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Mr. Martin Mühleisen

Abstract

U.S. government finances have experienced a remarkable turnaround in recent years. Within only a few years, hard-won gains of the previous decade have been lost and, instead of budget surpluses, deficits are again projected as far as the eye can see. The deterioration has not been restricted to the federal budget but has also taken place at the state and local government levels. As a result, the U.S. general government deficit is now among the highest in the industrialized world, and public debt levels are approaching those in other major industrial countries (Figure 1.1).

Mühleisen Martin

Abstract

U.S. government finances have experienced a remarkable turnaround in recent years. Within only a few years, hard-won gains of the previous decade have been lost and, instead of budget surpluses, deficits are again projected as far as the eye can see. The deterioration has not been restricted to the federal budget but has also taken place at the state and local government levels. As a result, the U.S. general government deficit is now among the highest in the industrialized world, and public debt levels are approaching those in other major industrial countries (Figure 1.1).

Cardarelli Roberto and Kose Ayhan

Abstract

The U.S. fiscal position has deteriorated significantly in recent years. In 2000, the Congressional Budget Office (CBO) projected surpluses in the range of 3 percent of GDP for the next 10 years and for the federal debt to be nearly paid down by 2010. Since then, partly because of the economic downturn, but also reflecting policy initiatives to boost spending and cut taxes, the budgetary balance has swung into substantial deficit. The fiscal deficit seems likely to reach over 4 percent of GDP in FY2004 and to remain significant well into the future.

Mr. Roberto Cardarelli and Mr. Ayhan Kose

Abstract

The U.S. fiscal position has deteriorated significantly in recent years. In 2000, the Congressional Budget Office (CBO) projected surpluses in the range of 3 percent of GDP for the next 10 years and for the federal debt to be nearly paid down by 2010. Since then, partly because of the economic downturn, but also reflecting policy initiatives to boost spending and cut taxes, the budgetary balance has swung into substantial deficit. The fiscal deficit seems likely to reach over 4 percent of GDP in FY2004 and to remain significant well into the future.

Mr. Christopher M Towe

Abstract

The reemergence of large U.S. budget deficits in recent years has heightened concern about the implications of demographic trends for the longer-term fiscal position.1 In particular, with the tax cuts enacted in 2001 and 2003, and the higher levels of spending that have been introduced, substantial budget shortfalls are projected over the coming decade. With federal debt now rising as a share of GDP, the fiscal position seems to be considerably less well prepared to cope with the impending retirement of the baby boom generation, especially in view of the substantial actuarial deficits facing the Social Security and Medicare systems. In this section we describe the long-term fiscal challenges that result from these trends and briefly discuss recent Social Security and Medicare reform proposals.

De Masi Paula, Ivaschenko Iryna, and Towe Christopher

Abstract

The reemergence of large U.S. budget deficits in recent years has heightened concern about the implications of demographic trends for the longer-term fiscal position.1 In particular, with the tax cuts enacted in 2001 and 2003, and the higher levels of spending that have been introduced, substantial budget shortfalls are projected over the coming decade. With federal debt now rising as a share of GDP, the fiscal position seems to be considerably less well prepared to cope with the impending retirement of the baby boom generation, especially in view of the substantial actuarial deficits facing the Social Security and Medicare systems. In this section we describe the long-term fiscal challenges that result from these trends and briefly discuss recent Social Security and Medicare reform proposals.

International Monetary Fund. African Dept.
This Selected Issues paper analyzes mobilization of tax revenues in Nigeria. Low non-oil revenue mobilization is affecting the government’s objectives to expand growth-enhancing expenditure priorities, foster higher growth, and comply with its fiscal rule which limits the federal government deficit to no more than 3 percent of GDP. There is significant revenue potential from structural tax measures. A broad-based and comprehensive tax reform program is needed in the short and medium term to address these objectives and generate sustainable revenue growth by broadening the bases of income and consumption taxes, closing loopholes and leakage created by corporate tax holidays and the widespread use of other associated tax expenditures, as well as creating incentives for the subnational tiers of government to raise their own source revenues.
International Monetary Fund
This technical paper focuses on the challenges faced by Paraguay’s budget resources. Paraguay’s government should adopt a forward-looking fiscal strategy. The strategy’s main goals should be to contain budget dependence on Itaipu revenues, preserve fiscal discipline, and allow for the gradual and sustainable transformation of the envisaged, yet temporary, windfall into other forms of financial, physical, and human capital. The creation of a special fund could help mobilize public support for saving part of the windfall and building a buffer for the future.
Cardarelli Roberto and Towe Christopher

Abstract

The recent dramatic deterioration of the U.S. fiscal position has heightened long-standing concerns about the extent to which the retirement and health care systems are prepared to cope with the pressures of an aging population. These concerns have been echoed in the administration’s FY2004 budget, which described these programs as being on “an unsustainable path” and stated that the “resources of these programs are insufficient to cover their long-range shortfalls.”1

Mr. Christopher M Towe

Abstract

The recent dramatic deterioration of the U.S. fiscal position has heightened long-standing concerns about the extent to which the retirement and health care systems are prepared to cope with the pressures of an aging population. These concerns have been echoed in the administration’s FY2004 budget, which described these programs as being on “an unsustainable path” and stated that the “resources of these programs are insufficient to cover their long-range shortfalls.”1