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Erschienen in:
2016 | OriginalPaper | Buchkapitel
8. Deficit-Reduction in the USA
verfasst von : Michael Burton
Erschienen in: The Politics of Austerity
Verlag: Palgrave Macmillan UK
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Abstract
In the first chapter of the second part of his book, which looks at global case studies of austerity, Michael Burton examines the record in the USA. He looks at the major fiscal consolidation programmes under President Clinton in the 1990s which led to a budget surplus and to battles over tax cuts under President Bush in the 2000s. When the fiscal crash occurs the federal government responds with a huge $700 billion relief package in 2008 to stop the financial system collapsing, which prevents another Great Depression but leads to a budget deficit.