Evolution of Federal Budgeting: From Early Ages to Present-Day Procedures
Let's lay it out straight, homie! The story of the U.S. government's wallet is a fascinating trip through time, man. From the early days of the republic to the chaotic budgeting scenes of today, the federal budget's changed like the seasons.
Initially, Washington didn't give a rat's ass about budgeting – they just spent cash as needed. But the ‘20s brought a change, with the Budget and Accounting Act, which created the Office of Management and Budget (OMB) and made the President submit an annual budget to Congress.
The '30s, though, changed everything when the Great Depression hit. Franklin D. Roosevelt's New Deal policies increased government spending like crazy, aiming to stimulate economic growth. Post-World War II, there was more spending on domestic programs, but the '70s brought economic turmoil, challenging the belief that big spending led to economic growth.
Enter Reaganomics, a philosophy that considered the government a bloated beast. Reduced government spending, tax cuts, and deregulation were the new cool. Deficits soared, but hey, whatcha gonna do? Life's full of hard choices, bro.
The '90s were all about being responsible, man. Budget surpluses were the name of the game thanks to fiscal discipline, economic growth, and tax hikes. But GWB and Bill Clinton didn't party for long – before long, the Great Recession hit, and the federal government had to shell out cash to resurrect the economy.
Finally, we're at the modern-day budget drama. Economic crises, defense spending, infrastructure projects, climate change – it's a multiball that makes the presidential budget unpredictable as hell. And to top it all off, partisan politics have made the budgeting process one part circus and one part bloodsport.
Technology's stepped in to bring some order to the chaos with improved budget planning and analysis tools. But don't underestimate the challenges that come with tech – making sure data's secure and managing cyber infrastructure ain't walk in the park.
So there you have it, dude. A quick rundown of the federal budget's been through the wringer but somehow managed to hold it together. Who knows what the future'll bring? Hopefully, it's a return to sanity!
- The executive branch, through the Office of Management and Budget (OMB), is charged with submitting an annual economic policy to Congress, as a result of the Budget and Accounting Act in the 1920s.
- Over the years, government economic policy has shifted from rampant spending during the Great Depression to fiscal discipline in the '90s, with the latter leading to budget surpluses, illustrating the fluidity and complexity of finance management in the business of government.
