Eco372 Week 4 Reflection Essay

918 words - 4 pages

Week Four Reflection Summary

November 5, 2012
University of Phoenix

Week Four Reflection Summary
In week four, Team D—Joe, Beverly, Kevin, and Rachel—learned about deficits, surpluses, and debt in relation to the macroeconomic health of the United States. The group as a was very comfortable with the discussion of the week while learning new information about the health of the economy. The following is a summary of what the team learned in regard to deficits, surpluses, debt, and the health of the economy.
Budget Deficits
Budget deficits occur when government expenditures exceed the amount of revenue coming into the economy through income and taxes. A deficit is a summary of how ...view middle of the document...

A budget deficit can also result in an increase in printed money, which decreases dollar value and increases inflation.
Budget Surplus
Budget surplus is the opposite of budget deficit. A budget surplus occurs when government expenditures is a result from overpayment of revenue through taxes, income, and fees. The most recent surplus was in the late 1990s ending in the early 2000s. When the government runs a budget surplus, the additional funds are spent to lower the national debt. The funds are also used to increase national savings, increase lending, and decrease interest rates to improve investments. The government will often give additional funds to taxpayers as an opportunity to spend more money.
On the other hand, a budget surplus can slow down the growth of the economy. As seen in previous years of budget surplus, government must spend to counteract the root cause issues versus simply celebrating with the surplus or economic downturns surely will follow. After each surplus in recent history, the country has had decades of deficit. Therefore, the issue with surpluses is human nature. In a recession, everyone is budget conscious and work toward efficiency. In an economic boom, it is too easy to disregard efficiency and strategic planning.
The national debt is the total amount of money the government owes because of borrowing. Debt is not the same as a deficit. A debt is the deficit minus the economy surplus. A debt ceiling is the statutory limit on amount of money the United States government is authorized to borrow to meet its legal obligations (Murse, 2012). During the Clinton administration, the debt ceiling went from $4.145 trillion when he took office in 1993 to $5.95 trillion when he left the White House in 2001 (Murse, 2012). The money borrowed helped increase...

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