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2 Fiscal Policy Forum 1 (1984)

handle is hein.tera/fisporum0002 and id is 1 raw text is: POLICY TAX FOUNDATION, INCORPORATED At Issue: Taxes, Spending, and Growth-Seeking a Balance n recent decades, the variety and cost of the services citizens expected- or which political leaders thought they needed-from government have climbed sharply. Much of the increase appears grounded on the assumption that, if a policy or program seems desirable to some constituency-however narrow-it ought to be implemented and paid for with public funds. Moreover, the availability of those funds from current revenue has received small, if any consideration. Such an attitude has rised government costs to seven times what they were in the early 1960s. Even though taxes have con- sistently outpaced the nation's economic growth in recent years, the bills remain unpaid for billions upon billions of government spending. Federal indebtedness has tripled in the past ten years and now stands at S1.4 trillion. The Federal deficit passed the $100-billion mark for the first time in fiscal year 1982, and exceeded $200 billion in 1983. Projections over the next five years put the deficit in every year I0 through 1989 in excess of $200 billion, raising the public debt in that year to more than $2.5 trillion. The deficits that lie ahead are not likely to be eradicated by even a very high level of economic growth. Hopes for more discipline in Federal spending also appear to have dimmed. The solution must be sought in a judicious balance of revenue and spending initiatives carefully orchestrated so as to avoid adverse effects on the economic recovery that got under- way in late 1982. How to achieve that mix is the burden of the papers contained in this issue of Fiscal Policy Forum. The), are condensed from presentations given by the authors at Tax Foundation's 35th National Conference in New York City last fall. Congressman Bill Gradison, who repre- sents Ohio's Second District in the U.S. House of Representatives, holds Masters and doctoral degrees in business admini- stration from Harvard University. J.P. Bolduc, senior vice president of W.R. Grace & Co., is presently on loan from that firm and serving as chief operating officer of The President's Private Sector Survey on Cost Control in the Federal Government (Grace Commis- sion). Bruce R. Bartlett is executive direc- tor of the Joint Economic Committee of the U.S. Congress. The opinions expressed are those of the authors and do not necessarily reflect those of the Tax Foundation, Incorpor- ated. TAX FOUNDATION, INCORPORATED One Thomas Circle, N.W., Suite 500 Witshington, D.C. 20005 (202) 822-9050

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