Political time is counted not in years, but in issues—the Depression defined the political era of the 1930s just as the Cold War did the 1950s and civil rights the 1960s. In the 1980s, the federal budget loomed as the dominant issue by which all others were considered and has become a concern that catalyzes debate in our nation's capital. In this definitive work, Joseph White and Aaron Wildavsky describe and analyze the struggles over taxing and spending from Carter's last year through the Reagan administration. The battle of the budget is largely about defining the role of the government and its relationship to the people. It involves congressional horse-trading, partisan posturing, and technical tricks that affect billions of dollars. It is also a story of politicians operating within constraints set by both public opinion and political interpretation of economic reality. Though budgeting has always been important, its impact on the national agenda has grown dramatically. Based on documentary sources and extensive interviews with participants, The Deficit and the Public Interest explains how budgeting works so the reader can see what is at stake in seemingly arcane disputes. It also explains the relationship of the budget to the media as well as to party and policy activists and explores the ways in which the deficit represents a crisis of confidence in our institutions, preeminently Congress and the presidency. Along the way, it provides a uniquely comprehensive account of the entire budget problem, exploring Gramm-Rudman, tax reform, and the continuing political gridlock. The authors demonstrate that institutions have performed better than their members and critics believe, and they contend that extreme solutions to the deficit would likely be much worse than the original problems. Redefining the problem as one of reducing interest costs so the deficit becomes manageable, they proffer political advice on how to make this approach politically acceptable, both at home and abroad. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1989.

Do deficits matter? Yes and no, says Daniel Shaviro in this political and economic study. Yes, because fiscal policy affects generational distribution, national saving, and the level of government spending. And no, because the deficit is an inaccurate measure with little economic content. This book provides an invaluable guide for anyone wanting to know exactly what is at stake for Americans in this ongoing debate. "[An] excellent, comprehensive, and illuminating book. Its analysis, deftly integrating considerations of economics, law, politics, and philosophy, brings the issues of 'balanced budgets,' national saving, and intergenerational equity out of the area of religious crusades and into an arena of reason. . . . A magnificent, judicious, and balanced treatment. It should be read and studied not just by specialists in fiscal policy but by all those in the economic and political community."—Robert Eisner, Journal of Economic Literature "Shaviro's history, economics, and political analysis are right on the mark. For all readers."—Library Journal

A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

America's latest war, according to renowned social critic Henry Giroux, is a war on youth. While this may seem counterintuitive in our youth-obsessed culture, Giroux lays bare the grim reality of how our educational, social, and economic institutions continually fail young people. Their systemic failure is the result of what Giroux identifies as ""four fundamentalisms"": market deregulation, patriotic and religious fervor, the instrumentalization of education, and the militarization of society. We see the consequences most plainly in the decaying education system: schools are increasingly desi.

Discussions and conversations about the U.S. federal budget are commonplace, filling living rooms, coffee shops, and talk radio. "Red Ink" offers an insightful, non-partisan explanation of the budget as a political document. The book examines the budget as well as discussing the current structure of the federal government.