The Reagan Deficit

This paper analyzes the U.S. federal budget deficit during the Reagan administration and its short- and longer-term consequences for the aggregate economy. While budget policies of the Reagan administration do not account for all of the increases in annual deficits or in outstanding federal debt during the Reagan era, an analysis indicates that the administration's program of tax reduction and defense spending build-up were the major sources of deficit growth after the recovery from the recession of 1981-82. For the near-term future, the legacy of the Reagan deficits includes (1) the failure of domestically owned capital formation to expand at rates comparable to our major trading partners, (2) the necessity of diverting U.S. products and income to servicing foreign creditors, and (3) the need for rates of interest and profits to be high enough to induce foreigners to retain their holdings of U.S. assets lest divestiture cause a virtual collapse in the exchange rate. The final evaluation of the impact of the Reagan deficit hinges on whether the Reagan era of high consumption prosperity proves a good trade-off with the consequences of attenuated macropolicy responses to recession, lower levels of U.S. owned capital stock, and remittances to foreign creditors.     

Effects of the Voting Rights Act in Texas: Perceptions of County Election Administrators

Texas county election administrators view the Voting RightsAct negatively, but acknowledge that the act affects their decisionsabout election administration. The VRA is also seen as costlyand not contributing to citizen participation; however, onlya small percentage of the survey sample reported on here wouldeliminate the VRA. Although there is hostility expressed aboutfederal government intrusion in local affairs, there is compliancewith the VRA by local election officials. The number of Texassubmissions and U.S. Attorney General objections to electionchanges is sizable when compared with other states covered bythe VRA. Federal objections to some election law changes haveresulted in the election of minority public officials. Texas'Section 5 objections are evidence of a history of voter discrimination.     

Budget reform: The path to reform of process

Budget reforms include reforms of technique and reforms of process. Turbulence in budgetary environment is producing calls for changes in reform of process, but no consensus now exist indicating the next dominant budget reform technique. Modified zero base systems continue to appear at sub-national levels, while calls for reform of the federal Congressional process multiply at the federal level.