When it comes to public budgeting, bad decisions occur periodically across all l
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When it comes to public budgeting, bad decisions occur periodically across all levels of government. Many of these unfortunate choices stem from either uncertainties about the future or a lack of fiscal discipline in the present. In her article, Liz Farmer (2014) itemizes what she considers the “Seven Deadly Sins of Public Finance (Links to an external site.).” For each of these diabolical mistakes, Farmer provides a real-life example of public sector entity behaving badly, as well as a counter-example with a governmental organization acting with financial virtue.
In contemporary times, which of these “seven deadly sins” do you believe is the worse offense? Based on your choice, what course of action would lead to a better financial outcome? This link will help form your thoughts.