Describe expansionary and contractionary fiscal policies. Identify the situations in which expansionary fiscal policy and contractionary fiscal policy would be used.

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wen 211 8) Please provide your answer to the following question(s) using essay format. Essay format should include an introduction paragraph with a thesis statement, a body, and a conclusion paragraph. The essay should be 2 – 3 pages (750 to 1,000 words) and should include at least (2) academic resources, not including your textbook. Your reader/audience is the general public.

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Answer the following questions for your essay:

1. Begin by explaining fiscal policy.
2. Describe expansionary and contractionary fiscal policies. Identify the situations in which expansionary fiscal policy and contractionary fiscal policy would be used.
3. Provide examples of fiscal policy being used in both the past and present day.
4. Examine any downsides to fiscal policy such as fiscal lags, the impact on national debt or other issues.