Efforts to Reduce the Budget Deficit. The rapid growth of the national debt alarmed some politicians and created pressure for restricting Congress's unlimited ability to spend. After reviewing Chapter 10, Section 10.2: Efforts to Reduce the Deficit, write a 2-3 page paper, formatted according to APA style as outlined in your approved style guide, discussing the actions taken by the Congress since 1985 to reduce the budget deficits.…
Department of Education. (2011). U.S. Department of Education Strategic Plan for Fiscal Years 2011–2014. Retrieved from: http://bioremede.com/downloadoc.php?url=http://www2.ed.gov/about/reports/strat/plan2011-14/draft-strategic-plan.pdf…
Science, technology, engineering, & mathematics – alternatively STEM – is an evergrowing field in today’s society. Technology is increasing in popularity, and development of assistive tools in society are becoming more and more urgent for traditional use. Because of this, spending is required in the STEM field, but many feel that it is not needed. At first glance, one would think that the sectors of the government that keep us safe are the ones with the most funding, which is mainly true if you look at budgeting for the military. However, sectors within the Department of Commerce, such as the National Oceanic and Atmospheric Administration, are lacking in budget due to focused spending elsewhere, which creates research and development – herein R&D – problems that may create outages and cost the lives of many Americans. This is…
Are you interested in a plan to stop the growth of the Federal Debt? If so please review the 10 point TenOC plan below. If you like it (or even if you do not like it) forward it with your comments to your email buddies, facebook friends, your talk show host, your congressman, tweet about it, bog about it, post it on your websites, and you are free to send or copy it to anyone else you can think of. We need to start an ACTIVE conversation about this (or some other) plan to reduce the federal debt.…
The Federal Budget is used for many different necessities in America. It`s used for medicare, social security and more. One portion of our federal budget goes towards our military. Americans should spend less tax money on foreign armies, and more towards defense against terrorism.…
The federal budget is an important part of the economy in any country; and, as the Deficit in the United States grows, it is more important to maximum employment, production, and purchasing power. The current deficit as a percentage of GDP is near 11% which is the highest since the 1940s during WWII. The government debt is will rise even higher with the recent health care bill which brings unrealistic spending and tax increases. America’s economy is drawing near to fiscal train wreck. One article by Holtz-Eakin states that, within the next 30 years, the 20% of GDP dedicated to federal expenditure could increase to 30 or 40% of GDP. The conditions do not seem to have any improvement in the near future, and the federal deficit will only increase with the recent government’s health care bill. The results of a widening deficit are increased demands from foreign investors and the reduction of the value of the U.S. dollar. The consistent increase in the deficit could greatly drive up interest rates and eventually cause lenders to lose trust in the United States. As the world loses faith in the strength of the dollar, government bankruptcy, economic chaos, and the collapse of the west as an economic power could be at hand. However, in reaction to these bleak times, the Obama administration created the bipartisan National Commission on Fiscal Responsibility and Reform to attend to our nation 's fiscal challenges. The Commission was created to compose policies to improve the fiscal situation in the immediate tenure and to reach fiscal sustainability over the long run. One main goal of the commission is to cap revenue at 21% of GDP and get spending below 22% and eventually to 21%. Various other goals of the Commission include: Reduce the deficit to 2.3% of GDP by 2015, achieve nearly $4 trillion in deficit reduction through 2020, and stabilize debt by 2014 and reduce debt to 60% of GDP by 2023 and 40% by 2035. The Commission will propose recommendations designed…
The way that the American Government spends its money is very important. Also the government must remember the Preamble goals when creating the Federal Budget. The Preamble established five purposes of the Constitution: establishing Justice, insuring Domestic Tranquility, providing Common Defense, promoting the general welfare of citizens, and securing the Blessings of Liberty to ourselves and our Posterity. After evaluating the federal budget, it is evident that the budget is split into three clusters: the Big Five, the Middle Five, and the Little Guys.…
The bottom line is we need to maintain the current budget for the military, also known as the defense budget. Some people think that if we reduce funding, then nothing will happen. Well they are wrong. Funding for the Military is important. With it we protect smaller countries, we keep Israel together, and we will keep America safe.…
COMMENTATOR: How would you explain the process of figuring out how much the defense budget should be?…
Thesis: Obamacare is beneficial despite its downfalls, being that it provides healthcare, promote health, and control cost.…
Medicare comprises and estimated 12% of the federal budget. It is often on the forefront in the debate on how to moderate the growth of federal and health care spending. The key is the increase of aging Americans and increased cost of health care. (The Henry J. Kaiser Familty Foundation, 2010). In order to evaluate the current financial health and long term sustainability of Medicare, you have to look at several issues.…
In Conclusion with our current deficit of fourteen trillion dollars as a country we cannot last through another federal program. It’s hard for me to support a program that continues to have so many negative issues. The only thing we can do is voice our opinions and support better for reform.…
The video is a well demonstration of debt issues that the U.S. government faces. It starts with the tough economic condition that Obama inherited from Bush. Then, it talks about Bush’s centerpiece economic agenda: cut taxes, as well as the way Bush always put politics ahead of economics. After a serious of expenses related to two big wars; two enormous tax cuts; and a variety of new entitlement program signed by Bush had been spent, the economic began to go down. He not only squandered the entire budget surplus he had inherited, but started to confronting a stubborn recession and a steadily escalating budget deficit. Next, the video shows the bitterly partisan fight over Obama’s expensive economic recovery plan. The Republicans worried about if the plan goes well, they will get no credits for anything they have done. So they strongly disagree with this huge amount of recovery expenses. The main issue regarding of this plan is about reform healthcare in order to save money in the long run. However, it is difficult to persuade interest groups and politicians who have been battling over healthcare for a long time. Besides, it is especially tough to talk to Americans about the government are going to spend less on benefits in a recession time. In the end, this video talks about Obama’s budget, and the rigorous debt deficit condition that the U.S. is going through.…
Perhaps no other function of government is more important than the budget process and the resulting budget document. According to the Government Finance Officers Association [GFOA], (1998) “A good budget process is far more than the preparation of a legal document that appropriates funds for a series of line items. Good budgeting is a broadly defined process that has political, managerial, planning, communication and financial dimensions”. The budget document needs to be more than an accounting statement that reconciles revenues and expenditures. A good budget document serves to ensure that government is efficiently using the scarce resources it possesses and in turn delivering the goods and services needed by the public. The budget document must also be “strategic in nature, encompassing a multi-year financial and operating plan that allocates resources on the basis of identified goals” (GFAO 1998). In short, a good budget document and budget process translate an organizations policies, plans and political commitments into an actionable plan whose performance can be tracked against stated objectives to measure overall operational efficiency and organizational success.…
2. The sheer extent of the intervention of government in society, the economy, and world affairs makes the study of public policy essential for a conscientious citizen. Similarly, the amount of spending by government at all levels makes this an important subject. As taxpayers, we have a stake in effective public policy and the overall scope of the government in our lives. We consume a vast and varied bundle of public services. A detailed, current discussion of the dimensions, growth, and composition of government spending will be provided in chapter five, which deals with the budget as part of the policy cycle.…