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Finance & Accounting
Pages 4 (1004 words)
Business Economics Table of Contents Table of Contents 2 2 Prediction of OECD regarding Budget Deficit and Debt Concerning the USA Economy 3 Deficit Reduction in Greek and Irish Government 4 Deficit Reduction in Greek Government 4 Deficit Reduction by Irish Government 5 Keynesian School of Thought 6 8 Impact of Credit Crunch on the Economy of the USA and the UK 9 References 11 Prediction of OECD regarding Budget Deficit and Debt Concerning the USA Economy The economic recession which broke out in the middle of 2008 had resulted in a wave of debt in several advanced economies along with the USA.
It is estimated that the standard principal deficit in the USA will be 2% of total Gross Domestic Product (GDP) in 2015 and will increase to 7.7% of total GDP by 2035. The baseline debt of the USA was 65% of total GDP in 2010, which is estimated to become 213% by 2035 (Gagnon & Hinterschweiger, 2011). Budget deficit occurs when government expends excess amount compared to what it gains through taxation. The opposite term of budget deficit is budget surplus when the outgoings are less than the receiving amount (Investopedia ULC, 2011). Even few years back, the US had budget surplus but due to the impact of the crisis in present days the US economy is running with budget deficit of 10% on GDP. It is expected that the budget deficit will decrease to 7% of GDP and by 2017 the government will seek to reduce the budget deficit to 3% of GDP (Paletta & Boles, 2011). ...
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