1. (10 points) Structural deficits. a. (1 point) Go to https/ sfed.org) Enter \"
ID: 1134333 • Letter: 1
Question
1. (10 points) Structural deficits. a. (1 point) Go to https/ sfed.org) Enter "W019RC" in the search box. Click on Quarterly, Seasonally Adjusted Annual Rates". Move your mouse pointer across the graph to find the amount of total spending in the second quarter of 2011 (Q2 2011), What was it? b. (1 point) Repeat the process using "W018RC" in the search box. (Alternatively, while still looking at the federal expenditures graph, click on "Edit Graph", click on Add Line" near the top, enter "W018RC" in the search box, click on the first "Federal government total receipts, then click on "Add data series".) What was the size of the federal government's total receipts in the second quarter of 2011* (2 points) Using these data, what was the size of the federal government's deficit in the second quarter of 20111? c. d. (2 points) Now suppose that if the U.S. economy had been at full employment, federal government total expenditures would have been only $3600 billion government total receipts would have been $3100 billion. What was the size of the federal government's cyclical deficit? and federal e. (2 points) Using the assumptions in part d, what was the size of the federal government's f. (2 points) In your opinion, why did the federal government total receipts fall so much " The spike in receipts in the fourth quarter of 2017 is interesting but it was just a one-time structural deficit? between 2007 and 2009? event. It was the result of wealthy Americans responding to the passage of the Tax Cut and Jobs Act of 2017. The TCJA eliminated some tax breaks, so it was better for some taxpayers to shift taxes from 2018 to 2017.Explanation / Answer
a)W019RC second quarter of 2011 = 4,044.75 billion of dollars
b)W018RC second quarter of 2011= 2,584.606 billion dollars.
c) federal government deficit in 2011:
$1.645 trillion ( requested) and 10.9% of GDP
$1.30 trillion ( actual) and 8.5% of GDP ( actual)
f)the critical issues undertake most direct spending on public goods and services including their expenditure from federal funds and they bare primary responsibilities for investments in education social services and infrastructure that directly affect our national economy and quality of life.
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