Question 1: Federal Budget Deficit (20 points) Read the August 2018 report from

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Question 1: Federal Budget Deficit (20 points) Read the August 2018 report from the Congressional Budget Office which is titled "The Deficit Reductions Necessary to Meet Various Targets for Federal Debt" available on Canvas. Answer the following questions What is the difference between constant-share scenarios and growing-share scenarios? What are the effects on income per person (Gross National Product or GNP per person in the report) from reducing the deficit under various scenarios? Reducing the federal deficit can be accomplished by either increasing taxes or decreasing spending. What are some of the economic, demographic, and poliical difficulties that arise while deciding which deficit-reducing policy to implement? 1. 2. 3.

Explanation / Answer

1.

Constant Share Scenario:

Growing Share Scenario:

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