America's Fiscal Constitution (96 page)

     
politics and,
95
,
100–106

Fiscal Revolution in America, The
(Stein),
280

Fiscal Tradition

     
1990s adhering to,
319
,
321

     
collapse (2000s),
3
,
9–12
,
14
,
327–341
,
343–345

     
debt reasons summary,
2–3

     
description,
1–2

     
early generations summary,
15

     
erosion in Reagan administration,
288
,
291–296

     
power of (1940s-1953),
4–8
,
12

     
Republican Party (1800s),
93

     
restoring and (1990s–2000),
305–326

     
situation in 2013,
353

     
See also
Budget practices reform
;
Reform needs
;
specific individuals

Fiscal Tradition pillars beginnings

     
clear accounting description,
43

     
debt reduction/limitation description,
44

     
“pay as you go” policy description,
43

     
spending/taxes link,
43–44

Fiscal Tradition pillars summary,
43–44

Fiscal Tradition restoration.
See
Reform needs

Fleischer, Ari,
328

Forbes, Steve,
324

Ford, Gerald

     
becoming president,
266
,
267

     
fiscal actions/policies,
256
,
266–267
,
272
,
278
,
303

     
presidential convention (1976),
268

     
Reagan and,
280

Foreign creditors

     
debt crisis (US in twenty-first century),
339
,
345
,
355
,
394–395
,
402
,
405

     
state governments/Panic of 1837,
79

Forrestal, James

     
death/suicide,
5
,
219

     
post–World War II military spending and,
5
,
214
,
217
,
218
,
219
,
225

Fourteenth Amendment to the Constitution,
112

Fowler, Henry,
256
,
257

France

     
Great Depression and,
186

     
Panic of 1857 and,
97

     
Quasi-War with US,
41
,
42
,
47
,
54

     
Revolution,
47

     
World War I and,
161
,
165–166

Franco-Prussian War,
166

Franklin, Benjamin

     
on debt,
14
,
329

     
Gallatin and,
38–39

     
Philadelphia meeting (1787),
22
,
23–24

     
spending/taxation,
23–24
,
192

     
status/background,
22

Freddie Mac/Fannie Mae,
345

Free Soilers/platform,
86
,
88–89
,
93
,
94
,
95
,
100
,
122

Frémont, John,
96

French Revolution,
47

Friedman, Milton

     
background,
223
,
224

     
budgets and,
223

     
federal spending during downturns,
223

     
on Great Depression,
187

     
as libertarian,
224

Fugitive slave laws,
88

Funding Act (US/1790),
32

Fusion party,
93
,
95

Future Years Defense Program,
376–377
,
377
(fig.),
378

Gaddis, John,
215

Gallatin, Albert

     
background/personality,
36
,
37–39

     
fiscal actions/policy,
41
,
43–44
,
46
,
51
,
52
,
54–55
,
57
,
60
,
105
,
149
,
173

     
Fiscal Tradition pillars and,
43–44

     
Hamilton and,
37
,
39

     
House of Representatives and,
39–40

     
land sales and,
63

     
Louisiana Purchase,
46
,
47
,
48
,
49
,
57
,
58

     
party system and,
43

     
public education and,
99

     
Senate and,
37

     
“Sketch of the Finances of the United States,”
40

     
slavery issue and,
39

     
on taxes/debt,
41

     
War of 1812 and,
52
,
54–55
,
56
,
58
,
59

     
whiskey tax opposition,
37

Gallatin, James,
105

Garfield, James,
117
,
121–122

Garner, John Nance

     
1932 presidential nomination and,
189

     
fiscal policies and,
151
,
175

     
Great Depression and,
185–186
,
187

     
Roosevelt/vice presidency and,
189
,
192
,
200

General Theory of Employment, Interest and Money, The
(Keynes),
202

George III, King of Great Britain,
20

George, Milton,
127

Germany

     
Great Depression and,
186
,
188

     
World War I and,
160
,
161
,
165–166

     
World War II and,
201
,
207
,
214

Gilbert, S. Parker,
174

Gingrich, Newt

     
1994 elections and,
312–313

     
background,
293
,
306

     
Contract with America and,
312–313

     
on Dole,
293

     
fiscal/political policies,
312–314
,
315–319

     
power loss,
317–318
,
320

     
speakership and,
306

     
tax cuts vs. medical services and,
314
,
315–319

     
working with Clinton and,
318–319
,
320

Girard, Stephen,
55

Gladstone, William,
12
,
123

Glass, Carter,
155–156
,
187
,
192

Glass-Steagall Acts,
187
,
192

Gold discoveries (1800s),
85
,
115–116
,
126
,
135

Gold reserves

     
Great Depression and,
186

     
Panic of 1893

     
and,
131
,
132

     
Specie Resumption Act and,
116
,
117

     
US and,
159

Gold standard

     
following Civil War,
113–114
,
118

     
Great Britain abandoning,
186

     
Nixon/US abandoning,
262

Goldwater, Barry

     
background,
237
,
315

     
election of 1964 and,
250

     
spending cuts/tax cuts,
237
,
249

Gore, Al,
325
,
405

Gore, Al, Sr.,
49
,
239
,
260–261

Gould, Jay,
114
,
122
,
123
,
124

Gramm, Phil,
314

Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Act (1985),
299
,
305
,
352
,
371

“Grand Old Party” name,
131

Grant, Ulysses,
111–112
,
115
,
117
,
122

Great Britain

     
American former colonists debt and,
20

     
“consols,”
33

     
cotton imports,
64
,
71
,
79

     
debt and,
33
,
40
,
57
,
62
,
76

     
gold standard and,
186

     
Great Depression and,
186

     
law examples,
27

     
Liberals/Liberal Party (1800s),
100
,
123

     
Panic of 1837 and,
79
,
80

     
Panic of 1857 and,
97
,
100

     
Panic of 1893 and,
131

     
US trade embargo/effects,
51–52

     
wool/iron industries and,
66–67

     
World War I and,
165–166

     
See also
War of 1812

Great Depression

     
attempts to balance budget,
192–195
,
200–201

     
blaming/causes,
187–188
,
202

     
budget,
184
,
185–186

     
description,
183–185
,
188–189
,
190
,
200–203

     
despair/fear,
188–189

     
downturn (1937),
201

     
Federal Reserve and,
132

     
Fiscal Tradition and,
201–202
,
203

     
national income and,
25

     
New Deal/legacy,
13
,
184
,
189
,
200
,
212
,
219
,
220
,
267
,
279
,
280
,
297

     
partisan rhetoric and,
187

     
recovery strategies/relief,
185–187
,
188–192
,
193–195
,
199
,
200–203
,
347

     
social insurance and,
195–198

     
stock market crash/consequences,
183