How Has the Federal Revenue and Expenditures Changed In 1960
Changes in federal revenue and expenditures in 1960 may vary depending on several factors. Each country has their own budget and spending policies while dealing with debt and other financial problems. Some countries had more debt during the 1960s than they did compared to what they are dealing with today. Others may have seen a dramatic increase in how government funds have been used. Such elements are important as many countries work together when it comes to imports, exports and borrowing money.
In doing research and taking a look back into history may feel it was easier during the 1960s to make ends meet. Things may not have been as expensive as they are in current society and more people seemed to be living within their means. This is not to say the government didn’t have problems balancing the budget. The national debt limit was still high but it was cheaper to make larger purchases, even for the government. Another factor that has an effect on how financial issues were perceived includes the cost of living and the value of a dollar. In modern society it costs more to make and produce products. Countries such as the United States are fighting for higher minimum wages to accommodate cost of living increases.
Federal revenue and expenditures in different areas may have been affected by Social Security. This is funding available to people who are of retirement age or declared disable and unable to work. In recent years, millions of dollars may have been paid out in false Social Security claims where people lied about their health in order to get a free payout. Some analysts wonder if so much money wasn’t going into Social Security nor if there were reduced claims of fraud, would the money saved have any effect on government spending?
Many economics during the 1960s may have been able to determine spending habits and potential dollar amounts of what the government would collect in revenue in recent years to come. Some may have been close while others missed by a longshot. Because population has grown since the 1960s it has also made federal revenue and expenditures increase which has had advantages and disadvantages at the same time. More work needs to be done in order to control government spending while working on efficient strategies to help reduce the national debt.