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Fiscal policy is any changes the government makes to the national budget to influence a nation's economy.[1] "An essential purpose of this Financial Report is to help American citizens understand the current fiscal policy and the importance and magnitude of policy reforms essential to make it sustainable. A sustainable fiscal policy is explained as the debt held by the public to Gross Domestic Product which is either stable or declining over the long term" (Bureau of the fiscal service). The approach to economic policy in the United States was rather laissez-faire until the Great Depression. The government tried to stay away from economic matters as much as possible and hoped that a balanced budget would be maintained.[2] Prior to the Great Depression, the economy did have economic downturns and some were quite severe. However, the economy tended to self-correct so the laissez faire approach to the economy tended to work.
President Franklin D. Roosevelt first instituted fiscal policies in the United States in The New Deal. The first experiments did not prove to be very effective, but that was in part because the Great Depression had already lowered the expectations of business so drastically.[3]
^Heakal, Reem. "What is Fiscal Policy". Retrieved 24 February 2011.
^"Laissez-Faire". u-s-history.com. Retrieved 1 March 2011.
^"Fiscal Policy". Encyclopædia Britannica (Encyclopædia Britannica Online ed.). 2011. Retrieved 23 February 2011.
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