Financing Our Three Greatest Conflicts: Thesis (Classic Reprint) - Tapa dura

Sinopsis

Excerpt from Financing Our Three Greatest Conflicts: Thesis

Public finance deals with the revenues of govern ment, with their expenditure, and their administration. The state pays for its normal expenditures by the proceeds of taxation. The individual citizens are required to con tribute money to the government in return for being governed. The taxes paid from part of the consumer's outlay(1) of the taxpayer. The funds thus gathered are spent by the government as state business demands. When they are paid out to government employees and the pro ducers of those essentials which the government bought, the funds go into consumer's income. If the income and expenditure of the government are equal, the correspond ing items in consumer's income and consumer's outlay taken as a whole unit balance; we have then a balanced budget. But, even if income and expenditure are ultimately equal, the proceeds of taxes cannot always be expected to come in exactly as they are needed. There will be dis crepancies and the government will have to borrow to equal ize the balances. Sometimes the borrowing will be permanent.

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