Dennis S. Ippolito – författare

This is a comprehensive account of how conflicts over the powers to tax, spend and borrow have been at the centre of American politics and how these budgetary conflicts have shaped national politics by determining the size and role of the federal government.

When the first edition of Why Budgets Matter was published in 2003, the federal budget had fallen back into deficit. At the time, fairly modest changes in taxes and spending would have ensured that deficits and debt would remain at tolerable levels. Instead, the disconnect between taxes and spending that had plagued the United States since the 1960s grew even greater. A near-catastrophic economic collapse beginning in December 2007 then magnified the fiscal consequences of irresponsible policy choices. This new edition examines how and why the balanced-budget equilibrium of the 1990s was destabilized in the 2000s. It also places this latest partisan battle over the size of government in historical perspective by exploring its connection to earlier budget policy eras.

Ippolito examines the least publicized source of our current fiscal troubles--federal credit programs. Since the 1970s these programs (primary components of the federal policy in such areas as housing, agriculture, education, and international affairs) have grown dramatically, but neither the growth nor their costs have been reflected in the budget. The true costs are not tangible and direct, but these programs can affect investment, economic growth, and productivity. Originally published 1984. A UNC Press Enduring Edition -- UNC Press Enduring Editions use the latest in digital technology to make available again books from our distinguished backlist that were previously out of print. These editions are published unaltered from the original, and are presented in affordable paperback formats, bringing readers both historical and cultural value.

The Constitution grants Congress the power 'to lay and collect taxes, duties, imposts and excises'. From the First Congress until today, conflicts over the size, role and taxing power of government have been at the heart of national politics. This book provides a comprehensive historical account of US tax policy that emphasizes the relationship between taxes and other budget components. It explains how wars, changing conceptions of the domestic role of government, and beliefs about deficits and debt have shaped the modern tax system. The contemporary focus of this book is the partisan battle over budget policy that began in the 1960s and triggered the disconnect between taxes and spending that has plagued the budget ever since. With the US government now facing its most serious deficit and debt challenge in the modern era, partisan debate over taxation is almost completely divorced from fiscal realities.