Fiscal conservatism facts for kids
Fiscal conservatism is one of the main factors that mark the difference between conservatives and progressives. It is necessary to reduce public spending in order to achieve a balanced budget. In fact it seeks to curb state intervention in the economy, favoring instead privatization and deregulation. The objective of this economic tactic is to reduce taxation and programs or entities deemed useless, as well as reducing public debt and favoring investments in the country or area of belonging.
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Herbert Hoover addresses a large crowd in his 1932 presidential campaign
Jimmy Carter, who reduced the debt-to-GDP ratio in the 1970s
Ronald Reagan spent the most of any recent President as measured as annual average percentage of the GDP
This table shows that Bill Clinton's Omnibus Budget Reconciliation Act of 1993 which increased the average federal tax rates for the top 1% while lowering average tax rates for the middle class was followed by President Barack Obama starting in 2013 through the partial expiration of the Bush tax cuts and that both tax increases lowered deficits relative to Congressional Budget Office policy baselines without them
Comparison of annual federal deficits (CBO 10-year forecast from prior to inauguration vs. the actual amount) during the Obama and Bush presidencies showcasing how George W. Bush added far more to the debt relative to the CBO 2001 forecast than Obama added relative to the CBO 2009 forecast
Fiscal conservatism Facts for Kids. Kiddle Encyclopedia.