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Programs and Payoffs
出版C.D. Howe Institute, 1997
ISBN08880642259780888064226
URLhttp://books.google.com.hk/books?id=uj5JAAAAYAAJ&hl=&source=gbs_api
註釋This commentary examines some budget priorities that might usefully preoccupy the federal government during the next generation, beginning with a look at the arithmetic of federal debt reduction. The commentary focuses on the lower interest payments that a smaller debt would produce and on the additional bonus that arises as fiscal policy adjusts to a budget balance that is consistent with a sustained ratio of debt to gross domestic product. It then assesses some criteria that bear on the debt level that Canada might aim for and when it might be achieved. Various paths for achieving such a target are studied: back-loaded, constant-surplus, and front-loaded, the latter in which the largest budget surpluses appear early on. A simple model of the Canadian economy is used to compare the performance of these strategies in the presence of economic cycles and various feedbacks between the budget and the economy. Finally, the commentary asks how a program that dividends out each year's anticipated interest payment decline in tax cuts compares with one in which tax rates remain constant.