Political Strategies

Scott Brenton
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Scott Brenton: University of Melbourne

Chapter Chapter 2 in The Politics of Budgetary Surplus, 2016, pp 31-59 from Palgrave Macmillan

Abstract: Abstract According to public choice theorists, the reason that most countries run budget deficits is that politicians promise tax cuts and more spending to meet voter demands. Balancing a budget is justified as living within one’s means, and not having to borrow (particularly from foreigners) and potentially increase debt. The political arguments around producing a surplus are more complicated—why should voters forego a tax cut, more benefits or better services? What incentive is there for politicians to pay down debt and ensure fiscal sustainability for future governments, while risking the loss of voter support? Thus, grand narratives have been constructed around the future to condition voters, while within government strict processes have been developed to rein in big spending ministers.

Keywords: Budget Process; Fiscal Consolidation; Intergenerational Equity; Fiscal Rule; Future Fund (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-58597-4_2

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DOI: 10.1057/978-1-137-58597-4_2

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