America's Fiscal Constitution (95 page)

     
flawed budget projections and,
355

     
foreign creditors and,
339
,
345
,
355
,
394–395
,
402
,
405

     
interest rates and,
354–355
,
376

     
leadership and,
359–360

     
purposes of borrowing,
356–359
,
358
(fig.)

     
risks overview,
354–356

     
spending categories,
357–358
,
358
(fig.)

     
spending/national income,
356–357
,
357
(fig.)

     
tax revenues vs. debt,
354
,
355–356

Debt reasons summary,
2–3

Debt (US/late 1700s)

     
citizens’ land vs. cash and,
25

     
maritime hostilities with France and,
41
,
42

     
relation to gold and,
33

     
statistics on,
25
,
32–33

Decrès, Denis,
47

Defense

     
spending effects on democracy,
382

     
US conscription end and,
275

     
veterans’ medical care costs,
376
,
379
,
380

     
See also
Budget practices reform/national security budget
;
specific individuals
;
specific wars

DeLay, Tom

     
Clinton and,
320

     
government shutdown and,
315

     
politics/political tactics,
336
,
337

     
tax cuts,
10
,
333–334

Democratic Party

     
1912 convention importance,
153–154

     
beginnings,
78

     
budget practices reform and,
404–406

     
election of 1836 and,
79

     
Jackson/Van Buren and,
78

     
See also
Political parties
;
specific individuals

Democratic Party (1800s)

     
1894 elections,
133–134

     
Liberal Republican faction,
112

     
mid-1800s,
96
,
97–98

     
name adoption,
83

     
Populist party and,
134

     
reformers,
121
,
122

Democratic Republicans,
73
,
75

Department of the Treasury, creation of,
26
.
See also specific individuals

Dewey, Davis,
184

Dewey, Thomas,
219
,
220
,
235

Dillon, Douglas,
243
,
245–246

Dirksen, Everett,
249

“Discretionary/nondiscretionary spending,”
371

Dodge, Cleveland,
155

Dole, Bob

     
background,
285

     
fiscal policies,
310
,
314
,
316

     
Gingrich/Norquist and,
313
,
314
,
316

     
presidential campaigns/elections,
303
,
318

     
Reagan’s fiscal policies and,
284
,
285–286
,
288
,
292
,
293
,
298

Domenici, Pete,
284
,
288
,
298
,
314
,
318

Dominican Re/files/04/90/62/f049062/public/annexation,
112

Donald Duck cartoon,
211

Doughton, Robert “Muley”

     
background/fiscal policies,
5–6
,
151
,
186
,
197
,
210

     
Korean War financing and,
302

     
Social Security and,
6
,
7
,
229

     
World War II finances and,
5–6
,
208
,
210
,
211
,
212

Douglas, Stephen A.

     
Civil War and,
104–105

     
political parties and,
89
,
100–101

Du Pont, Pierre Samuel

     
background,
46

     
Jefferson and,
52–53
,
67

     
Louisiana Purchase,
46

“Earmarks” mid-1800s,
97

Eastman Kodak Company,
177

Eccles, Marriner,
213
,
232–233

Economic Growth and Tax Relief Act (2001),
329

Economics
(Samuelson),
223

Economists

     
“fiscal policy” term,
222

     
presidents and,
224

     
See also specific individuals

Economy

     
Baby Boomers entering workforce and,
246

     
Baby Boomers retiring and,
355

     
borrowing effects,
105

     
deterioration after 2000,
339

     
federal debt-financed growth problems,
393–395

     
Federal Reserve and,
401–402

     
federal role,
59–60
,
66–67
,
401–402

     
foreign creditors and,
394–395

     
growth (1844–1856),
85–86

     
growth (1879–1882),
119

     
growth times,
394

     
maritime commerce (early 1800s),
50–51

     
mid-1970s,
266

     
public sector contributions to,
393–394

     
public sector growth (1920s),
173

     
urban vs. agriculture (1920s),
178

Edmunds, George,
130

Eisenhower, Dwight

     
fiscal beliefs/actions,
8
,
235–236
,
238–239
,
310

     
fiscal policies/tax cuts and,
235–237
,
238–239

     
Fiscal Tradition pillars and,
235–236

     
George W. Bush and,
9

     
highway program/financing,
227
,
239–241

     
military career,
5
,
219
,
235

     
military spending/cuts and,
8
,
241–242

     
on planning,
321

     
Republican Congressional majority and,
9
,
326

     
Social Security/pensions and,
8
,
231
,
251

     
surplus (1960),
238
,
321

Electoral College

     
2000 election and,
325

     
in late 1700s/early 1800s,
70
,
72
,
74
,
75

     
mid-/late 1800s,
89
,
96
,
131

Employment Act (1946) and amendment,
222–223
,
395

Entail, British law,
27

Erie Canal,
71

Estate/inheritance taxes,
177

Ewing, Oscar,
231

Ewing, Tom

     
recession (1840) and,
82–83

     
Sherman family and,
94
,
95

Ewing, Tom, Jr.,
117

Family Assistance Plan,
260

Fannie Mae/Freddie Mac,
345

Farmer/rancher alliances,
126–127
,
130–131
,
178

FDIC (Federal Deposit Insurance Corporation),
192

Federal Aid Highway Act (1956),
240

Federal budget process (1900s)

     
1980 budget,
272–274

     
before 1900s,
147–148

     
changes (early 1900s),
147–148

     
Dawes changing,
170–173

     
presidential budget and,
170–171
,
172
,
173

     
time requirements,
273

Federal Deposit Insurance Corporation (FDIC),
192

Federal Reserve

     
Accord (1951),
234

     
burden of Treasury debt and,
235

     
creation,
234

     
economic growth and,
401–402

     
foreign creditors and,
402

     
foundation of,
117

     
as “fourth branch of government,”
234
,
346

     
gold reserves and,
165
,
186

     
Great Depression and,
186
,
201

     
independence of,
232–235
,
401
,
402

     
interest rates post–World War II,
232–233
,
234

     
monetizing debt and,
81
,
132
,
156
,
186
,
187
,
223
,
233–234
,
235
,
262
,
350
,
401
,
402

     
Nixon administration and,
262

     
post-World War I recession and,
167

     
recession of 2008 and,
346
,
347
,
350

     
World War I and,
165

     
World War II and,
213

Federal Reserve Act (1913),
156
,
165

Federal surplus

     
1880s,
121
,
125

     
1960,
238
,
321

     
2000,
321

     
distributed to states (1836 and 1837),
78–79
,
80

     
fiscal year ending June 1916,
159

     
plans on spending (1857),
78

     
plans on spending (2001),
78

Federalist Papers

     
function,
24

     
writers,
24
,
28

Federalist Party,
61

Feldstein, Martin,
294

Fessenden, William

     
fiscal policies,
93
,
105