of the Greek Crisis14
Influence on the evaluation of the crisis15
Impact of the crisis on the country's macroeconomic indicators18
Conclusion22
References24
Introduction
International crisis 2008 has not only exacerbated the Greek economic situation, but has also intensely brought forward the economy's deeply rooted
and chronic weaknesses. The main argument of the paper is that the main cause of ... Show more content on Helpwriting.net ...
Following the entry in the Eurozone the spreads fell to 50 basis points whereas during the period 2002 until the end of 2007 the spreads fell even

further ranging from 10 to 30 base points.
Unfortunately, the Greek governments of the period 2001–2009 did not take advantage of the low inflation environment and they ran fiscal deficits of
6 per cent of GDP on the average while they also increased the share of the government spending in the economy (Antzoulatos, 2011). Thus, when the
negative effects of the 2007–2009 financial turmoil reached the eurozone and worries over the fiscal problems of Greece and other European countries
started to emerged then it was made clear that two hidden problems of the Greek economy remained unaddressed were brought to the surface
emphatically once again. The tranquil years of 2001–2009 have led the markets to ignore these two fundamental problems of the Greek economy. As
Gibson et al. (2012) argue the markets partially made the successive Greek governments to believe that the low interest–rate environment would be a
permanent feature of the Greek economy. Their econometric evidence shows that the drastic reduction in interest–rate spreads occurred over the
2001–2009 period were not justified by the

The Strong Performance Of Public Finances
The strong performance of public finances in Sweden is an interesting case.Previous studies have compared the current crisis with the banking crisis
in Sweden in the early 1990s to study the reason behind Sweden's strong public finances (FlodГ©n, 2013). When comparing the macroeconomic
behavior during the current crisis and during the banking crisis in the early 1990s, it showed a larger drop in GDP and in exports while
unemployment increased very less during the current crisis. The absence of large increase in unemployment rate explained the strong Swedish public
finances. The relatively steady employment rate is due to the aggregated demand during the current crisis remained strong, and the lower employment
in the manufacturing sector was offset by the increase in private sector. Another more important factor contributed to the high employment rate
during the current crisis is the Swedish fiscal policy framework, which was established after the banking crisis in 1990s. The following analysis will
explain how the fiscal framework can affect the Swedish public finances. 4.2.The Swedish Fiscal Framework The Swedish Fiscal Policy Framework
was established in response to the earlier banking crisis in 1990s. The main objective of the fiscal framework is to attain fiscal stability. It consists of
four main parts, (i) a balanced budget requirement for municipalities and county councils, (ii) an expenditure ceiling for the central government, (iii) a
top–down budget process, (iv)

Study on Indian Government Debts and Deficits and Its...
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Study on government deficits and debts in India. How do government debt–deficit sustainability issues hinder India's growth
Abstract
Emerging nation India has high hopes of becoming a developed nation. In recent time Indian economy is considered as the fastest growing economy
hence there are certain drawbacks such as the government deficits, debts which hinder India from achieving their goal. Development of nation is based
on several factors and its more important for every nation to encourage changes, although metamorphic changes have been brought about in the Indian
economy every now and then which has seen India emerging as one of the fastest growing countries in the world but on the other hand one of the most
embarrassing ... Show more content on Helpwriting.net ...
There are various types of debts which companies consider to finance its projects and operations. These may be secured or insecure debts, further
categorised into public and private debts. A basic loan is the simplest form of debt. Some of the debts are named as following Bank Overdraft Any
loan Working Capital Bill Discounting Financing for project Cash credit Cash on Assets.
DEFICITS
Again in simple words it is the difference between money earned and money spent, here in terms of government deficits it is considered as the annual
federal budget and accordingly deficit is the amount that nation's federal government borrows each year. It's the difference between what the federal
government spends and the revenue it receives during a particular year. A government's deficit can be measured with or without including the interest it
pays on its debt.
2. What are government debts and deficits?
As discussed above a deficit occurs when expense is more than income. In case of government, a government deficit occurs when government has spent
more than the revenue collected in particular financial year, in other words its also knows as government budget deficit. These revenues consist of the
money that government collects from its public in form of income tax, excise duties, and social insurance contribution, along with different other
non–tax revenues such as foreign aid. On the other hand

Greece
Background on Greece's Debt Crisis "You cannot spend more than (what) you earn...you should not borrow more than (what) you can afford." This,
according to an editorial published by the Greek newspaper Kathimerini, may be the lesson Greeks are now learning the hard way.1 Unrestrained
spending of successive Greek governments over a long period may have driven the country's budget and current account deficits.2 Greece borrowed
heavily from international capital markets to finance public sector jobs, pensions and other social benefits.3 As deficits and the country's debt burden
grew, the governments just kept on borrowing. 4 When Greece joined the eurozone in 2001, it gained monetary stability and was able to borrow at
lower interest rates – ... Show more content on Helpwriting.net ...
With the lowest rating in the eurozone, Greek bonds are now viewed as a highly risky investment by foreign investors.9 Consequently, Greek bond
yields increased in 2010. Greek 10–year bond yields used to be 10 to 40 basis points above German 10year bonds prior to the crisis. However, with
the crisis, the spread increased to over 400 basis points in January 2010. This high bond spread further underscores investors' loss of confidence in the
Greek economy. 10 In April 2010, Eurostat, the Statistical Office of the European Communities, estimated Greece's budgetdeficit to be 13.6% of GDP
– almost a full percentage higher than the 12.7% estimate
1 2
"Back down to earth with a bang," http://www.ekathimerini.com/4dcgi/_w_articles_columns_1_08/03/2010_115465 For example, see "Is Greece
Heading for Default?," Oxford Economics, January 29, 2010. "Q&A: Greece's economic woes," http://news.bbc.co.uk/2/hi/business/8508136.stm
"Q&A: Greece's financial crisis explained," http://edition.cnn.com/2010/BUSINESS/02/10/greek.debt.qanda/index.html 3 Wikipedia. "2010 European
Sovereign Crisis," http://en.wikipedia.org/wiki/2010_European_sovereign_debt_crisis 4 "Back down to earth with a bang," http:/
/www.ekathimerini.com/4dcgi/_w_articles_columns_1_08/03/2010_115465 5 "Q&A: Greece's economic woes," http://news.bbc.co.uk/2/hi/business
/8508136.stm 6 European Commission – Eurostat. "Europe in Figures: Eurostat Yearbook 2009" 7 Congressional Research

European Sovereign-Debt Crisis
SUMMARY: European sovereign–debt crisis is still going on in some countries in eurozone, such as Greece, Spain, Ireland, Portugal. The origins of
these crises started from Greece when the government borrowed a huge amount of money from foreign investors and was unable to repay. As a result,
a financial crisis started to hit Greece as the starting point of the crisis over countries in Eurozone. While the old deutschmark (DM) bloc – Germany,
France, etc. experience lower than average growth and inflation, the Eurozone experienced the contrary. In general, instead of global factors as the
causes of the crisis, the Eurozone itself should hold responsible for the start and spread of the crisis.
I. INTRODUCTION
European sovereign–debt ... Show more content on Helpwriting.net ...
However, in 2009, Greece started to hit the crisis as it is indebted heavily to eurozone countries and become one of three eurozone countries that have
gone under two bail–out. Although the Greek economy is relatively small with direct damage of it defaulting on its debts may be soaked up by the
eurozone (Financial Times, 2012). The need of financial support from EU and the IMF was requested in 2010 as a loan of 45bn. According to Carmen
Reinhart – Co–author of This Time is Different; she believed that it was difficult for Greece to get out of the crisis without restructuring. The problem
of the Greek crisis is involved with fiscal problems, which can be income problem, profiling problem, servicing problem or balance sheet problem. As
the government took benefit from the growth, they ran a large structural deficit. The restructuring happens more slowly with the support from the
EU and IMF, therefore, the private bank from France, Switzerland, etc. which gave a loan to Greece, are not distressed with a huge haircut. As a
result, Greece owned the IMF 28bn Euros, the EU 74bn Euros and had a market debt of 262 bn Euros, according to JP Morgan. From 2000 to
2008, the Greek budget deficit was 5.1% as a real number instead of 2.9% of GDP (Marzinotto et al. 2010). In 2009, George Papandreou won the
election with his promise of spending more on social causes and trying to reduce the loan that Greece faced. A short time

US Fiscal Expansion
Will US Fiscal Expansion Be Effective?
The issue of the effectiveness of government intervention in an economy has been hotly debated since Adam Smith wrote the Wealth of Nations in
1776. Classical economists have always believed that unfettered market forces produce the best outcomes for society, including full employment. Any
attempts to prevent the owners of capital from pursuing self–interest via government intervention would prevent an economic outcome where all
segments in society fully benefitted. Under classical economics, therefore, the implications stemming from state intervention in economic matters are
invariably adverse. The growth rate of the economy is ultimately determined by decisions made by the private sector. Any attempts... Show more
content on Helpwriting.net ...
In the long term, however, a signal of success in fiscal policy easing is raising nominal GDP growth. Conversely, tighter fiscal policy should, by
implication, lower nominal GDP expansion. This would, therefore, suggest a negative long–term correlation between nominal GDP growth and the
change in the stance of fiscal policy. Between 1982 and 2015, the correlation between these two variables is, however, a positive figure of +0.4,
thereby suggesting that easing fiscal policy stance did not raise nominal GDP growth over the long–run. The magnitude of the correlation does suggest
that approximately 40% of the changes in the stance of US fiscal policy stance during the aforementioned period can explain nominal GDP growth.
Correlations do not, however, infer precise causality. The correlation results would be seized upon by those commentators who campaigned against
using greater stimulus in the Great Recession environment. The problem with this viewpoint is that successive US Administrations have been running
chronic budget deficits during economic expansions, something which John Maynard Keynes NEVER advocated. The efficacy of expansionary fiscal
policy has, therefore, been blunted. Unsurprisingly, other factors will consequently require consideration in explaining nominal GDP growth, notably
monetary factors over the 1982 to 2015

Functionalist Perspective And The Conflict Perspective On...
1.Compare and contrast the functionalist perspective and the conflict perspective on education in the U.S. Be sure to thoroughly describe each
perspective's main arguments and provide very specific evidence for each perspective using course materials. (20 points)
Functionalist perspective is helping the education by socialization
The main point the functionalist perspective on education is that society comprised of parts which encourage the framework in general and that
adjustment in one a player in the public As a result, Functionalist theory on education shows that it assumes an indispensable part of people 's lives
and society. For examples, when the society has a lot of educated people it will became more prosperous. On the other hand the society that has less
educated people it will became illiterate.
However, the conflict perspective on education based on the social class
Conflict theory on education is that education offers status on people. Likewise, those educational systems typically deny disadvantaged students from
getting the same instructive like other.
2.What is the nuclear family? Explain why this family form is not "the traditional" American family by using trend data provided in class, and
thoroughly discussing the historical factors that led to this particular family form. (20 points)
The traditional American family is a family involves father,mother, and one or more adopted or biological children and traditional family has a lot of
the advantages.

Morocco And Liby Is Economically Healthier?
Which country, Morocco or Libya, is economically healthier? Morocco and Libya have many similarities along with their differences. The
differences regarding ten economic factors in this countries will ultimately determine which country is economically healthier. Similarly,
Morocco and Libya largely consist of Arab and Berber ethnicities, Arab and Berber make up 99% of Morocco's ethic groups ^4 while in Libya
Arab and Berber ethnicities make up close to 97% of its population ^3. Both countries recognize Arabic as their official language and in both
countries Muslim is the most practiced religion, in Morocco 99% of its population of 34 million ^4 (39th in comparison to the world) practices
Muslim and in Libya 96.6% of its population of 6.2 million ^3 (108th in comparison to the world) practices Muslim. Morocco ^2 and Libya ^1 are
quite close to each other, both located in Northern Africa (see maps 1 and 2), with Algeria sitting in between them. Although these countries are
within the same area, they differ in size drastically, Libya is 1.7 million square kilometers ^1, 17th largest country in the world, while Morocco is
only 447 thousand square kilometers ^2 being the 58th largest country in the world. In Camille Tawil's (2013) report she explains the reasons why
Libya is currently politically unstable due to the transition from the old authoritarian rule to a new democratic order considering its government is
defined as "under transitional government" ^5 (para. 1). Morocco,

Domestic Debt and the Nigerian Economy
Current Research Journal of Economic Theory 2(1): 22–26, 2010 ISSN: 2042–485X © M axwell Scientific Organization, 2009 Submitted Date:
December 17, 2009 Accepted Date: January 10, 2010
Published Date: January 30, 2010
Domestic Debt and the Nigerian Economy
I. Adofu and M. Abula Departm ent of Eco nom ics, Kogi S tate University, A nyigba, Nigeria
Abstract: The study investigates the empirical relationship between domestic debt and economic grow th in Nigeria. Using OLS regression techniques
and the time series data from 1986 – 2005, the study explored the relationship betw een d ome stic deb t and economic growth in Nigeria. Our result
shows that domestic debt has affected the growth of the economy negatively. In the light of the ... Show more content on Helpwriting.net ...
How ever, as the oil boom declined in the 1980s, priorities of government expenditure did not change. Consequently, the fiscal operations of the federal
government resulted in large deficits from the average of 0.8% of GDP in the 1970 – 197 9 perio d, the lev el of deficit increased persistently averaging
5.1%in 1980 – 1989 and 1 0.0 in 1990 – 19 94. A very remark able feature of the government fiscal expansion was the financing of the excess
expenditures from dom estic sources averaging 79.2% between 1980 – 2002, since foreign loan was difficult to obtain. Gross – country relationship
between fiscal de ficits (as percentage of GD P) and the size of government debt mark ets confirms that countries with larger fiscal deficits
Corresponding Author: I. Adofu, Department of Economics, Kogi State University, Anyigba, Nigeria 22
Curr. Res. J. Econ. Theory, 2(1): 22–26, 2010 have issued more government securities in domestic markets. Generally, declines in government revenue
were met by borrowing from the Central B ank throug h the instrument of ways and means advances. These advances were neve r defray ed by the
Federal G overnment bu t refinanced by the floatation of treasury bills and treasury certificates are rolled over by issuing new ones to pay holders of
muturating debt instrument contributing to the continue growth of the debt stock. The research therefore, set out

The At Bemis And Purchasing Manager
It was a Wednesday, almost like any other day except the alarm went off a little earlier than normal. Well three hours earlier than normal, but the
need to roll over and go back to bed was not there. Previously on Monday Clariant, the company I work for received a call from our largest customer
Bemis, just down in Massachusetts. They were in a dire need for material on a hot new product that their customer was requesting immediately to meet
a launch date. Jackie our main contact at Bemis and purchasing manager only asks for a favor when it is only hugely important, we trust her, and she
understands the challenges Clariant faces to meet immediate demands. However tough it may be at times, our strong partnership was forged through
addressing these hurdles and finding a way through. Coincidently, Jackie and I spoke briefly about my interest in meeting with her and writing about
her company and this was the exact excuse to come down and make this happen. The production team at Clariant was able to manufacture the materials
Bemis needed and put it into the back of the company truck, I was going to deliver the product personally and spend the day with their sales, design,
and production groups. The chance to delight the customer by delivering product personally and spend the entire day getting to know them was a huge
opportunity. The alarm was sounding and it was time to go. Bemis Associates specializes in the manufacturing of highly customized thermoplastic film
in Shirley

Ronald Reagan 's Economic Policies
Although he was a generally controversial president, Ronald Reagan's policy decisions to stimulate economic prosperity, known as Reaganomics,
were legitimately beneficial to the United States of America. First, in order to substantiate the success of Reagan's economic policy decisions one
must first grasp the varying levels of importance for each aspect of his plan. As Reagan's policies were substantial decisions that defined his
presidency and alienated an entire population of more economically liberal people, it makes sense that an understanding of his emphasis on certain
decisions would lead to a more persuasive argument. Next, the negation of well formed and logical criticisms of Reagan's economic policies also lend
to the support of their benefits and success. Acknowledging a sensible counterargument and addressing specific points of critical analysis serves to
further enhance the argument for the success of Reagan's decisions. Furthermore, strong economic growth and the curbing of federal domestic power
reinforce the accomplishments of Reaganomics. Though the U.S. did see economic growth, Reaganomics was not purely an economic plan, as cuts in
government power, not including the military, benefitted the average American citizen. Moreover,Ronald Reagan's economic decisions regarding Soviet
foreign policy were also extremely beneficial to the United States. The tough decisions to further the national deficit proved a worthy sacrifice in
pressuring the collapse

Macro Research Paper
The Great Debt Shift from 2000 to 2012
The United States is facing a structural budget deficit in recent years. The fiscal situation has an increasingly dire and unsustainable outlook over the
next 10 years and beyond. However, looking back ten years before, when George Bush took office at the beginning of 2001, the federal government
was running a substantial budget surplus and projected rising surpluses. Here comes to a question: how did federal government get into this fiscal
mess. My paper dedicates to examine the federal budget balance and government policies over last ten years and analyzes the reasons for this dramatic
change from substantial surpluses to massive deficits. Furthermore, I will also shed a light on the dilemma ... Show more content on Helpwriting.net ...
Revenues then increased for four years – from $1,880.1 billion in FY 2004 to $2,568 billion in FY 2007 – before sliding to $2,524 billion in FY 2008,
and then dropping further to $2,105 billion in FY 2009 as the recession exploded. In 2010, President Obama and Republican leaders struck a deal that
extended them for two more years as part of a broader package meant to support the still–fragile economy.
The debt ballooned under Bush with debt held by the public increasing from $3.5 trillion to nearly $6 trillion and gross federal debt going from $5.6
trillion to nearly $10 trillion. In fact, "From 2001 through 2010, the cuts added $2.6 trillion to the public debt, nearly 50% of the total debt accrued
during this period." As the Center on Budget and Policy Priorities found, "the tax cuts account for $1.7 trillion in extra deficits in 2001 through 2008,
and $3.7 trillion over the 2009–2019 period." In addition, the extra debt–service costs caused by the Bush–era tax cuts, amounts "to more than $200
billion through 2008 and another $1.7 trillion over the 2009–2019 period – nearly $330 billion in 2019 alone."
Besides the constant decrease in government revenue, increase in government spending also contributes to the large deficit. One major factor that
worsened the fiscal outlook was a large increase in federal discretionary spending. After the United States was attacked on September 11, 2001, Bush
administration conducted

The Greek Crisis : The Crisis
The Greek Crisis
When the Eurozone was founded on January 1, 1999, it was with the intention of further integrating and strengthening the nations of Europe, both
economically and politically. Until recently, it was believed that the euro provided a stable currency with low inflation and low interest rates and
encouraged sound public finance. That the use of a single currency increases price transparency, eliminates currency exchange costs, oils the wheels of
the European economy, facilitates international trade, and gives the European Union a more powerful voice in the world. That the size and strength
Eurozone would better protect it from external economic shocks, and provide the EU's citizens a tangible symbol of their European identity, of which
they can be increasingly proud as the euro area expands and multiplies these benefits for its existing and future members (European Commission).
Furthermore, the participating nations believed that it would cause its least productive members–Portugal, Spain, Ireland, and, later, Greece–to
modernize their economies. Previously, when experiencing adverse business cycle shocks, these peripheral European countries used currency
devaluations to recover, but did not address the underlying disparities of their economies. The arrival of the euro was expected to force a sound fiscal
policy, eliminate the bias toward inflation, and encourage widespread structural reforms (FernГЎndez–Villaverde, Garicano, and Santos, 2013).
However, the

Greek Debt Crisis Essay
Abstract
The Eurozone is facing a serious sovereign debt crisis. Several Eurozone member countries have high, potentially unsustainable levels of public debt.
Three–Greece, Ireland, and Portugal–have borrowed money from other European countries and the International Monetary Fund (IMF) in order to
avoid default. With the largest public debt and one of the largest budget deficits in the Eurozone, Greece is at the centre of the crisis. The crisis is a
continuing interest to Congress due to the strong economic and political ties between the United States and Europe.
The roots of Greece's economic problems extend deep down into the recesses of history. After the government dropped the drachma for the euro in
2001, the economy started to grow by an average of 4% annually, almost twice the European Union average. Interest rates were low, unemployment
was dropping, and trade was at an all–time high. However, these promising indicators masked horrible fiscal governance, growing government debt and
declining current account balances. Greece was banking on the rapid economic growth to build upwards on highly unstable foundations. In 2008, the
inevitable happened – the Greek debt crisis.
In this research paper, we will be covering the causes, financial repercussions and social implications of this crisis. We will also be examining the
methods used by the Greek government to rescue the economy. To conclude, we will discuss possible resolution measures and objectively forecast the
future

Greece : The Greek Debt Crisis
In 2009, The Greek debt crisis began. This crisis is still ongoing today, but there have been many changes that occurred in Greece. This is also
known as the Greek Depression. It is part of the ongoing Eurozone crisis, which was generated by the global economic recession which started in
October of 2008. It is said to be caused by a combination of a weak Greek economy and an overly high structural deficit and debt to the countries '
government debt and the gross domestic product. Later in 2009, the question/ fear of sovereign debt crisis, which is the failure or refusal of the
government to pay back debt in full, developed concerning Greece's ability to even meet its obligations of paying its debt. This all led to a full blown
crisis and risk insurance on credit default swaps, which are pretty much giving out loans to help pay off some of their debts.
There was a downgrade of the Greek government in April 2010 that alarmed the financial markets. Bond yields rose so high that private capital
markets were no longer an option for Greece as a support foundation. In May 2010, the Eurozone countries and the International Monetary Fund gave
Greece a "bailout loan" of $110 billion, conditional on compliance with 3 conditions 1.)restore fiscal balance 2.) privatization of government assets
worth $50 billion by the end of 2015 to be sustainable 3.) to improve competitiveness and growth prospects. Sadly, Greece worked slower than
expected and they needed another year offer and more

Puerto Rico Debt Crisis Summary
Structuralism in the Context of the Puerto Rican Debt Crisis Diane Lourdes Dick's (2015) piece on "U.S Tax Imperialism in Puerto Rico" argues that
U.S. domain over Puerto Rico's tax and fiscal policies constitutes the destruction of Puerto Rico's economic system. She states that "Puerto Rico's
ambiguous political status and historic lac of formal legal process for restructuring its public debts are partly responsible for a mounting crisis, which
has inspired hand–wringing and speculation on Wall Street" (Dick 2015, p.8). Dick phrases this lack of input as U.S. tax imperialism, similar to that
of Pierluisi and Backiel, since it is based on the argument that the island's lack of a voice in its fiscal matters contributes to its fiscal status (Dick
2015). She states that the traditional narrative on U.S. policies presents them as "generous and benevolent compared to Puerto Rican tax and economic
policies, which are portrayed as grasping and even guileful" (Dick 2015, p.7). However, she claims that the island's current... Show more content on
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Crisis, Colonialism and Globalization" (2016) furthers the structuralist claim by arguing that the debt should have been mitigated prior to the
establishment of the fiscal control board (Pantoja 2016). "In order to cover the structural deficit and sustain the economic expansion, the government
borrowed money to finance public works, issue substantial service contracts, and pay for operational expenses" (Pantoja 2016, p. 61). Moreover,
Pantoja signals the fact that "a long–term solution to the Puerto Rican crisis must deal with the issues that brought the island to this point: the collapse
of a colonial protectionist politico–economic system in a post–colonial world" (Pantoja 2016, p. 68). His analysis was written before the announcement
of P.R.O.M.E.S.A, which serves to explain his argument that debt restructuration is the only viable option for the government of Puerto

Financial Markets And The New York Stock Exchange
Financial markets can have several different meaning to many people. They are found all over the world. Some are small and some are large. For
example, the New York Stock Exchange, which trade trillions of dollars daily. A financial market is a place where buyers and sellers trade
financial securities and other assets.Here, the groups of agents meet to exchange their goods or services. The first group is referred to as lenders,
while the second group is referred to as the borrowers of funds. Financial markets typically have "transparent pricing, basic regulations and
governing bodies, costs and fee and prices determine by supply and demand." If the demand remains steady, the supply increases as the prices
decline and vice versa. If the supply remains steady, the demand rises as the prices rises and vice versa (Ireland, 2013).
The two most important financial markets in the U.S. economy are the bond market and stock markets (Ireland, 2013). A bond is a certificate of
indebtedness that explains the borrower's obligation to the individual that hold the bond. It specifies the date the loan is to be repaid and the interest
rate that will be paid until the loan matures. A stock market is a claim of partial ownership in a firm and therefore a share of the profits that the firm
makes. The firms pay a portion of their profits as dividends to its stockholders (Ireland, 2013).
There are three characteristics of bonds: The time between when the bond is issue and when it matures is

The National Debt Of The United States
The National debt of the United States has increased at a rate of over one trillion dollar per year for the last 10 years. The main culprit behind the
rising federal deficits and debt is the growing federal spending on programs like Medicare, Medicaid, Social Security, and the Patient Protections and
Affordable Act (Obamacare). Currently, the national debt exceeds $18 trillion dollars. That amounts to more than $58,000 for each person who lives
in the U.S. today (including children). Some say government spending is out of control, but other argues that the US economy has never been so
large or strong either. The gross federal debt, which represents the federal government 's total outstanding debt, consists of debt held by the public and
debt held in government accounts. The US has never defaulted on its debt and bills so aside from political suicide for most lawmakers that approve
legislation to increase credit limits, the economy has justifiably supported continue raises in the debt ceiling. But how much "borrowing" is too much?
Can we continue to raise the amount of debt the nation can take on? National debt began after the American Revolution War and has been on the rise
ever since. As our Founding Fathers developed the original Thirteen Colonies into the independent United States of America in 1776, debt was already
a reality for the nation (Blain, 2014). Even from this early time, wars were financed by borrowing. Soon after the American Revolutionary War, the

Budget Deficits and the Economic Growth
Budget Deficits and Economic Growth
Joey Willoughby
ECO 203 Principles of Macroeconomics
Instructor: Nathan Rondeau
6/27/2011
Budget Deficits and Economic Growth
Economists generally agree that high budget deficits today will result in the reduction of the growth rate of the economy in the future. The United
States budgetary situation has disintegrated significantly since 2001, when the CBO ( Congressional Budget Office ) forecast average annual
surpluses of nearly $850 billion from 2009 – 2012. In April of 2011, it was revealed that our nation is 12.7 trillion dollars in debt which surpasses by a
wide margin, the 2001 CBO forecast of a cumulative surplus by ... Show more content on Helpwriting.net ...
Unless the deficit spending is allotted to purchases resulting in long – term increases in real GDP, future generations will have to endure taxation at an
elevated rate. This is the only way that the government entity will be capable of retiring the elevated public debt which has resulted from this
generation's consumption of goods, provided governmentally. Added to this dilemma, the increased level of consumption by this same generation
crowds out investment, thus a reduction of capital goods growth is apparent, leaving future generations with insignificant capital stock and a drastic
reduction of their wealth. ( time.com) In relation to our foreign debt, future generations may be taxed to repay this exorbitant debt plus aggregated
interest however this does not have to be "etched in stone." It all depends entirely on the projects that the government funds in the future. If these
projects are of a wasteful nature our future generations may face yet another added burden. This would also stymie the growth rate of the economy in
the future. The deficit must be maintained to ensure that the nation's economy grows with its resource position. Our nation must do everything in its
power to reduce the deficit. Economic growth is also further impaired by government borrowing, which essentially is competing for money against the
private sector. The continuance of government borrowing is denying the U.S.

Housing Market and Property Taxes Effect Essay examples
During the Great Recession, we have seen property taxes and the housing market bubble decline substantially. During this down turn of housing
prices and decrease in taxes we saw a drop in the revenue that is created by property taxes. Property tax helps to pay for a majority of public services
but most importantly our K–12th grade education system. It also helps fund parks, police and fire department services as well. During this period of
down turn there was not a raise in taxes causing the states to increase spending cuts and to use more federal monies and their rainy day funds. Because
of this lack of revenue coming from property tax and housing bubble it caused the local governments budgets to be impacted negatively. By examining
how ... Show more content on Helpwriting.net ...
Also, there can be planned structural deficit which is where the government decides to invest in the future of the country. For example, investing in job
training, higher education, transportation or infrastructure changes throughout the city are all planned structural deficits. These are all investment that
will not show an immediate return causing a structural deficit, but one that is planned.
California is a good example of how cyclical and structural deficit problems can become a financial crisis in local governments. California has
throughout it's time had high economic growth allowing them to get a budget that could expand public service, maintain tax cuts and maintain a
high living type of life style. After the Great Recession we see that the downturn of economic production and the use of rainy day funds have
crippled the progress they once with keeping a well balanced budget. Because of this, California and other states are facing huge budget gaps that
they cannot bring to a close. California has tried to solve its budget problems with tax cuts and one time tactics to curb the problem temporarily. In
addition, California has shown trends of having a spending problem and being unable to live within its means. The problem is these quick fixes were
only temporary measures.
When economic times get rough, policymakers often neglect to make the tough decisions needed to

The Plan For Implementing Phase Preparation Essay
PC, as requested please find some options that can be made available to the government since its announcement to sell certain assets in the 2014
Budget. These options based on the assumption that selling of these assets may not materialized next year. Most of the information provided is based
on qualitative analysis due to lack of information received.
Background
With the 2014 Government Budget now shift towards implementing phase preparation, one of the main challenges for the government now is the
realization of its estimated revenue, particularly from the sale of government assets worth $475.2 million, equivalent to 17.5 percent of estimated
revenue. This sale of assets is commonly known as privatization , thus involved the selling of some government–owned and operated businesses to
private enterprises.
Total revenue for 2014 is estimated at $2,721.8 million (32.9% of GDP), with a total expenditure of $2,883.3 million (34.8% of GDP). The overall net
deficit is estimated around $161.5 million, equivalent to 1.9 percent of GDP.
Excluding sale of government assets, total revenue is estimated to decline to around $2,246.6 million (27% of GDP), with overall net deficit increased
to $636.7 million, equivalent to 7.7 percent of GDP. Moreover, assuming 60 percent of assetsales is realized in 2014, the overall net deficit should be
around 5.4 percent of GDP.
According to the Budget Estimates 2014, these assets sales include the $250.0m sale proceeds from Disposal of Investment

Economic Decline Of The Zimbabwean Economy Essay
In this paper I wish to evaluate the economic decline of the Zimbabwean economy as the result of IMF to be specifically from 1990 to 2000. I have
based this paper on the research by Asad Ismi, Impoverishing a Continent: The World Bank and the IMF. I will focus much on what the IMF did to
Zimbabwe whether Zimbabwe was really made to recover from the crisis or it was actually worsened.
Many developing nations are in debt and poverty partly due to the policies of international institutions such as the International Monetary Fund (IMF)
and the World Bank. Numerous studies for many years criticize their programs for resulting in poverty. Structural Adjustment Policies (SAPs) is one of
the mentioned program the IMF is using in the name of financial aid, debt repayment, economic restructuring and developmental projects. But the way
it has happened has required poor countries to reduce spending on things like health, education and development, while debt repayment and other
economic policies have been made the priority.
The World Bank and the IMF imposed SAPs on developing countries that needed to borrow money to service their debts. The World Bank's SAPs, first
instituted in1980, enforced privatization of industries ( including necessities such as healthcare and water), cuts in government spending and the
imposition of user fees, liberalizing of capital markets (which leads to unstable trading in currencies) market based pricing (which tends to raise the
cost of basic goods)

Budget Wars : Debt And Sequestration
Nicole Betts
Budget Wars
7/26/2015
Debt and Sequestration in the United States
The United States has adopted a persona of uncontrollable spending policies, and short term solutions. As the spending trajectory continues in a
downward spiral, fueled by unsustainable policies, and current tax revenues, the national debt continues to grow. For many years, the United States has
implemented policies that failed to address mandatory spending costs, which, unfortunately continue to outpace the national economy. Furthermore,
Congress has created a habit of introducing short term solutions in order to confront a long term issue of national debt. Although, there are many
driving forces behind the U.S. fiscal problem, mandatory spending ... Show more content on Helpwriting.net ...
First of all, the BCA began reductions on spending through the installment of strict caps on discretionary spending programs. These caps are
anticipated to reduce federal spending by $841 billion by 2025.
Furthermore, in 2011, the BCA created a "Super Committee", otherwise known as the Congressional Joint Select Committee onDeficit Reduction. This
committee was made up of 12 Congress members, 6 of which or Democratic, and 6 who are Republican. The members were instructed to cut an
additional $1.5 trillion from the nation budget. Interestingly, the bill stipulated that if the committee was unable to come to agreeance with Congress
by December 23rd, there would be automatic across the board cuts, this process became known as sequestration. This procedure is simply the
governments' formula to cut $1.2 trillion from spending programs. Interestingly, sequestration does not promote equal cuts to each program, instead
various amounts are withdrawn from each category. For example, in 2013 sequestration cut , 5.1% from Domestic Discretionary spending , 7.6% from
defense, 2.% from Medicare, and 5.2% from other areas. Interestingly, Social Security food stamps, and a number of other mandatory programs remain
exempt from sequestration.
Government Spending
Congress creates a budget by each fiscal year which divides funding into mandatory, and discretionary spending programs. Discretionary spending is
implemented through appropriation

Federal Debt and Deficit: the Solutions
The historical federal spending of the government has already done significant damage to America; spending habits have increased the federal budget
deficit at alarming rates adding $2.7 trillion to the national debt in two years, $1.4 trillion in the 2009 fiscal year and $1.3 trillion in 2010.
(Montgomery) These deficits are largely caused by increases in spending rates. The current Obama Administration has used the recession in their favor
to expand both the government and spending.
America has not seen deficits of this nature since World War II with spending levels reaching 25% of the GDP and deficits reaching 10% of the GDP.
And, even when this recession comes to an end, estimates show that annual deficits will continue to surpass ... Show more content on Helpwriting.net ...
The Obama Administration alone has added billions in new federal spending and though their aim was to improve the economy, their recessionary
spending has done nothing but add to the deficit. In addition to cutting administration spending and enacting spending caps, programs like Medicare,
Medicaid, and Social Security, which are responsible for a large dent in the deficit, need to be reformed. While still offering all of these programs, the
government needs to find new ways to offer them without putting the country into even more debt on an annual basis; controlling entitlement programs
would have a positive effect on the national deficit. Lastly, cutting military expenses and getting troops out of other countries.
Solutions
This section illustrates how a reduction in spending could eliminate the federal budget deficit over 10 years. It shows projections of revenues and
spending as a share of GDP based on the March 2011 Congressional Budget Office estimates. My projections for revenues assume the extension of the
2001 and 2003 income tax cuts, extension of alternative minimum tax relief, and repeal of the tax increases

Essay on Italy's Economic Growth
Italy, positioned in southeastern Europe, is a beautiful country that is faced with high unemployment, corruption and massive debt. Although it appears
to be one of the most developed countries in Europe, Italy is somewhat of a laggard in globalization. Ranking twenty–third in world population, Italy
stands at 56,126,212 people as of July 2009. The north and south seem to be split in economic terms with the north being well developed industrially
and the south facing high unemployment and poverty. Italy is a democratic republic that replaced a monarchy back in 1946. Although it ranks seventh
in world GDP and public debt and attracts millions of tourists every year, its current debt to GDP ratio continues to skyrocket. World economists...
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It seems like the only sector of Italy that has thrived is its underground black market. These lucrative and subversive activities account for over 25
percent of the country's GDP. This puts a burden on the Italian government since all this lost revenue is not subject to taxation. Italy's chief of state, or
president is Giorgio Napolitano, who has served since May 15, 2006. Napolitano's main responsibilities are to approve the Council of Ministers and to
provide the prime minister with advice. Berlusconi leads the Forza Italia, a Christian–democratic, liberal majority political party in Italy. Forza Italia
was founded in December 1993 and was merged into The People of Freedom March 2009.
The Italian government has practiced many policies intended to strengthen and functionally link the different multilateral organizations of which the
country is a member, primarily the UN, the EU, and NATO.
Italy's globalization policy can be best described by constructivism. Constructivism is essentially the human way of learning from our experiences. In
Italy's case, worldwide actuality is collectively constructed by cognitive structures that give sense to the material world.
The public debt of Italy is growing exponentially, hitting 5.8 percent in 2009. Its unemployment was over 9 percent last year and is expected to top
10.5 percent this year. Italy continues to struggle with budget deficits and a high public debt, which is at 2.6 percent and 105.9 percent

Greece's Economic Situation With The United States
Since 2008, the Hellenic Republic (Greece) has been suffering from one the worst economical and financial depressions in its history. From its
beginning, the nation 's banking system has teetered on the brink of collapse and over 20% of its citizens have been unemployed. This essay will
discuss the history of the crisis, its causes, and comparative study between Greece 's economic situation with that of the United States. The paper will
close with my future predictions about Greece 's response to the crisis based on experiences I shared with friends and family members in Greece. The
crisis began alongside the worldwide recession in 2008. Preceding this worldwide economic downturn , eurozone countries experienced an 35% of
GDP increase... Show more content on Helpwriting.net ...
However, despite this rapid deterioration of the worldwide economy, Greek 's decrepit financial situation did not occur overnight. It was result of a
flurry of factors stemming from a wide variety of sources. In Georgios P. Kouretas and Prodromos Vlamis 's work, The Greek Crisis: Causes and
Implications, the authors indentified "at least three key players," which led to Greece 's continued financial crisis (Kouretas and Vlamis, 393). The first
and most responsible institution was the Greek government and its feeble political system. Throughout the years, the national government mismanaged
the domestic economy to the level that the economy was adding on government debt at a rate faster than any other eurozone nation. Combined with its
rapid increase was its debt/GDP ratio was already greater than 100% by the time of the crisis. In order to combat this overspending, Greece
implemented tough austerity in both its fiscal and economic policies (in order to lower its budget deficit and debt/GDP ratio) while relying on 110
billion euro package, provided by the EU and IMF, to finance its short–term operations. As a consequence of its large budget deficit, the financial
market downgraded Greece 's credit rating to the point that the country had to withdraw from the international bond markets (due to extremely high
interest rates). The final major factor lies in the response of both Eurozone governments and the European

The International Monetary Fund ( Imf )
THE INTERNATIONAL MONETARY FUND (IMF) The IMF was set up during the Second World War in the year 1944. It started operation in 1947
and it has been working with the UNO since. Its headquarters is in Washington D.C in America. IMF provides short term loans to countries having
problems of balance of payments. It also provides technical advice to its members and ensures free flow of trade by removing all trade restrictions. It
establishes and maintains stable exchange rate between member countries. Each member of the IMF Funds and could only withdraws 25% of its
contribution. However, the IMF has special Drawing Rights for member countries since 1970 and subsequently some members have even draw more
then what they have contributed. Nigeria is a member of the IMF many African countries such as Sierra Leon, Ghana and Nigeria have met some of the
conditionality including cutting down of government subsidies particularly on education, health and petroleum. The conditionality impose on
borrowing nations by the IMF usually bring unfold hardships such as unemployment, low standard of living and depressed economy etc. Nigeria is
currently experiencing all these problems. The International Banka Reconstruction and development (IBRD), IBRD was established in 1944 with it's
headquarters in Washington D.C. U.S.A IBRD aim of reconstructing the economy of member nations ,assisting the development of countries by giving
them long term loan and providing technical assistance to member

Types Of Unemployment From Modern Societies
Nine important types of Unemployment found in Modern Societies are : 1.Voluntary unemployment, 2. Frictional unemployment, 3. Casual
unemployment, 4. Seasonal unemployment, 5. Structural unemployment, 6. Technological unemployment, 7. Cyclical unemployment, 8. Chronic
unemployment, 9. Disguised unemployment. The various types of unemployment may be classified as follows: 1. Voluntary Unemployment: In every
society, there are some people who are unwilling to work at the prevailing wage rate, and there are some who are lucky enough to get a continuous flow
of unearned income from their unemployed status. Jobs are available for them but they do not want to accept them. Voluntary unemployment may be a
national waste of human energy, but it is not a serious economic problem with any social repercussions. Voluntary unemployment is consistent with the
state of full employment. 2. Frictional Unemployment: Frictional unemployment is a temporary phenomenon. It may take place in various ways. When
some workers are temporarily out of work while changing jobs, it is called "frictional unemployment." Similarly, strikes and lockouts may result in the
suspension of work, and there may exist some frictional unemployment for the time being. To some extent, frictional unemployment is also caused by
the imperfect mobility of labour. Factors inhibiting the geographical or occupational movement of unemployed workers into vacant jobs, thus, cause
frictional unemployment. Hence the problem of

Obama Care : The Affordable Care Act
Obama Care The Affordable Care Act also known as Obama Care has been a topic of controversy. It is the most significant reform to the U.S
health care system since Medicaid and Medicare. Some view it as a great and some believe it will be bad for the economy. I believe the Affordable
Care Act is beneficial because it is affordable to Americans, does not discriminate, and will improve the American economy. On March 23, 2010,
President Obama signed the Affordable Care Act into law. The Obama health care has received mixed reviews over the last couple years. It has put
in place comprehensive reforms that improve access to affordable health coverage for everyone and protect consumers from abusive insurance
company practices. Many people dislike the idea of Obamacare because of misinformation from the press, opposing political candidates and by those
who refuse to seek the information themselves. Additional reforms aimed to reduce costs and improve healthcare outcomes by shifting the system
towards quality over quantity. President Obama has stated on several occasions that the new health legislation would start out slow but pick up over
time to compensate for the initial loss. The Obama care holds insurance companies accountable, lowers health care costs, gives Americans more
freedom and control in their health care choices and improves the quality of care. With Obamacare, insurance agencies cannot create limits on care and
the yearly limits will no longer exist in a

The Greece Debt Crisis
Chapter 1: Introduction
Introduction
Historically, financial crises have been followed by a wave of governments defaulting on their debt obligations. The global economic history has
experienced sovereign debt crisis such as in Latin America during the 80s, in Russia at the end of the 90s and in Argentina in the beginning of the 00s.
The European debt crisis is the most significant of its kind that the economic world was seen started from 2010. Financial crises tend to lead to, or
exacerbate, sharp economic downturns, low government revenues, widening government deficits, and high levels of debt, pushing many governments
into default. Greece is currently facing such a sovereign debt crisis and Europe's most indebted country despite ... Show more content on
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This is because one of the main reasons was the enormously high prices for the prices for the trips and services for the visitors. Greeks decided to
overcharge the tourist and at the end the tourist started to choose often a close other place such as Turkey which has beautiful places with an
excellent service and much lower price. This situation has added one huger problem to the previous one. Furthermore, in 2004 Greece was hosting
for the summer Olympic Games. The costs for this event were huge because the government had to build new facilities such as airports, roads, hotels
and the stadiums around the Athens. Greece also had to complete new transportation plan of rebuilding the Athens infrastructure and clean up the
whole city. Hosting the event cost almost 9 billion euro or 11 billion dollar at today's exchange rate, making the 2004 games was the most expensive
ever at that point. Greek taxpayers were on the hook for 7 billion euro, which did not include the cost of extra projects such as a new airport and metro
system. The cost created a high budget deficit in the next year, beside the decrease in tourism. There were differences between the Athens Olympic
Games and 2000 Sydney also 2008 Beijing that Greece was not as wealthy or large as Australia or China to absorb losses on Games. Most of the
countries which hosted the Games were at the time economic powerhouse and not developing countries such

U.s. Government Budget Deficit And Debt
There are many original and ingenious opinions and analysis related to a topic on U.S. government budget deficit and government obligations and
liabilities. As a result of the economic circumstances and current consequences of budget deficit in the United States there have been many
controversial hypotheses of what future may bring to the American people. Therefore, I would like to face deeply inquire in to of how our countries
government deficit and outstanding debt will affect its citizens and I also assume there are new challenges taking place as the consequence of rising
government debt.
To provide evidence to the current U.S. government budget deficit and government external debt situation we should take a closer look at the
government budget deficit, national and personal debt in the country. First, I am going to start with a definition of U.S government deficit: It is
essentially the difference between what the U.S government spends in any fiscal year and the revenues it takes in. Any time the spending exceeds the
revenues, the federal government runs a deficit. As many may already know the United States must increase its revenue or reduce expenses during the
next decade in order to farther debt and loss of creditability in the world financial markets. There are several ways to balance the U.S government
without giving up the nation's increase of collective productivity and growing economy. Government can reduce expenditures by finding more cost

Budget Deficit
Budget Deficit
For many decades, there has been a concern for the deficit within the United States. Many politicians, authors, newscasters, and citizens have expressed
their distress in order to resolve or control the issue. Keynesian economic theory states that running a budget deficit is okay, as long as the deficit is not
exorbitantly large and is not carried for a long period of time. Even though many experts agree with this notion, having a deficit at all is important to the
present and future economic stability of a country. For the most part, the uncontrolled increases in spending and reckless tax cuts in the past have
damaged the federal budget, which the White House and Congress have allowed to occur. President Bush has... Show more content on Helpwriting.net
...
However, after the economy has recovered, the deficit becomes a problem. In the event that the current deficit is not handled properly, the country
will begin to see the weakening of the production of goods and services, in turn forcing wages to decrease. Interest rates will rise, which will make
it harder for households and businesses to acquire loans. These factors will increase the strain on the American public and unfortunately lower the
ability of the government to intervene, due to the already high deficit. In addition, interest obligations of the federal government are slated to grow
from $155 billion in 2004 to $514 billion in 2014, or by $359 billion. These extra costs are the result of both rising interest rates and increased
borrowing by the federal government. In order to sustain the economic power and prosperity that the United States has created, major change must be
implemented by government leaders, not by career politicians. When a budget is in deficit there are only two ways, other than faster growth in the
economy, to bring it into balance. Spending must be cut or revenue increased. Obviously, cutting spending to many of the current governmental
programs is difficult because they have already been implemented and deemed necessary. Increasing taxes is also a difficult issue for politicians to
handle and for the public to accept. There needs to be a healthy mix of these two options that keeps the economy powerful, while

Essay on The Federal Budget
The Federal Budget
The federal budget is known as the infamous monetary tank from which money is distributed to various programs. Why does the federal budget
plan cause such uproar of approval or disapproval when it is proposed by the President every February? The money utilized every fiscal year,
which runs from October 1st of each year until the end of September of the following year, belongs to the people. The money is raised through
income taxes, excise taxes (taxes on goods) and social insurance payroll taxes. Presently, the public is worried about how they will receive a fair share
of money appropriations in such a slow economy. Thefederal deficit has returned, which means that the government's spending ... Show more content
on Helpwriting.net ...
No one decides on the total amount the federal government will spend. Instead, legislative bills that determine the total amount of spending are divided
up among fifteen separate committees in the Senate and seventeen committees in the House of Representatives. The Appropriations Committee has
jurisdiction over non–entitlement programs (spending varies year to year based upon spending authorized by Congress), which covers one–third of
total federal spending. The remaining two–thirds is made up of entitlement programs (spending authorized by permanent laws), which are handled by
other standing committees. The agricultural committees have authority over farm price supports, food stamps, and other rural programs. The tax
–writing committees in the House and Senate are responsible for Social Security and Medicare. The House Energy and Commerce Committee has
jurisdiction over Medicaid.
The decentralization of spending authority creates deficit financing. By spreading the spending responsibility among so many committees, Congress
has created a commons problems. Numerous claimants are competing for a commonly owned resource. The forces of competition for the resource are
leading to over consumption and exhaustion of the resource. From the individual committee perspective the commonly owned resource is federal
revenues. The consumers of the resource are the congressional committees. The common resource is over consumed

Structural Adjustment Programme and the Nigerian Economy:...
INTRODUCTION The Nigerian economy has several activities sectors which include agriculture (crops), livestock, forestry, fishing, manufacturing,
crude petroleum mining and quarrying, utilities, building and construction, transport, communication, wholesale and retail trades, hotels and
restaurants, finance and insurance, real estate and business services, housing, producers of government services and community, social and personal
services. However, with the advent of the crude petroleum sector and its attendant boom in the international market, all other sectors of the Nigerian
economy have experienced serious neglect by the government, thus resulting to an unbalanced economy.
Nigeria's population as a nation is so large that no ... Show more content on Helpwriting.net ...
Broadly defined, privatisation is an umbrella term to describe a variety of policies which encourage competition and emphasise the role of market
forces in place of statutory restrictions and monopoly powers. The first definition relates to programmes of privatisation without structural adjustment,
such as has been the case in most developed countries, e.g. U.K., France, etc. The second definition relates to a programme of privatisation as an
integral part of a Structural Adjustment Programme, such as we have in Nigeria.
Commercialisation, on the other hand, can be defined as the re–organisation of enterprises, wholly and partially owned by the Government, in which
such commercialised enterprises shall operate as profit–making commercial ventures without subvention from the Government.
Under World Bank structural adjustment, the government tried to eliminate inefficient state intervention and obtain budgetary relief by abolishing
agricultural commodity marketing boards and liberalizing cash–crop exports. These measures, together with devaluation, increased the naira prices of
export crops, especially cocoa. The state also privatized many public enterprises by selling equity to private investors, while restructuring other
parastatals to improve efficiency. The federal government encouraged private investment in the late 1980s, allowed foreign ownership in most
manufacturing, and liberalized and

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