Social Well-being as a Criterion of Fiscal Policy Efficiency

Abstract

The article considers the relationship between the objectives of fiscal policy and well-being of the citizens. The state's budget policy has many public goals and allocated funds: military, national economy, national defense and security of the country, culture and sport, public debt service, the Federal target program, the creation of reserves, intergovernmental transfers, administrative expenses and wellbeing. Promoting the wellbeing of nation is fundamental to the work of government and essential for current issues and research. Budget resources should be directed and allocated in order to meet social objectives that are set out by the government. These documents are as follows: the President's annual speech, the main directions of monetary state's policy, the main budget regulations and federal law about its current budget. Efficiency of fiscal policy and, as a result, improvement of the quality of life of citizens and welfare of the nation can depend on fulfillment of commitments and obligations.