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How does the decline of industry contribute to budget deficits?

User Cory Roy
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Answer:

The decline of industry decreases aggregate supply, but it also decreases aggregate demand, i.e. fewer workers = lower demand for goods and services. Since the government receives money form taxing both industries and households, if both industries' and households' income decreases, the government will receive less tax revenue. Less revenue results in higher deficit.

Step-by-step explanation:

User Chandrika Joshi
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