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– Nelson Mandela

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Unit 5 Lessons Learned

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Q Introduction Students are expected to reflect on what they have learned about public budgeting and finance from their textbook each unit, including “take-aways” that will be useful in their future careers. Directions Students are expected to reflect on at least TWO lessons that they have learned from their readings in the textbook (Lee, Johnson, and Joyce) this unit and write 1-2 short paragraphs for each lesson learned. Comments should focus on the implications for public budgeting and finance based upon topics they have found especially relevant. 1) Add Title page and Reference page 2) Double-spaced, Times New Roman 12 font 3) Make sure to add citations and references formatted according to APA style. 4) DO NOT use direct quotes. Instead paraphrase and properly cite summarized information.

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Unit five was all about understanding how the budget transformed over the years and how the budget was altered according to the country's current economic finanital situation. This week's chapter discussed in detail how the budget was bent to overcome the fiscal deficit of the 1980s. Regan administration was discussed in detail because that era resulted in so many economic problems for the country (Lee et al., 2013). Furthermore, the unit discussed 1990s, that was formulated according to the needs to mitigate the chances of a deficit in the future. The chapter discussed how the budget helped to move the economy towards growth and how and which policies were implemented to move from deficit to surplus.