Política fiscal no Brasil e nos Estados Unidos: a trajetória das despesas de ambos os países entre 2008 e 2023

Abstract

Fiscal policy plays a crucial role in the planning of contemporary economies. Whether through its extensive application or its classification as secondary, tools such as government spending and taxation are vital for the provision of goods and services to the population, income distribution policies, and the promotion of economic growth. Consequently, fiscal policy is also the subject of study in various economic schools of thought, each seeking to define, in its own way, the optimal use of available fiscal instruments and the appropriate degree of state intervention in the economy. In this context, the present study aims to analyze the fiscal trajectory of Brazil and the United States, focusing on whether there was an expansion or contraction in different types of government expenditures in both countries between 2008 and 2023. The choice of this period is justified by the onset of the 2008 financial crisis's impact on both economies and extends to the current state of fiscal policy. Additionally, a bibliographic analysis was conducted starting from the 1990s for both countries to achieve a better understanding of the pre-crisis events and the measures adopted in its aftermath. As a result, the study identified expansionary spending trends in the Brazilian economy between 2008 and 2014. From 2015 onward, due to the adoption of more restrictive orthodox measures, spending contracted in favor of achieving primary surplus targets. By 2023, expansionary trends had regained prominence in the country's economic policy. In the U.S., geopolitical factors played a significant role, as seen in expenditures on Public Security and Defense. In terms of spending as a proportion of GDP on health and education, the U.S. exceeded Brazil, indicating a greater presence of fiscal policy in the U.S. compared to Brazil. Regarding interest payments on public debt, due to a less restrictive fiscal policy than that of Brazil, the U.S. government allocated fewer resources as a proportion of GDP to this purpose than Brazil.