Macro: Topic 6

Front 1

The U.S. government debt is ___% of GDP.

Back 1

73.8

Front 2

Current measure of deficit omits important ___ of the gov't, such as:
- future pension payments
- future Social Security payments
- contingent liabilities

Back 2

liabilities

Front 3

___ should be subtracted from the reported deficit (nominal).

Back 3

inflation

Front 4

Determining which gov’t expenditures count as capital expenditures is the problem of ___ ___.

Back 4

capital budgeting

Front 5

deficit = (change in debt) - (change in assets)

Back 5

capital budgeting

Front 6

This deficit is based on estimates of what gov’t spending & revenues would be if economy were at the natural rates of output and unemployment.

Back 6

cyclically-adjusted budget deficit

Front 7

This assesses the long term sustainability of current Government policies over the 40 years following the release of the report, including by taking account of the financial implications of demographic change.

Back 7

intergenerational report

Front 8

The __ __ ___ ___ refers to a predicted significant reduction in the budget deficit and corresponding slowing of the economy if specific laws are allowed to automatically expire or go into effect at the end of 2012.

Back 8

U.S. fiscal cliff

Front 9

Laws which might trigger the fiscal cliff are...
- tax increases
- Unemployment Insurance Reauthorization
- Job Creation Act of 2010
- spending reductions (Budget Control Act)

Back 9

fiscal cliff