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Fiscal and Monetary Policy
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So can you explain the difference between Fiscal and Monetary policy again?
Sure thing, Jim! Monetary policy involves changing the interest rate. Fiscal policy involves the government changing tax rates.
Fiscal, I guess. I don't have ALL the answers, Jim.
Wait, so when Texas is allowed to spend more than it collects, is that Fiscal or Monetary?
Yes, Jim, it isn't the greatest idea for them to keep spending and spending. But nothing is stopping them.
Wouldn't that be bad for the economy, John?
Now leave me alone. I want to go eat and then sleep.
Jim, that's why we have the policies. So that the government can tax you more and raise interest rate to get more money.
But shouldn't we worry more? Without money, the economy will crash!
I guess the policies work together well, if all it does is control how much money I give to the government....
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