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# 5: What do you think the obstacles will be to reducing projected deficits over the long term? Discuss at least two obstacles. Kind reminders:

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter31: The Impacts Of Government Borrowing

Section: Chapter Questions

Problem 20CTQ: Describe how a plan for reducing the government deficit might affect a college student, a young...

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8. Agreement and disagreement among economists Suppose that Edison, an economist from a research institute in Texas, and Hilary, an economist from a nonprofit organization on the West Coast, are arguing over budget deficits. The following dialogue shows an excerpt from their debate: Hilary: Most people recognize that the budget deficit has been rising considerably over the last century. We need to find the best course of action to remedy this situation. Edison: I believe that a cut in income tax rates would boost economic growth and raise tax revenue enough to reduce budget deficits. Hilary: I actually feel that raising the top income tax rate would reduce the budget deficit more effectively. The disagreement between these economists is most likely due to a.differences in scientific judgments . b.differences between perception versus reality . c.differences in values Despite their differences, with which proposition are two economists chosen at random most…
8. Agreement and disagreement among economists Suppose that Edison, an economist from a research institute in Texas, and Hilary, an economist from a nonprofit organization on the West Coast, are arguing over budget deficits. The following dialogue shows an excerpt from their debate: ___________________________________________________________________________ Hilary: Most people recognize that the budget deficit has been rising considerably over the last century. We need to find the best course of action to remedy this situation. Edison: I believe that a cut in income tax rates would boost economic growth and raise tax revenue enough to reduce budget deficits. Hilary: I actually feel that raising the top income tax rate would reduce the budget deficit more effectively. _______________________________________________________________________________ 1/The disagreement between these economists is most likely due to............................ a.differences in scientific…