A46 EndnotesChapter 15
1. “Donald Trump’s Speech on Trade,” Time, June 28, 2016, http://
time.com/4386335/donald-trump-trade-speech-transcript/
(accessed 4/26/18).
2. David Choi, “‘This Is the Dumbest Possible Way to Do This’:
Republican Senator Elbows Trump over New $100 Billion
Tariff Threat to China,” Business Insider, April 5, 2018, http://www.
businessinsider.com/ben-sasse-against-trump-on-china-
tariff-2018-4 (accessed 4/26/18).
3. Ben White, “Trump and Sanders’ Common Cause,” Politico,
April 3, 2016, http://www.politico.com/story/2016/04/donald-
trump-bernie-sanders-trade-221506 (accessed 4/26/18).
4. Benn Steil and Benjamin Della Rocca, “Trump Steel Tariffs
Could Kill Up to 40,000 Auto Jobs, Equal to Nearly One-Third of
Steel Workforce,” Council on Foreign Relations, March 8, 2018,
http://www.cfr.org/blog/trump-steel-tariffs-could-kill-40000-auto-
jobs-equal-nearly-one-third-steel-workforce (accessed 4/26/18).
5. Merrit Kennedy, “Trump’s Steel, Aluminum Tariffs
Could Raise Car, Beer and Candy Prices,” National Public
Radio, March 2, 2018, http://www.npr.org/sections/thetwo-
way/2018/03/02/590314013/trumps-steel-aluminum-tariffs-
could-raise-car-beer-and-candy-prices (accessed 4/26/18).
6. The classic article on deflation is Irving Fisher, “The Debt–
Deflation Theory of Great Depressions,” Econometrica, 1933,
https://fraser.stlouisfed.org/docs/meltzer/fisdeb33.pdf
(accessed 6/2/16). For articles on recent policies concerning
deflation, see http://www.nytimes.com/topic/subject/deflation-
economics (accessed 4/19/18).
7. Daniel Yergin and Joseph Stanislaw, The Commanding Heights:
The Battle for the World Economy (New York: Free Press, 2002),
pp. 60–64.
8. Central Intelligence Agency, “Country Comparison:
Distribution of Family Income, Gini Index,” World Factbook,
https://www.cia.gov/library/publications/resources/the-
world-factbook/rankorder/2172rank.html (accessed 7/25/18).
9. The phrase comes from environmental economist E. F.
Schumacher’s influential book, Small Is Beautiful: Economics as
If People Mattered (New York: Harper and Row, 1973).
1 0. Jonathan Rowe and Judith Silverstein, “The GDP Myth: Why
‘Growth’ Isn’t Always a Good Thing,” Washington Monthly 31:3
(March 1999): 17–21.
1 1. Congressional Budget Office, The Budget and Economic
Outlook: 2018 to 2028, April 2018, Table 4-1, p. 81, http://www.cbo.
gov/system/files/115th-congress-2017-2018/reports/53651-
outlook.pdf (accessed 4/19/18).
1 2. Shaghil Ahmed, Carol Bertaut, Jessica Liu, and Robert
Vigfusson, “Should We Be Concerned Again about U.S.
Current Account Sustainability?,” IFDP Notes, Board of
Governors of the Federal Reserve System, March 9, 2018,
https://doi.org/10.17016/2573-2129. 4 2 (accessed 4/19/18).
1 3. The classic work on the appropriations process in the pre-reform era
is Richard F. Fenno’s The Power of the Purse: Appropriations Politics
in Congress (Boston: Little, Brown, 1966). D. Roderick Kiewiet and
Mathew D. McCubbins reexamined the appropriations process in
the post-reform era and found that the appropriations committees
have maintained much of their power; see The Logic of Delegation:
Congressional Parties and the Appropriations Process (Chicago:
University of Chicago Press, 1991).
1 4. Bill Heniff Jr., “Congressional Budget Resolutions:
Historical Information,” November 15, 2015, Table
12, p. 29, http://www.senate.gov/CRSReports/crs-publish.
cfm?pid=%270E%2C*PLS2%23%20%20%20%0A (accessed
6/2/16). This study shows the failure to pass a budget resolution
in 8 of the past 14 years, but Congress also failed to pass the
resolution before April 15 for the 2017 fiscal year.1 5. Stan Collender, “GOP-Led Budget Committees Have Just One
Job... and Are Refusing to Do It,” Forbes, April 22, 2018, http://www.
forbes.com/sites/stancollender/2018/04/22/gop-led-budget-
committees-have-just-one-job-and-are-refusing-to-do-
it/#549a29aa5fb1; Stan Collender, “The Federal Budget Process
Is Dead and Desperately Needs to Be Buried,” Forbes, April 24,
2018, http://www.forbes.com/sites/stancollender/2018/04/24/the-
federal-budget-process-is-dead-and-desperately-needs-to-be-
buried/#82292162255d (both accessed 4/24/18).
1 6. The specific provision is paragraph (1)(E) of section 313(b)(1)
of the Budget Control Act. James Thurber, “Centralization,
Devolution, and Turf Protection in the Congressional Budget
Process,” in Congress Reconsidered, ed. Lawrence C. Dodd and
Bruce I. Oppenheimer, 6th ed. (Washington, DC: CQ Press,
1997), pp. 325–46.
1 7. These figures exclude the Social Security surplus. Including
Social Security, the government had a small surplus in 1969.
See the CBO’s historical budget data, http://www.cbo.gov/about/
products/budget-economic-data#2 (accessed 7/30/18).
For data before 1962, see the 1981 Economic Report of the
President (Washington, DC: Government Printing Office,
1981), p. 316.
1 8. Robert Keith, “The Statutory Pay-As-You-Go Act of 2010:
Summary and Legislative History,” Congressional Research
Service, April 2, 2010, http://democrats.budget.house.
gov/sites/democrats.budget.house.gov/files/documents/
CRS-stat-paygo.pdf (accessed 6/2/2016). The programs
and activities exempt from sequestration include Social
Security and Tier I Railroad Retirement benefits; federal
employee retirement and disability programs; veterans’
programs; net interest; refundable income tax credits;
Medicaid, the Children’s Health Insurance Program (CHIP),
the Supplemental Nutrition Assistance Program (SNAP),
Supplemental Security Income (SSI), Temporary Assistance
for Needy Families (TANF), and certain other low-income
programs; and unemployment compensation, among others.
1 9. “H.R. 2, Medicare Access and CHIP Reauthorization Act of
2015,” Congressional Budget Office, March 24, 2015, http://www.
cbo.gov/sites/default/files/114th-congress-2015-2016/
costestimate/hr22.pdf (accessed 6/2/16).
2 0. The size of the tax cut was initially estimated at $1.5 trillion
over 10 years by the nonpartisan Joint Committee on Taxation.
A few months later, the Office of Management and Budget
estimated the tax cut at $2.3 trillion, and then in April, the
Congressional Budget Office estimated the 10-year cost at
$1.9 trillion (www.cbo.gov/publication/53787 [accessed 9/7/18]).
For a discussion of the tax cuts’ short-term economic impact,
see Indradip Ghosh and Shrutee Sarkar, “Tax Cuts to Boost
U.S. Economy, But Benefits to Be Short-Lived: Reuters Poll,”
Reuters Business News, January 22, 2018, http://www.reuters.com/
article/us-economy-usa-poll/tax-cuts-to-boost-u-s-economy-
but-benefits-to-be-short-lived-reuters-poll-idUSKBN1FC0FX
(accessed 4/24/18).
2 1. Office of the United States Trade Representative, “About Us,”
https://ustr.gov/about-us (accessed 7/30/18).
2 2. National Economic Council, http://www.whitehouse.gov/
administration/eop/nec (accessed 7/28/14).
2 3. See Charles M. Cameron, Veto Bargaining: Presidents and the
Politics of Negative Power (New York: Cambridge University
Press, 2000), for a general discussion of the strategic elements
of issuing veto threats.
2 4. “The Structure and Functions of the Federal Reserve
System,” Federal Reserve Education.org, http://www.
federalreserveeducation.org/about-the-fed/structure-and-
functions (accessed 6/2/16).
2 5. William McChesney Martin, who was appointed by Harry
Truman, served through the presidencies of Eisenhower,Full_20_APT_64431_END_A23-A54.indd 46 15/11/18 2:38 PM