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094616 1 (1975-06-23)

handle is hein.gao/gaobacukw0001 and id is 1 raw text is: Address by 094616 Elmer B. Staats Comptroller General of the United States before the 1975 Annual International Conference I National Association of Accountants Anaheim, California June 23, 1975 The Federal Budget, the Economy and Inflation We live in a world where everything is related to and affected by everything else. This is becoming increasingly apparent on domestic and international fronts. In no area, perhaps, is the existence of interrelationships and interactions more apparent or more important than in our very complex economy. Many have studied these interrelationships and interactions in an attempt to discover useful rules by which to judge and present state of affairs, to predict future events, and to help influence those future events for the overall good of our society. The rules which have been developed are not perfect and their application remains more an art than a science; but they have been useful in helping us to understand the dynamics of the economy and ways to react when unfore- seen events cause us particular economic problems. A very powerful influence on our nation's economy is, of course, the Federal budget--nearly 10 percent of the Gross National Product. Conversely, the general state of the economy influences the Federal budget in several important ways. Through changes in revenue and expenditure levels in the Federal budget, substantial changes can be effected in aggregate demand, price levels, and employment. Selective changes in the incidence of 719 `/7; 77?77~U

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