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1
Choi, Jason, Duong Dang, Rishabh Kirpalani, and Diego J. Perez. "Exorbitant Privilege and the Sustainability of US Public Debt." AEA Papers and Proceedings 114 (May 1, 2024): 143–47. http://dx.doi.org/10.1257/pandp.20241067.
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We study the extent to which the perceived cost of losing the exorbitant privilege the United States holds in global safe asset markets sustains its public debt safety. Our findings indicate that losing this special status in the event of a default significantly augments the debt capacity for the United States. Debt levels would be up to 30 percent lower if the United States did not have this special status. Most of this extra debt capacity arises from the loss of convenience yields on Treasuries, which makes debt more expensive following its loss, providing strong incentives to repay debt.
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Mendoza, Enrique G. "The Public Debt Crisis of the United States." Manchester School 85 (July 16, 2017): 1–32. http://dx.doi.org/10.1111/manc.12193.
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Tabellini, Guido, and Vincenzo La Via. "Money, Deficit and Public Debt in the United States." Review of Economics and Statistics 71, no. 1 (1989): 15. http://dx.doi.org/10.2307/1928047.
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Romer, Paul M. "Public debt policies and united states saving A comment." Carnegie-Rochester Conference Series on Public Policy 23 (January 1985): 87–89. http://dx.doi.org/10.1016/0167-2231(85)90006-5.
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Enekwe, Blessing. "Evaluating Social Services and Refugee Integration in Maryland." Practicing Anthropology 35, no. 4 (2013): 8–12. http://dx.doi.org/10.17730/praa.35.4.k70007550215k051.
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As a child of immigrants, I have always been interested in issues facing the foreign-born, particularly to the United States. Being exposed to immigrants from around the world helped me understand the different factors that motivated my parents' migration to the United States while realizing that others throughout the world were also heavily impacted by ineffectual home governments. As I delved into political attitudes, international relations, and public policy, my attention continued to turn back to the ways in which policies and attitudes in the United States affect the lives of immigrants. Identifying aspects of social policy that enhance immigrant life in the United States became central to my research interests.
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Moroz, Ivanna. "Peculiarities of public debt management policy in the United States of America: experience for Ukraine." ScienceRise, no. 4 (August 31, 2021): 58–67. http://dx.doi.org/10.21303/2313-8416.2021.002040.
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The object of research is the policy of public debt management of the United States of America and Ukraine.
 The problem solved is the low level of efficiency of the policy of public external and internal debt management of Ukraine in the context of financing economic growth.
 The main scientific results: based on the analysis of the policy of public debt management of the United States of America, it has been proved, that the public debt and the US budget deficit should be perceived not as a problem or threat to macroeconomic stability, but as a tool to stimulate economic growth. It is substantiated, that in order to optimize the policy of internal and external public debt management of Ukraine it is expedient to introduce a debt rule, which is based on the program-targeted method of attracting public debt and provides for the use of public borrowing exclusively to finance economic development programs. In this case, Ukraine, following the example of the United States, will be able to achieve sustainable economic growth, because changing the priorities from debt financing of current state budget expenditures to financing capital expenditures will allow the Ukrainian government to develop economic infrastructure, create conditions for high value-added goods and to develop small and medium business, which will ultimately ensure macroeconomic stability and progressive economic development of the state.
 The scope of practical use of research results. The results of the study can be used by the Cabinet of Ministers of Ukraine, and in particular by the Ministry of Finance during the formation of the Medium-Term public debt management strategy of Ukraine.
 Innovative technological product: The debt rule is based on the program-target method of attraction and use of the state internal and external debt that allows to use effectively the state borrowings for financing of economic growth.
 Scope of application of an innovative technological product: Policy of management of the state internal and external debt of Ukraine
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عبد الرحيم محمد, مالك, та أ. د. ميثم العيبي إسماعيل. "تحليل الاثار المالية والنقدية لتزايد الدين العام الداخلي في الولايات المتحدة الامريكية للمدة 2002- 2018". Iraqi Journal For Economic Sciences 2020, № 67 (2021): 75–100. http://dx.doi.org/10.31272/ijes2020.67.4.
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The American economy suffers from a general budget deficit, mainly due to the high public expenditures, especially the military, as the United States of America occupies the first place in the world in the proportion of military spending, and the budget deficit is mainly financed through the sale of government securities, which led to an increase in the volume of public debt In the United States of America, which is a dangerous indicator, especially after interest payments on public debt exceeded the barrier of $ 500 billion for the year 2018, which pushes them to borrow again to finance these benefits, this cumulative and continuous increase in the size of public debt works to influence the economic variables Monetary and financial. The research aims to analyze the development of internal public debt in the United States of America and its most important causes, in addition to clarifying the mechanisms and methods used to alleviate the severity of the internal public debt without compromising the ability of the economy or the ability to repay previous debts to maintain investor confidence in the strength of the American economy. The research reached several results, the most prominent of which is that the large increase in the volume of the internal public debt and the consequent increase in the money supply did not negatively affect the monetary side of the economy as inflation rates did not reach high levels and international reserves increased, accompanied by a decrease in interest rates. While the research presented several recommendations, including the need to achieve financial discipline and market access to borrow at the lowest possible costs by issuing debt regularly, in addition to avoiding resorting to any special measures to increase the volume of public debt and adhere to the debt ceiling approved by the US Congress.
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Mah, Gisele. "The governance of federal debt in the United States of America." Risk Governance and Control: Financial Markets and Institutions 7, no. 1 (2017): 91–98. http://dx.doi.org/10.22495/rgcv7i1art12.
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The United State of America has been experiencing high debt to GDP ratio of more than 100% and these Public debts are detrimental. The main purpose of this study was to examine the shocks of the variables on others in the USA economy by using quarterly data. The variance decomposition and the Generalised Impulse Response Function techniques were employed to analyse the data. The result revealed that high variation of shocks in real federal debt is explained by their own innovations in the short run, by CPI followed by real federal debt its self. In the long run, this leads to CPI and real government spending. The GIRF reveals that in the short run, real federal debt responds negatively to shocks from CPI, real federal interest payment and real federal government tax receipts and positively to real federal debt and real government spending. In medium term, only real federal government tax receipts are negative while the others are positive. In the long run, the response are all positive to shock from the independent variables. The results lead to the recommendation that the US government should focus on real federal debt in the short run. In the medium term, US government should focus on increasing real government spending and reducing only real federal government tax receipts. In the long run the target should real be federal debt, CPI, real federal interest payment, real government spending and real federal government tax receipts.
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Zhukov, P. E. "Money Supply, Inflation and Budget Deficit in Russia Compared to the United States." Review of Business and Economics Studies 11, no. 4 (2024): 72–83. http://dx.doi.org/10.26794/2308-944x-2023-11-4-72-83.
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The author examines the causes and sources of the depreciation of money in Russia compared with that in the United States. The subject is causal connections between the budget deficit, money supply, and the depreciation of money. The relevance of the research for Russia is determined by concerns about macroeconomic stability and high inflation. In the case of the United States, an increase in the money supply and an inflation spike occurred because of the debt financing of the federal budget deficit. The scientific novelty of the paper lies in considering the two main options for monetary policy to support the liquidity of public debt: hard and soft, and the analytical methods and results of the research. One of the important scientific results is that the burden of public debt should be measured not as the ratio of public debt to gross domestic product (GDP) but as the share of public debt in a bond market. The second scientific result is very important for the practice: during 2011–2022, in the eight biennial periods, the GDP deflator was approximately equal to the growth of the money supply M2 minus GDP growth. Thus, the depreciation of money was directly caused by monetary policy. In the other three biennial periods, a substantial difference was observed, probably because of external shocks. As the method of the study, the author estimated the effect of interest rates caused by crowding out corporate debt by public debt. It was substantiated that to obtain the effects of soft monetary policy and thus the increase of M2 to GDP deflator, it is essential to use biennial periods. Based on the results of the analysis, it was revealed that, particularly in 2021–2022, the growth of the GDP deflator amounted to 139.8% and was due to the growth of the money supply M2 by 140.5%. At the same time, the effect on GDP growth was insignificant, at 3.4%. The key conclusion is that for the implementation of macroeconomic stability policies, it is necessary to manage the expansion of the M2 money supply, the exchange rate, and to use the GDP deflator as an important indicator in addition to the inflation index — consumer price index. A good way to achieve this is to adopt a special law for controlling inflation, similar to the USA Inflation Reduction Act.
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Equiza-Goñi, Juan. "SOVEREIGN DEBT IN THE UNITED STATES AND GROWTH EXPECTATIONS." Macroeconomic Dynamics 24, no. 2 (2018): 447–77. http://dx.doi.org/10.1017/s1365100518000330.
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This paper shows empirical evidence and theory consistent with the US government using debt optimally to adjust the federal budget to news about long-term growth. First, using historical forecasts from the Congressional Budget Office (CBO) since 1984, I find that government purchases and deficits are positively correlated with expectations about long-term productivity, real gross domestic product, and tax revenue growth, whereas tax receipts are negatively correlated. A structural vector autoregression estimated with US quarterly data in 1955–2015 identifies permanent and transitory productivity shocks and points to “trend” shocks as the source of these correlations. Second, I present an open economy real business-cycle model with stochastic productivity trend and optimal public purchases and taxes. Calibrating the model to the US economy, the Ramsey planners' allocation yields moments aligned with those observed in the data.
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Olateju, Oluwatosin, Deb Dunn, Patricia McLaine, and Sharon Barrett. "Revision of Maryland Minor Consent Law on Human Immunodeficiency Virus Infection Prevention: An Outcome of Advocacy." HIV/AIDS Research and Treatment – Open Journal 7, no. 1 (2020): 10–17. http://dx.doi.org/10.17140/hartoj-7-134.
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Objectives To date, only few United States (US) states have explicit regulations that allow minors to independently give consent for human immunodeficiency virus infection (HIV) prevention treatments. This manuscript will reflect upon key advocacy efforts leading to the revision of the Maryland Minor Consent Law, evaluate current human immunodeficiency virus infection and acquired immune deficiency syndrome (HIV/AIDS) prevention laws for minors in U.S. states, and highlight resources for health advocacy. Methods Between 2018-2019, public health professionals in Baltimore, Maryland reviewed the Maryland Minor Consent Law and other adolescent consent laws within the U.S. The professionals advocated for a legal review of the gap by the State Senate and the Office of Attorney General. Results In May 2019, the public health advocates were successful in their effort for a revision of the Maryland Minor Consent Law to include Treatment for the Prevention of HIV-Consent by minors. Upon their review of all adolescent consent laws within the U.S., they found that only eleven states currently have explicit language indicative of an adolescent’s ability to give consent for pre-exposure prophylaxis (PrEP). Conclusion This inquiry can change upstream factors such as laws, regulations, policies and institutional practices.
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Batomen, Brice, Elizabeth Sweet, and Arijit Nandi. "Social inequalities, debt, and health in the United States." SSM - Population Health 13 (March 2021): 100736. http://dx.doi.org/10.1016/j.ssmph.2021.100736.
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Delaume, Georges R. "The Foreign Sovereign Immunities Act and Public Debt Litigation: Some Fifteen Years Later." American Journal of International Law 88, no. 2 (1994): 257–79. http://dx.doi.org/10.2307/2204099.
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The decision of the United States Supreme Court in Republic of Argentina v. Weltover, Inc. is an invitation to reassess the impact of the Foreign Sovereign Immunities Act (FSIA) upon public debt litigation. In contrast with other activities of foreign states, which have been the object of extensive and continuing litigation, barely two dozen cases involving public debt disputes have been reported since the FSIA took effect. Whether this situation is attributable to the care with which transnational loan documents are usually drafted or to some other reasons, including possibly the contemporary tendency to rely on debt rescheduling as a means of remedying difficult situations, is an interesting matter of speculation. Whatever the explanation for the relatively limited number of public debt cases, Weltover can be expected to have a decisive impact upon future litigation.
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Santos Moizinho, Luzelia Calegari, Kárem Cristina de Sousa Ribeiro, and Flavio Barboza. "Public debt issuance and corporate governance in the United States and Brazil." Corporate Ownership and Control 13, no. 4 (2016): 13–23. http://dx.doi.org/10.22495/cocv13i4p2.
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Debentures are important financing resources for U.S. and Brazilian companies. The manner of securing a debenture can improve a company’s capital structure and maintain its ownership structure while diversify risk. Most credible companies have better opportunities because they implement good corporate governance practices that tend to provide instruments to ensure greater protection for their creditors. Motivated by this, our research makes a multi-case analysis of Brazilian and American companies with respect to the characteristics of their corporate governance mechanisms during security emission processes. The methodology is based on the Economic Commission for Latin America and the Caribbean index, a quantitative tool that was developed to measure governance and the internal control of risk levels. The results show differences in governance between these countries. Two possible causes of this difference are the market’s most selective characteristics and internationalization, which require Brazilian companies to adapt to global rules
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Frazer, William, Donald R. Stabile, and Jeffrey A. Cantor. "The Public Debt of the United States: An Historical Perspective, 1775-1990." Southern Economic Journal 59, no. 2 (1992): 333. http://dx.doi.org/10.2307/1060545.
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HORRIGAN, BRIAN R. "THE DETERMINANTS OF THE PUBLIC DEBT IN THE UNITED STATES, 1953-1978." Economic Inquiry 24, no. 1 (1986): 11–23. http://dx.doi.org/10.1111/j.1465-7295.1986.tb01794.x.
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Carlson, Susan M. "The U.S. Student Loan Debt Crisis: State Crime or State-Produced Harm?" Journal of White Collar and Corporate Crime 1, no. 2 (2020): 140–52. http://dx.doi.org/10.1177/2631309x20921567.
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The unprecedented US$1.64 trillion level of student loan debt in the United States can be linked to the neoliberal process of privatization of higher education. But is the U.S. student loan debt crisis a state crime? This article examines the social harm student loan debt has caused; proposes an explanation for the shift to debt-financed, commodified public higher education; reveals government disinvestment in public higher education; details the transition of public higher education as a public good to higher education as a commodity financed with debt; and describes Obama administration reforms and De Vos/Trump administration attempts at policy rollback and further privatization. I situate the U.S. student loan debt crisis case in recent debates about crime, social harm, and zemiology.
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Richard, Patrick, Nilam Patel, Yuan-Chiao Lu, Regine Walker, and Mustafa Younis. "The Financial Burden of Cancer on Families in the United States." International Journal of Environmental Research and Public Health 18, no. 7 (2021): 3790. http://dx.doi.org/10.3390/ijerph18073790.
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This study examined the relationship between a diagnosis of cancer and the likelihood of having any out-of-pocket costs (OOPC) and medical debt, and the amounts of OOPC and medical debt, at the household level. We used the 2013 Panel Study of Income Dynamics, a continuous, representative panel survey that collects demographic, economic, and social data in the United States. The analytic sample included head of households and their spouse (if married), 18–64 years old. Two-part models were used. The first part consisted of logistic regression models and the second part consisted of generalized linear models with logarithmic link and a gamma distribution. Logistic regression results showed odds of 2.13 (CI: 1.27, 3.57, p < 0.01) for any OOPC and odds of 1.55 (CI: 0.93, 2.58, p < 0.1) for any medical debt for households in which either the head or spouse (if married) reported a diagnosis of cancer compared to those that did not report a diagnosis of cancer. Likewise, results from the second part of the model for households with a positive amount of OOPC showed an exponentiated coefficient of 1.73 (CI: 1.33, 2.25, p < 0.01) for households in which either the head or spouse (if married) reported a diagnosis of cancer compared to households without a diagnosis of cancer. This study shows that a diagnosis of cancer places a financial burden on families, particularly with all types of debt, in the United States even after controlling for differences between households with a diagnosis of cancer and those without a diagnosis of cancer.
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Kia, Amir. "Impact of Public Debt, Deficit and Debt Financing on Private Investment in a Large Country: Evidence from the United States." World Journal of Applied Economics 6, no. 2 (2020): 139–61. http://dx.doi.org/10.22440/wjae.6.2.3.
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This paper analyses the direct impact of fiscal variables on private investment. The current literature ignores one or more fiscal variables and, in many cases, the foreign financing of debt. In this paper, an aggregate investment function for an economy in which firms incur adjustment costs in their investment process is developed. The developed model incorporates the direct impact of government expenditure, public debt and investment, deficits and foreign-financed debt on private investment. The model is tested on US data. It is found that public investment does not have any impact on private investment, but government expenditure, deficit, debt and foreign-financed debt crowd out private investment over the long run. However, deficit crowds in the private investment over the short run.
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Davydov, Andrey. "Inflation in the United States: Will it Come Back?" Russia and America in the 21st Century, no. 3 (2023): 0. http://dx.doi.org/10.18254/s207054760026337-7.
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This article covers the major trends and changes in consumer price development in the US economy during 2022-2023. The major incentive for American inflation is a great increase in the budget deficit and public debt. The author considers that further growth of federal debt will become an obstacle to the problem of inflation targeting. Presently Federal Reserve System is financing government debt by purchasing Treasure notes. To provide these activities FRS has to increase money volume in circulation. In fact this monetary policy has significant negative effects on US inflation. Traditional corporations have also some possibilities to increase their sale prices and to accelerate inflation. Oil prices, which have tendency to grow, are considered to add some value to current inflation. In the Section 2 the major points of Inflation Reduction Act of 2022 (IRA) are being analyzed. IRA is considered to be a remarkable law which aims to curb inflation by reducing budget deficit and investing into domestic energy production. According to the Budget Office, this Act will raise 738 billion dollars and authorize 391 billion dollars on energy change and 238 billion dollars in deficit reduction and tax reform. The law includes a large expansion and modernization efforts for the Internal Revenue Service (IRS). In the Section 3 the problem of imported inflation is being analyzed. The estimates prove that in 2015-2022 U.S. export pr ices grew much faster than import prices. In the result US terms of trade improved and in fact United States exported inflation trends to other countries. Expensive dollar accelerated this process.
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Boskin, Michael J., and Laurence J. Kotlikoff. "Public debt and United States saving: A new test of the neutrality hypothesis." Carnegie-Rochester Conference Series on Public Policy 23 (January 1985): 55–86. http://dx.doi.org/10.1016/0167-2231(85)90005-3.
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Chuvakhina, L. G., and L. M. Kupriyanova. "Debt Policy in Modern Conditions of the world Economy Development." World of new economy 16, no. 3 (2022): 85–95. http://dx.doi.org/10.26794/2220-6469-2022-16-3-85-95.
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The purpose of this article is to identify the main subjects of the debt economy of Russia and the USA. The scientific novelty of this study lies in the disclosure of the mechanism of activity of the US Federal Reserve System (FRS) as a subject of the debt economy, the main holder of public debt and the guarantor of dollar fnancing. The article considers measures of federal budget support, defnes the conditions of growth of federal debt of the United States, the influence of the fnancial policy of the FRS on the state of public debt. The author’s position on strengthening the role of the FRS in management of economic processes is substantiated.
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Chuvakhina, Larisa G. "THE IMPACT OF SLOWING ECONOMIC GROWTH ON ITS ENERGY INTENSITY." SCIENTIFIC REVIEW. SERIES 1. ECONOMICS AND LAW, no. 1 (2022): 86–96. http://dx.doi.org/10.26653/2076-4650-2022-1-06.
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The article examines the US budget policy, reveals the reasons for the growth of public debt. It is emphasized that, despite the annual persistence of the budget imbalance and the ever-growing public debt, the US economy is gradually emerging from the crisis caused by COVID19. The impossibility of a default in the United States with a very significant public debt can be explained by the peculiarity of the effective mechanism of the US Federal Reserve for the implementation of monetary policy. The financial regulator can issue dollars at any time by buying government bonds. In other words, the United States has the ability to borrow money and repay it in the national currency. The US economic policy is increasingly influenced by the Fed by changing the volume of the money supply through transactions with Treasury bonds. In recent years, there has been a weakening of interest on the part of foreign investors in the acquisition of US debt securities. The presence on the US debt market of such leading financial players as China, OPEC countries, Russia has decreased. This is largely due to geopolitical factors, the situation on the world oil market, and fluctuations in national exchange rates. It is concluded that the influence of the Fed on the economic processes taking place in the current conditions of the development of the world economy is growing.
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Selmanaj, Dr Sc Selman, Donika Limani, and Pëllumb Reshidi. "A macro analysis of the united states recoverywith a particular focus on public debt." ILIRIA International Review 2, no. 1 (2012): 48. http://dx.doi.org/10.21113/iir.v2i1.162.
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The intention of this paper is to analyze the lingering effects of the 2008 crisis in the United States and the implication they have on the policies undertaken by the Obama administration. A particular focus is given to the debt accumulation and how that relates to the challenges of the long run development of the American economy. The first part of this paper will give a brief overview of some of the elements central to the causes of the crisis, namely the centralization of wealth and its implication for the unsustainable consumption patterns. It will then follow to consider how the previous issues relate to the weak aggregate demand and the expansionary policies used to tackle it. Additionally, an overview of the crisis effect on the already troubled labor market is laid out in the third part. After exploring the interventionist policies used by the US administration in the after-crisis period, we move on to the presing issue of debt and possible scenarios that may arise in case it is not seriously addressed.
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Ari, Ibrahim, and Muammer Koc. "Sustainable Financing for Sustainable Development: Understanding the Interrelations between Public Investment and Sovereign Debt." Sustainability 10, no. 11 (2018): 3901. http://dx.doi.org/10.3390/su10113901.
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This study investigates the causal relationship between public investment and sovereign debt (i.e., external and domestic public debt) with respect to the limits of public-debt sustainability for four countries with the highest GDP (i.e., the United States, China, Japan, Germany) during the period of 2000–2015. In summary, this study establishes quantitative evidence based on empirical findings to support the claim that sovereign debt is harmful to the financing of public infrastructure if it breaches certain thresholds, as proposed in this study, and according to the literature. By this approach, the findings enable us to make recommendations about the need for mobilizing domestic resources and innovating new financial models to promote sustainable development within the limits of sustainable public debt. In short, this paper concludes that performing a project for sustainable development by implementing unsustainable financing models will always end up with unsustainable economic outcomes.
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Park, Chulwoo, and Eric Coles. "The Impact of Student Debt on Career Choices among Doctor of Public Health Graduates in the United States: A Descriptive Analysis." International Journal of Environmental Research and Public Health 19, no. 8 (2022): 4836. http://dx.doi.org/10.3390/ijerph19084836.
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(1) Background: As gaps in the public health workforce grow in the wake of the COVID-19 pandemic, graduates of the schools of public health, especially Doctors of Public Health (DrPH), are poised to offer relief. While there are some known recruitment issues, student debt and debt impact on career choices are understudied. (2) Methods: In the present study, we perform a descriptive analysis of the potential impact of student debt on career choices among DrPH students and alumni in the United States using a cross-sectional national online survey. A total of 203 participants (66: alumni and 137: current students) completed the survey. Descriptive statistics, a chi-squared test of independence, and content analysis were used to analyze the funding situation and its impact on career choices. (3) Results: We found that (1) 72% of current DrPH students have zero funding support for their degree, (2) scholarship opportunities for a DrPH degree are limited, especially when compared to PhD programs, and (3) student debt impacts 59% of DrPH students’ and 29% of DrPH graduates’ career choices (about 49% of all respondents). (4) Conclusions: Student debt and a misunderstanding of DrPH are likely impediments to DrPH graduates participating in the public health workforce.
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Wielechowski, Michał. "General government deficit and public debt in EU member states." Oeconomia Copernicana 2, no. 4 (2011): 29–41. http://dx.doi.org/10.12775/oec.2011.016.
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The aim of this article is the presentation and the attempt to analyse such phenomena as: an excessive general government deficit and public debt in EU Member States over the past 3 years. For the European Union the years 2008-2010 were the time when public finances of most member countries worsened dramatically. The average budget deficit in the EU increased during that period to a value of almost 7% compared to gross domestic product and public debt reached almost 80% of GDP. Referring the numbers to the principles of the budgetary policy in the Treaty on the European Union (the deficit should not exceed 3% in relation to GDP and public debt – 60% of GDP), the observance of budgetary discipline has been significantly violated. In consequence, the excessive deficit procedure has been initiated. in relation to almost all the countries of the EU, Its purpose was to force the member countries to take concrete actions to stabilize public finances. The economic crisis that began in the second half of 2007 in the United States of America which resulted in a significant deterioration of the finances of all the EU member countries might be regarded as the major source of violation of their budgetary discipline. The reactions of most governments TO the harmful effects caused by the financial crisis were to stimulate national economies and stem the decline of domestic demand. The higher level of public expenditures was simultaneously the cause of increased budget deficits,. To develop and present the problem of an excessive budget deficit and public debt in the EU countries some statistical methods were used and the data source statistics were mainly carried out by the European Commission and the European Statistical Office.
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Mason, J. W., and Arjun Jayadev. "“Fisher Dynamics” in US Household Debt, 1929–2011." American Economic Journal: Macroeconomics 6, no. 3 (2014): 214–34. http://dx.doi.org/10.1257/mac.6.3.214.
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The evolution of debt-income ratios over time depends on income growth, inflation, and interest rates, independent of any changes in borrowing. We examine the effect of these “Fisher dynamics” on household debt-income ratios in the United States over the period 1929–2011. Adapting a standard decomposition of public debt to household sector debt, we show that these factors explain, in accounting terms, a large fraction of the changes in household debt-income ratios observed historically. More recently, debt defaults have also been important. Changes in household debt-income ratios over time cannot be straightforwardly interpreted as reflecting shifts in the supply and demand of household credit. (JEL D14, E21, E31, E43, H63, N32)
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Garcia, Manuel Jaen. "The Sustainability of Public Finances in Spain." Applied Economics and Finance 7, no. 6 (2020): 57. http://dx.doi.org/10.11114/aef.v7i6.5054.
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Concern regarding deficits in the public accounts in Europe and the United States has led politicians and researchers to consider sustainability of fiscal policy understood as the fulfillment of the intertemporal budget constraint established by the government which indicates the extent to which accumulated and future debt can be paid for by means of current and future taxes, and also cover standard public expenditures.The present article analyzes the sustainability of the national deficit in Spain for the period 1960-2016 by considering public revenue and spending in both real terms and percentages of gross domestic product using data from diverse Spanish sources. It utilizes the equations formulated by Quintos and adapts them when using variables as percentages of gross domestic product. This work concludes that Spanish debt is barely sustainable, which implies the need to instate fiscal reforms or, at least, make an effort towards consolidation.This result is accord with the situation of Spanish debt and deficit in the period after the crisis of 2008.
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Bhattacharjee, Subhomoy, and Dakshita Das. "Trends in Public Debt in India: Lessons from Greek Crisis?" Journal of Development Policy and Practice 2, no. 1 (2017): 96–109. http://dx.doi.org/10.1177/2455133316676418.
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There is not much new in the divide in economic literature between fiscal and monetary policy; what is new post-2008 is the emergence of the role of money supply and that of public debt to prominence as the instrument of choice for central banks and the government treasury. To a large degree, money supply and public debt now eclipsed the central role variables such as tax and interest rates had played in the setting of economic policies in countries both developed and developing. While literature is evaluating how the change in the role of these stock parameters to that of policy variables will play out, this article takes up the more mundane task of examining only one of them, which is public debt in the context of India. We believe that there is a key reason to do so. The Indian government has not used public debt as an active policy tool, so far, even as several countries have begun to do so ( Mohanty, 2012 ). Instead, it has held on to a general desideratum of the need to reduce it; borne out of the scare of the balance of payments crisis of 1991. But 25 years after the crisis, it is important to examine if there is a conscious understanding within the government for the need to measure and deploy public debt especially as the room for active deployment of other fiscal tools, namely taxation is circumscribed. By FY14 India’s public debt (centre and states combined), as percentage of GDP, stood at 66.7 per cent; it was 70.6 per cent in FY09. For the sake of comparison, the world’s most indebted countries include Greece, of course, with its general government net debt at 173 per cent of its GDP. Others in the top 20 include Italy, Egypt, Portugal, Spain, France, the United Kingdom, Japan and the United States of America. By current estimates, India does not rank amongst the most indebted countries of the world. But is the position, one of strength or of a passive arrival that offers little or no policy direction to the government? Moreover, this article also argues that in the absence of such direction, there has been a build-up of debt in the economy instead of a reduction. Most of that build-up has been sought to be balanced by recourse to non-tax revenue. As fresh options to tap non-tax revenue dry up, public debt could emerge as the new pressure point for the economy.
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Cravens, L. Daniel. "Marketing’s Debt to World War I." International Journal of Business & Management Studies 05, no. 02 (2024): 64–78. http://dx.doi.org/10.56734/ijbms.v5n2a8.
Texte intégralRésumé :
World War I was a global conflict produced blood filled trenches, battlefields of dead, and mangled soldiers. Some may feel that this war has little to do with the field of marketing. However, marketing played a key role in the war. Despite the important role of marketing in the war, scholars have not fully explored the impact of promotion and propaganda on the war effort. Marketing efforts related to World War I may not have had the impact as the millions of soldiers who took active part in the conflict. It did however play an important role in the filling the ranks of the armed forces of the nations involved in the war. The United States, and other nations, during the war developed increasingly more sophisticated marketing, public relations, and propaganda campaigns in order to culturally mobilize the home front, and to recruit additional fresh troops into the conflict in those nations which did not engage in conscription. Efforts to market World War I helped develop marketing tactics used today to brand and publicize products and services. A key figure in the efforts to market World War I to the American public was George Creel. Creel was the head of the Committee on Public Information. Creel was a successful promoter and champion of many of the reform causes of the early part of the 20th Century. Creel’s marketing efforts impact on America’s role in World War I was indeed significant. The topic of this paper is the impact of World War I on the development of marketing related tools and techniques. Many of the techniques and tools developed during the Great War are still used today to sell products, in the United States and in the rest of the world presently. Much of this paper will focus on the efforts of George Creel and the Committee on Public Information efforts to promote World War I, and how this organization impacted the development of marketing during its short existence.
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Vasiliev, V. S. "Federal debt pyramid and record budget deficits as a threat to national security of the USA." Mezhdunarodnaja jekonomika (The World Economics), no. 11 (November 18, 2022): 804–18. http://dx.doi.org/10.33920/vne-04-2211-04.
Texte intégralRésumé :
The article analyzes the transformation of the problem of federal debt and budget defi cits in the United States from a sphere that has a purely economic dimension to the most acute task of ensuring the US national security. It is emphasized that the main demarcation line that predetermined the distinction between the purely economic dimension of the problem of debts and defi cits and national economic security was the ratio of federal debt to GDP, equal to 119 %, recorded in the mid-1940s after the end of World War II. This indicator was considered a benchmark for the historical strength and stability of the entire US federal fi nance system. Before the start of the fi nancial and economic crisis of 2020–2021, provoked by COVID-19 pandemic, the United States believed that they had about 10–15 years during which they could solve the problem of debts and defi cits relatively painlessly, but already in 2020 as a result "Super-aggressive" fi scal policy aimed at keeping the American economy afl oat, the United States has come close to the debt-to-GDP ratio of 130 %. Forecasts by federal government offi cials indicate that the debtto- GDP ratio will not fall below this level over the next 30 years, leaving the federal fi nance system highly vulnerable to shocks and economic blows that could potentially lead to a sudden collapse of the accumulated debt pyramid. The rapid transformation of the situation with debts and defi cits into the most acute problem of national economic security has already led to an almost complete paralysis of fiscal policy, which, in the context of the recession of 2022, turned out to be almost completely devoid of a countercyclical orientation. In addition, the US Federal Reserve took the path of using inflation to reduce the debt burden on the US economy, which predetermined the formation of a "toxic" inflationary environment both in the US and in the global economy in the near foreseeable future. The debt trap that the United States fell into at the beginning of the third decade of the 21st century predetermined the extremely aggressive forms of US behavior in the system of international economic relations, including the unleashing of economic wars, with the ultimate goal of demonstrating to the world community that the United States will never, under any circumstances, pay off their accumulated public debt, as well as the debts of other sectors of the US economy.
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Aguzarova, Larisa A., and Batraz O. Cheldiev. "The Impact of Government Debt Obligations on the Financial Stability of Russia and Individual European Countries." Vestnik of North Ossetian State University, no. 2 (June 25, 2024): 109–16. http://dx.doi.org/10.29025/1994-7720-2024-2-109-116.
Texte intégralRésumé :
The article is devoted to the impact of government debt obligations on the financial stability of the country and to the analysis of methods for effectively reducing the debt burden on the budget of Russia and a number of European countries. The subject of the study is the public debt of Russia and individual European countries. Studying methods for effectively managing state debt obligations allows us to identify good practices both in Russia and in European countries. When writing this article, the analytical method, graphical analysis, comparison and generalization were used. The financial stability of the state is achieved through effective management of public debt in accordance with the needs of financing the state budget at an acceptable level of expenditure in the medium and long term and while limiting the risks involved. The reasons for the increase in the volume of government debt obligations of the budget may be declining business activity and, as a consequence, a decrease in budget revenues, an increase in budget expenditures, including in the context of overcoming the crisis, as well as the need to pay off the primary deficit. Methods have been formulated to effectively reduce the debt burden on the budget of Russia and a number of European countries by reducing risks, strict control, and introducing measures to restructure public debt. The growth of public debt is an important indicator of a country’s economy. United Nations experts predict a significant economic slowdown in developed countries, as well as an uncertain economic outlook in developing countries. Rapid interest rate increases by central banks in major developed countries, most notably in the United States of America, to suppress inflation have led to capital outflows and currency depreciation in developing countries, making it more difficult for them to access imports and increasing external debt payments.
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Misztal, Piotr. "Public Debt and Economic Growth in the European Union. Empirical Investigation." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 18 (January 5, 2021): 199–208. http://dx.doi.org/10.37394/23207.2021.18.21.
Texte intégralRésumé :
The relatively high sizes of public debts in many of the world's member states have led to frequentdebates concerning the influence of public debt on economic growth. Analyzing economic literature it can beseen, that theoretical and empirical considerations on this topic are divided into three main parties. The firstpart of analyzes is the work of the Keynesians, which emphasizes that the budget deficit as well as the publicdebt positively affects the economic development of the country, mainly through the impact of the budgetexpenditure multiplier. The opposite view on budget deficits and public debt is represented by the neoclassicalschool, who argue that the budget deficit and public debt can have negative impact on economic growth.Conversely, proponents of the Ricardian equivalence concept believe that budget deficits and public debt areneutral for economic growth. These three mentioned above approaches to the budget deficit and public debtproblem have led to many debates at home and abroad about the importance of budget deficit and public debt inthe process of economic growth and economic development of the country. The main objective of the study isto determine the impact of the foreign debt and home debt on economic activity of the country, based on theexample of the 27 member countries of the European Union (without United Kingdom) in the period 2006-2017. The statistics came from the European Statistical Office (Eurostat) and International Monetary Funddatabase (World Economic Outlook).
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Kenworthy, Nora, and Mark Igra. "Medical Crowdfunding and Disparities in Health Care Access in the United States, 2016‒2020." American Journal of Public Health 112, no. 3 (2022): 491–98. http://dx.doi.org/10.2105/ajph.2021.306617.
Texte intégralRésumé :
Objectives. To assess whether medical crowdfunding use and outcomes are aligned with health financing needs in the United States. Methods. We collected data on 437 596 US medical GoFundMe campaigns between 2016 and 2020. In addition to summarizing trends in campaign initiation and earnings, we used state- and county-level data to assess whether crowdfunding usage and earnings were higher in areas with greater medical debt, uninsured populations, and poverty. Results. Campaigns raised more than $2 billion from 21.7 million donations between 2016 and 2020. Returns were highly unequal, and success was low, especially in 2020: only 12% of campaigns met their goals, and 16% received no donations at all. Campaigns in 2020 raised substantially less money in areas with more medical debt, higher uninsurance rates, and lower incomes. Conclusions. Despite its popularity and portrayals as an ad-hoc safety net, medical crowdfunding is misaligned with key indicators of health financing needs in the United States. It is best positioned to help in populations that need it the least. (Am J Public Health. 2022;112(3):491–498. https://doi.org/10.2105/AJPH.2021.306617 )
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Ehart, Charles W., and Donald A. Forrer. "Evolution Of Direct Shipping Of Wine In The United States -- Economic, Legal And Political Considerations." Journal of Business & Economics Research (JBER) 10, no. 4 (2012): 243. http://dx.doi.org/10.19030/jber.v10i4.6900.
Texte intégralRésumé :
The study examines the effort of wine producers and others in the United States to permit direct shipping of wine to consumers bypassing the traditional three-tier system, where product typically flows from the supplier, to the wholesaler, to the retailer, and ultimately the consumer. The case study places an emphasis on the economic, legal and political issues that have been faced by state legislatures when considering proposals to permit direct shipping. The analysis will discuss the history and evolution of public policies and state laws in the past three decades and will focus on the Maryland experience.
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Hormel, Leontina, and Lynn M. McAlister. "“These Are the Choices We’ve Made”." Humanity & Society 41, no. 3 (2016): 313–32. http://dx.doi.org/10.1177/0160597616639623.
Texte intégralRésumé :
This study uses surveys and in-depth interviews to explore professors’ student loan debt experiences at a university in the Northwest United States, focusing attention on their perceptions of fellow colleagues’ experiences. Having been long-term students in higher education themselves, professors’ student loan debt has increased with the trend toward privatization and corporatization of higher education over the last several decades. Interviews reveal professors’ tendency to disassociate their colleagues’ student loan debt experiences from the public issue of rising higher education costs. We find that a university culture imbued with market ethos shapes their explanations for professors’ student loan debt, rationalizing debt as a result of poor spending habits or career choices. These explanations detract from the public issue of rising education costs being shouldered increasingly by students and their families, which we contend will result in excluding minority groups’ access to the profession and limiting diversity in higher education and research.
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Aksenov, P. A. "TRUMP’S TAX REFORM AND AMERICAN BUSINESS." International Trade and Trade Policy, no. 2 (July 6, 2018): 91–103. http://dx.doi.org/10.21686/2410-7395-2018-2-91-103.
Texte intégralRésumé :
The key aim of the Trump’s large-scale tax reform is to stimulate economic growth by lowering tax rates and providing tax deductions. The article examines the impact of the Tax Cuts and Jobs Act on American business and macroeconomic indicators. Reduced tax rates create significant advantages for companies doing business in the United States. Companies, primarily small businesses, expected to use additional cash for capital investments and development. Lowering tax rates will attract large corporations to invest in opening new facilities in the United States. The author analyzed the expert assessments and US GDP growth forecasts in the current and alternative scenario, as well as the impact of the Act on the growth of budget expenditures. Reform requires significant expenses and will cause budget deficit and public debt growth in the coming years, which can completely neutralize the positive effects at the micro level in the long term. However, tax incentives trigger market growth mechanisms in the economy, which helps to make the problem of growing public debt manageable and to overcome cyclical economic crises with less losses.
39
Jovanovski, MSc Vlatko, MSc Gabriela Suteva, MSc Verica A. Jovanovska, and MSc Todor Cekerovski. "A macro analysis of the united states recovery with a particular focus on public debt." ILIRIA International Review 2, no. 1 (2012): 103. http://dx.doi.org/10.21113/iir.v2i1.165.
Texte intégralRésumé :
Given the fact that after global economic crisis the enterprises still feels the consequences, best for them is to transforms organization structure in order to adapt to new conditions at domestic and the international market.Scientific paper gives special emphasis to the development of new market strategies supported by information technology infrastructure, highlighting the function of information technologies as a key driver of competitive strength of enterprises participating in international trade and its impact on organizational adaptation and the demands of international market.
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Doroudi, Maryam, Diarmuid Coughlan, Matthew P. Banegas, and K. Robin Yabroff. "Is cancer history associated with asset ownership, debt, and net worth in the United States?" Journal of Clinical Oncology 35, no. 15_suppl (2017): e18085-e18085. http://dx.doi.org/10.1200/jco.2017.35.15_suppl.e18085.
Texte intégralRésumé :
e18085 Background: Financial hardships experienced by cancer survivors in the United States have become significant social and public health issues. Few studies have assessed the underlying financial holdings, including ownership and values of assets and debts, of individuals following a cancer diagnosis. This study assessed the association between a cancer history and asset ownership, debt, and net worth. Methods: We identified 1,603 cancer survivors and 34,915 individuals without a history of cancer aged 18-64 from the nationally representative Medical Expenditure Panel Survey (MEPS) Household Component and Asset sections (years 2008-2011). Descriptive statistics were used to assess demographic characteristics, cancer history, asset ownership, debt, and net worth by cancer history. Regression analysis was conducted to assess the association between cancer history and net worth, stratified by age group (18-34, 35-44, 45-54, and 55-64 years) to reflect stages of the life-course. Results: Asset ownership was least common for cancer survivors and individuals without a cancer history in the 18-34 age group and most common in the 55-64 age group. Cancers survivors aged 45-54 had a lower proportion of home ownership than individuals without a cancer history (59% vs 67%; p = 0.001). Nearly 20% of all respondents reported at least some debt. The proportion of cancer survivors with debt was higher than individuals without a history of cancer, especially in the 18-34 age group (41% vs 27%; p < 0.001), although it did not vary by age group. When asset and debt values were combined to assess net worth, cancer survivors aged 45-54 were significantly more likely to have a negative net worth and significantly less likely to have a positive net worth than those individuals without a history of cancer in fully adjusted models. Findings on net worth were similar in the 18-34 age group, although only statistically significant in unadjusted and partially adjusted models. Conclusions: We found that cancer history is associated with asset ownership, debt, and net worth, especially in those aged 45-54 years. Longitudinal studies to assess patterns of financial holdings throughout the cancer experience are warranted.
41
Passaretti, C. L., P. Barclay, P. Pronovost, and T. M. Perl. "Public Reporting of Health Care–Associated Infections (HAIs): Approach to Choosing HAI Measures." Infection Control & Hospital Epidemiology 32, no. 8 (2011): 768–74. http://dx.doi.org/10.1086/660873.
Texte intégralRésumé :
Objective.To develop a method for selecting health care–associated infection (HAI) measures for public reporting.Context.HAIs are common, serious, and costly adverse outcomes of medical care that affect 2 million people in the United States annually. Thirty-seven states have introduced or passed legislation requiring public reporting of HAI measures. State legislation varies widely regarding which HAIs to report, how the data are collected and reported, and public availability of results.Design.The Maryland Health Care Commission developed an HAI Technical Advisory Committee (TAC) that consisted of a group of experts in the field of healthcare epidemiology, infection prevention and control (IPC), and public health. This group reviewed public reporting systems in other states, surveyed Maryland hospitals to determine the current state of IPC programs, performed a literature review on HAI measures, and developed six criteria for ranking the measures: impact, unprovability, inclusiveness, frequency, functionality, and feasibility. The committee and experts in the field then ranked each of 18 proposed HAI measures. A composite score was determined for each measure.Results.Among outcome measures, the rate of central line–associated bloodstream infections ranked highest, followed by the rate of post–coronary artery bypass grafting surgical-site infections. Among process measures, perioperative antimicrobial prophylaxis, compliance with central-line bundles, compliance with hand hygiene, and healthcare-worker influenza vaccination ranked highest.Conclusions.Our qualitative criteria facilitated consensus on the HAI TAC and provided a useful framework for public reporting of HAI measures. Validation will be important for such approaches to be supported by the scientific community.
42
Barrett, Tristam. "“Your debts are our problem”." Focaal 2020, no. 87 (2020): 1–15. http://dx.doi.org/10.3167/fcl.2020.012801.
Texte intégralRésumé :
AbstractUnlike in other countries with debt-saddled populations, the issue of consumer debt has been weakly politicized in Azerbaijan. There have been no social movements of the kind that occurred around the financial crises in the United States, the European periphery, or even in Ukraine's post-revolution attempt at a “financial Maidan.” The lack of a public politics of debt left banks to act as predators, using a weak court system to intimidate people and obtain repayment of debts. Yet the constraints to the public sphere within which a contentious politics might unfold does not mean no such politicization exists. Using the example of Antikollektor, a successful anti-debt-collection agency in Baku, this article demonstrates the usefulness of building an understanding of civil society outside of the reductivist frames that shape recent debates over the authoritarian backlash against foreign-funded organized civil society in the former Eastern Bloc.
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Buckelew Cumming, Anne, Michael Galvin, Robert Rabaglia, Jonathan Cumming, and Daniel Twardus. "Forest Health Monitoring Protocol Applied to Roadside Trees in Maryland." Arboriculture & Urban Forestry 27, no. 3 (2001): 126–38. http://dx.doi.org/10.48044/jauf.2001.015.
Texte intégralRésumé :
The Maryland Roadside Tree Law places trees in all public road rights-of-way in the State of Maryland, U.S., under the jurisdiction of the Maryland Department of Natural Resources-Forest Service. Passed in 1914, this law is one of the oldest tree conservation laws in the United States. However, little statistical data have ever been generated related to Maryland's roadside trees. This paper provides a methodology for assessing the condition of roadside trees by combining GIS tools, rights-of-way definitions, and components of a national forest health monitoring program. The assessment of roadside trees was carried out in six of Maryland's most urbanized jurisdictions. Results indicate that 14% of Maryland's roadsides are tree lined and that the trees are in good health based on crown and damage indicators collected. Shannon-Weaver index and importance values were calculated to describe species diversity. Views on the efficacy of the law in protecting roadside trees in light of the findings, and the findings themselves, are discussed.
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Montgomerie, Johnna. "Giving Credit where it's Due: Public Policy and Household Debt in the United States, the United Kingdom and Canada." Policy and Society 25, no. 3 (2006): 109–41. http://dx.doi.org/10.1016/s1449-4035(06)70085-6.
Texte intégral
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Graeber, David. "Value, politics and democracy in the United States." Current Sociology 59, no. 2 (2011): 186–99. http://dx.doi.org/10.1177/0011392110391151.
Texte intégralRésumé :
This article examines the role of values in the political discourse of the last decade in the US. It embarks from what many observers had described as a puzzle: the fact that significant parts of the American working class voted against their economic interests but in line with what they perceived to be their values. As a result, a president had been re-elected who cut taxes for the rich while waging an expensive war in Iraq and increasing public debt to historically unprecedented levels. It is argued that large sectors of the white American working class were disappointed with liberal politicians because they associated them with a cultural elite that occupied positions in society that allowed them to pursue careers of intrinsic value in the arts, science, or politics but which were largely closed to the working class. It is thus suggested that the ‘culture wars’ in the US are better interpreted as a struggle over access to the means to behave altruistically. The article rejects the widespread assumption that individuals are narrowly conceived economic self-interest maximizers. Rather, it suggests that human fulfilment can be related to the satisfaction derived from working for the common good.
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Beck, Angela J., Jonathon P. Leider, Heather Krasna, and Beth A. Resnick. "Monetary and Nonmonetary Costs and Benefits of a Public Health Master’s Degree in the 21st Century." American Journal of Public Health 110, no. 7 (2020): 978–85. http://dx.doi.org/10.2105/ajph.2020.305648.
Texte intégralRésumé :
As postsecondary tuition and debt levels continue to rise, the value proposition of higher education has been increasingly called into question by the popular media and the general public. Recent data from the National Center for Education Statistics now show early career earnings and debt, by program, for thousands of institutions across the United States. This comes at an inflection point for public health education—master’s degrees have seen 20 years of growth, but forecasts now call for, at best, stagnation. Forces inside and outside the field of public health are shifting supply and demand for public health master’s degrees. We discuss these forces and identify potential monetary and nonmonetary costs and benefits of these degrees. Overall, we found a net benefit in career outcomes associated with a public health master’s degree, although it is clear that some other master’s degrees likely offer greater lifetime earning potentials or lower lifetime debt associated with degree attainment. We outline the issues academic public health must engage in to successfully attract and train the next generation of public health graduates.
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Galutskykh, Nataliia А., Iryna L. Didorchuk, Yelyzaveta L. Koshkarova, Olena А. Shuba, and Alina V. Takhtaulova. "The Current State of the U.S. Foreign Debt." Business Inform 8, no. 547 (2023): 43–53. http://dx.doi.org/10.32983/2222-4459-2023-8-43-53.
Texte intégralRésumé :
In recent decades, the world economy is characterized by a constant increase in external debt of almost all countries of the world (the only exceptions are those countries to which investors and creditors have no confidence), which exacerbates the problem of world debt and the interdependence of creditor countries and debtor countries. The article is aimed at analyzing the current state of foreign debt of the United States as a country that still has an impeccable credit history and high credit ratings, and at the same time in many publications is considered as a potential threat to the whole world in case of default. During the studied period (70 years), the U.S. external debt has been constantly growing, and the trend analysis conducted in the work indicates that this growth will continue in the medium term. The U.S. foreign debt in absolute terms is the largest in the world, having almost doubled over the past 10 years. At the same time, among the countries that have the highest ratio of total public debt to GDP, the United States ranks only fifth, because the USA have the largest GDP in the world. Among the main reasons for such a significant public debt, analysts point out the world’s largest military budget, significant tax cuts in recent years and significant costs to overcome the consequences of COVID-19. Due to the high level of GDP, high credit ratings and the status of a reserve currency in the U.S. dollar, the U.S. government securities are attractive to investors. Central banks of other countries, pension, insurance and investment funds still have a sufficient level of confidence in the United States and invest financial resources in debt securities of the U.S. government. The prospects for the U.S. foreign debt depend on the ability of the Federal Reserve System (FRS) to find solutions to domestic problems, among which the most acute are rising inflation and reducing household spending. A U.S. default is considered extremely unlikely, but in case of its announcement, it would have serious consequences for the global economy, creating uncertainty not only for the U.S. economy, but also for global financial stability. A default on the U.S. external obligations would result in a downgrade of the U.S. credit rating, which would cause significant volatility in the global stock market, a drop in stock indices and an increase in the cost of borrowing, which, in turn, would significantly reduce the ability of businesses and households to obtain loans. The fall of the U.S. dollar, which will result from the announced default, will cause commodity prices, including oil, to rise, leading to higher inflation globally. There will also be problems with supply chains in international trade.
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Schoch-Spana, Monica, Emily K. Brunson, Howard Gwon, Alan Regenberg, Eric S. Toner, and Elizabeth L. Daugherty-Biddison. "Influence of Community and Culture in the Ethical Allocation of Scarce Medical Resources in a Pandemic Situation: Deliberative Democracy Study." Journal of Participatory Medicine 12, no. 1 (2020): e18272. http://dx.doi.org/10.2196/18272.
Texte intégralRésumé :
Background Stark gaps exist between projected health needs in a pandemic situation and the current capacity of health care and medical countermeasure systems. Existing pandemic ethics discussions have advocated to engage the public in scarcity dilemmas and attend the local contexts and cultural perspectives that shape responses to a global health threat. This public engagement study thus considers the role of community and culture in the ethical apportionment of scarce health resources, specifically ventilators, during an influenza pandemic. It builds upon a previous exploration of the values and preferences of Maryland residents regarding how a finite supply of mechanical ventilators ought to be allocated during a severe global outbreak of influenza. An important finding of this earlier research was that local history and place within the state engendered different ways of thinking about scarcity. Objective Given the intrastate variation in the themes expressed by Maryland participants, the project team sought to examine interstate differences by implementing the same protocol elsewhere to answer the following questions. Does variation in ethical frames of reference exist within different regions of the United States? What practical implications does evidence of sameness and difference possess for pandemic planners and policymakers at local and national levels? Methods Research using the same deliberative democracy process from the Maryland study was conducted in Central Texas in March 2018 among 30 diverse participants, half of whom identified as Hispanic or Latino. Deliberative democracy provides a moderated process through which community members can learn facts about a public policy matter from experts and explore their own and others’ views. Results Participants proposed that by evenly distributing supplies of ventilators and applying clear eligibility criteria consistently, health authorities could enable fair allocation of scarce lifesaving equipment. The strong identification, attachment, and obligation of persons toward their nuclear and extended families emerged as a distinctive regional and ethnic core value that has practical implications for the substance, administration, and communication of allocation frameworks. Conclusions Maryland and Central Texas residents expressed a common, overriding concern about the fairness of allocation decisions. Central Texas deliberants, however, more readily expounded upon family as a central consideration. In Central Texas, family is a principal, culturally inflected lens through which life and death matters are often viewed. Conveners of other pandemic-related public engagement exercises in the United States have advocated the benefits of transparency and inclusivity in developing an ethical allocation framework; this study demonstrates cultural competence as a further advantage.
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Douglas, James W., and Ringa Raudla. "What Is the Remedy for State and Local Fiscal Squeeze During the COVID-19 Recession? More Debt, and That Is Okay." American Review of Public Administration 50, no. 6-7 (2020): 584–89. http://dx.doi.org/10.1177/0275074020941717.
Texte intégralRésumé :
The COVID-19 crisis is placing a tremendous fiscal squeeze on state and local governments in the United States. We argue that the federal government should increase its deficit to fill in the fiscal gap. In the absence of sufficient federal assistance, we recommend that states suspend their balanced budget rules and norms and run deficits in their operating budgets to maintain services and meet additional obligations due to the pandemic. A comparison with Eurozone countries shows that states have more than enough debt capacity to run short-term deficits to respond to the crisis.
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Flores-Macías, Gustavo A., and Sarah E. Kreps. "Borrowing Support for War: The Effect of War Finance on Public Attitudes toward Conflict." Journal of Conflict Resolution 61, no. 5 (2015): 997–1020. http://dx.doi.org/10.1177/0022002715600762.
Texte intégralRésumé :
How does the way states finance wars affect public support for conflict? Most existing research has focused on costs as casualties rather than financial burdens, and arguments that do speak to the cost in treasure either minimize potential differences between the two main forms of war finance—debt and taxes—or imply that war taxes do not dent support for war among a populace rallying around the fiscal flag. Using original experiments conducted in the United States and the United Kingdom, we evaluate the relationship between war finance and support for war. We find that how states finance wars has an important effect on support for war and that the gap in support resulting from different modes of war finance holds across the main democracies engaging in conflict, regardless of the type of war or individuals’ party identification. The findings have important implications for theories of democratic accountability in wartime and the conduct of conflict, since borrowing shields the public from the direct costs of war and in turn reduces opposition to it, giving leaders greater latitude in how they carry out war.