Foreword by Gordon Tullock/Epilogue by William Simon
While public attention is focused on the rapid growth of federal spending and deficits, another part of the federal government is quietly flourishing: off-budget spending. Agencies like the Federal Financing Bank have quadrupled in size in the last six years. Federal loans and guaranteed loans now exceed $100 billion, while borrowing by "federally sponsored enterprises" stands at $300 billion.
For the first time information on this burgeoning off-budget sector has been gathered in one volume. George Mason University economists Bennet and DiLorenzo provide a wealth of data and analysis on how governments at all levels react to tax and spending limitations. In addition to federal off-budget spending, they look at the extent of state and local off-budget enterprises-including Nelson Rockefeller's unprecedented use of the device in New York and the notorious Washington Public Power Supply System, or "Whoops." In the process they offer some pungent and unorthodox commentary on tax revolts, constitutional amendments, and spending limits.
"Underground Government should help stimulate public discussion on a vital but neglected area of public spending."
-Aaron Widavsky
University of California
1983/184 pp./$3.00
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