This article explores the global significance of budgets and fiscal policy through contrasting examples of the United States and Singapore. It highlights the challenges faced by the US administration in managing its soaring national debt, while showcasing Singapore's commitment to aligning its budget with societal values and aspirations.
has sparked heated debate over the how United States’ government finances - in particular, its soaring debt - will change under the new administration.
Taxes and transfers are the mechanism by which the state redistributes from those who are better-off to those who are less well-off, mitigating inequality. Finally, government spending supports economic development through investment in infrastructure, capabilities and human capital. The US Congressional Budget Office, a nonpartisan agency established by law, was set up in 1974 to provide information to Congress for informed budgeting. The Office for Budget Responsibility has performed a similar role in the UK since its establishment in 2010.
in 2023. Given global economic volatility, the medium-term fiscal outlook may need more frequent review and updating in the years ahead.Besides transparency and accountability, an effective budget should be aligned with national priorities, including societal values and citizen aspirations. In particular, it should reflect a considered balance between the needs of current and future generations.
. The intent is to have the reserves grow at approximately the same pace as the economy, so that future generations can continue to benefit from it to the same extent.
BUDGET FISCAL POLICY NATIONAL DEBT GOVERNMENT SPENDING SINGAPORE
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