State Budgets and Leading Approaches for Balanced State Finance

Abstract

Our paper focuses on the aspects of financial balance and success of a state as a global leader represented by the creation, maintenance, and preserving the state budget. We argue that healthy state finance all together make any country in the world a global leader when it comes to economic and geopolitical position. We use the example of the United States of America to demonstrate how the budgetary processes are designed, operated, and optimized. Moreover, we analyze the budget devising, approval, and implementation using the US case study. In addition, we contemplate on the budget surplus and polemize on its use and importance in the healthy state finance. We come to a conclusion that a budget surplus for any given country, or a state is predefined by the government adhering to strict and unchanging laws, regulations, as well as standards. It might be tempting to change the rules of the fiscal and budgetary game as the political and economic situation evolve but the economic history teaches us that the rules of the game cannot be changed while the game is played. We conclude by stating that true (geo)political leaders in our complicated global and digitized world need to have healthy and balanced budgets.