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Government use various forecasting and estimates to prepare budgets. But we have trillions in debt and...

Government use various forecasting and estimates to prepare budgets. But we have trillions in debt and most governments are running deficits. Do you think they are doing a good job in developing budget? what could be change to improve the process.

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Answer #1

Developing budgets will definitely will help to improve the process but the reality facts which are taken as base should be genuine. For example, the Government has budgeted to collect $1 billion funds in the next year, but the Government has never had collected $1 billion of funds in past but just estimated it randomly then such budgets will never help to improve because budgets should be estimated based on the past experience by adding some improvement results then only it is possible to achieve the budgets for a given period.

Hence, the Government should prepare budgets based on the past results, current conditions etc. to improve the process further.

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