Examples of the shortsightedness effect

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Which of the following are examples of the shortsightedness effect? Check all that apply.

1. During the last 45 years, the U.S. federal budget has been in deficit (annual tax revenue fell short of annual government spending) 40 times. In 40 of the past 45 years, the legislators that set the federal budget opted to incur future debts in order to finance current spending.

2. Two proposed bills, an increase in taxes and a new education campaign, are bundled together in order to gain the necessary number of votes to pass.

3. As of 2010, some estimates showed the U.S. government's Social Security program would face significant unfunded liabilities in the future. That is, the government may have promised benefits to future retirees without levying enough in taxes to pay the benefits.

Reference no: EM131086132

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