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What would Washington, Jefferson, Madison, Lincoln, the Roosevelts, Truman, and Eisenhower have done about today's federal debt crisis? America's Fiscal Constitution tells the remarkable story of fiscal heroes who imposed clear limits on the use of federal debt, limits that for two centuries were part of an unwritten constitution. Those national leaders borrowed only for extraordinary purposes and relied on well-defined budget practices to balance federal spending and revenues. That traditional fiscal constitution collapsed in 2001. Afterward--for the first time in history--federal elected officials cut taxes during war, funded permanent new programs entirely with debt, grew dependent on foreign creditors, and claimed that the economy could not thrive without routine federal borrowing. For most of the nation's history, conservatives fought to restrain the growth of government by insisting that new programs be paid for with taxation, while progressives sought to preserve opportunities for people on the way up by balancing budgets. Virtually all mainstream politicians recognized that excessive debt could jeopardize private investment and national independence. With original scholarship and the benefit of experience in finance and public service, Bill White dispels common budget myths and distills practical lessons from the nation's five previous spikes in debt. America's Fiscal Constitution offers an objective and hopeful guide for people trying to make sense of the nation's current, most severe, debt crisis and its impact on their lives and our future.
1. The American Fiscal Tradition; PART I: A NEW NATION AND DEMOCRATIC PARTY LIMIT FEDERAL DEBT: 1789-1853; 2. Debt Gives Rise to a New Nation and Political Party; 3. Jefferson's Party Defines the Limits on Debt; 4. A Revived Democratic Party Pays Off the Debt; PART II: THE TRADITION SUSTAINS A GROWING NATION AND THE REPUBLICAN PARTY: 1854-1900; 5. Republicans Embrace the Tradition; 6. Borrowing and Taxing to Restore the Union; 7. Shrinking Debt and Drifting Parties; PART III: PROGRESSIVE REFORMERS EMBRACE THE TRADITION: 1901-1940
8. Reformers Redefine the Parties and the Government; 9. Financing a World War and Paying Down Debt; 10. Debt During the Great Depression; PART IV: CONTAINING THE BURDEN OF WORLD WAR II DEBT WHILE INCREASING COMMITMENTS: 1941-1976; 11. War and Taxes; 12. Containing Debt While Funding Defense, Pensions, and Highways; 13. Medical Needs, War, and Recession; PART V: THE EROSION, REVIVAL, AND COLLAPSE OF THE TRADITION: 1977-2013; 14. Structural Deficit: Pressures for Tax Cuts and a Revived Cold War; 15. The Tradition Survives, Though Its Pillars Erode; 16. Traditionalists Battle Back
17. The Tradition Collapses; 18. The Great Recession and Budget Stalemate; PART VI: RESTORING THE TRADITION; 19. Reviving Traditional Budget Practices; 20. Balancing the National Security Budget; 21. Paying for Medical Care; 22. Growth, Taxes, and the Federal Reserve; 23. Reforming the Political Parties; Acknowledgments; Notes; Bibliography; APPENDICES; A. US Treasury Debt, 1790-2013; B. Unmonetized Debt Compared to National Income and Tax Revenues, 1790-2012; C. Federal Funds Revenues, Outlays, and Surplus/Deficit, 1789-2013; D. Foreign Holdings of US Debt, 1976-2011
E. US State and Local Debt, 1970-2009; F. Trade Balances, 1790-2010; G. Corporate Income Tax: Effective Rates and Share of National Income, 1960-2009; H. Personal Income Tax: Effective Rates and Share of National Income, 1950-2010; Index; About the Author
Federal government -- United States -- History
America's Fiscal Constitution : Its Triumph and Collapse