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I think the government should cut its spending for this to be achieved in a manner that everyone will be satisfied.
In respecct of raising taxes, the wealthy have come out strongly in opposition. They argue that they already are overtaxed. According to Porter (12), it is true that the high income earners in the States pay a lot of tax. They are said to be account for the biggest share of the tax burden. It is noted that the deficit in the federal government has been an extraordinarily contentious issue in the political scene over the last few years. It is stated that the current deficit stands at about $15 trillion dollars. It is expected that if every thing holds constant; the figure will rise significantly in the next couple of years (Jeffrey par 2).
Some politicians and economists argue that the national income levels are not on the dangerous levels yet. They say that the government should increase its expenses in order to avoid another downturn. The current deficit is said to be a result of high spending on soldiers, grants to support the public schools, road construction, infrastructural projects, and Medicare for seniors (Hubpages par 4). Another factor that has also brought about the deficit relates to government revenue as previously indicated. Revenue is the amount of money collected by the government. They are generally gotten from tax, custom duties, and sale of government property among other sources (Porter 12).
For the government to be able to reduce the deficit, it should first be able to reduce the amount of money that it spends on government-sponsored programs or increase the amount of money it takes from tax. Jeffrey (par 2) suggests that, not only does the government raise more revenue when it raises tax paid by the rich Americans but it could achieve this without slowing down economic growth of the country. Porter (12) states that
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How would this plan affect you? Do some additional research on this topic (how Social Security can be changed or if it should remain as is) and include it in your discussion. Include citations or URLs for your work to receive full credit To rationalize privatising Social Security, it is argued that in 4-5yrs there will be more retired people in the US, than people working and paying taxes via FICA for OASDI.
In effect, NAFTA and the World Trade Agreement made outsourcing easier for transnational American companies to operate in Mexico and Canada. Globalization that started in 1970 made IT operations inexpensive for these companies, and soon enough US transnational companies began to transfer its manufacturing operations offshore (Thomas Heffner, 2010).
Again, the bill has to attain at least 51% majority to be a part of law. If the bill is unable to attain the majority or less than 50% members voted for the approval of the bill, then it is rejected or
I am well aware of the fact that Queen’s University is the best in the business and has provided the world of healthcare with great professionals. I believe that by being a part of the Queen’s University, I can even develop skills related to the field of medicine.
Over the years, the debt rate in the United States has increased significantly. This debt is generated from the uncontrolled borrowing from the government has increased. In an argument by CBO (2012) the government has spent a lot of borrowed funds to a point that the set aside budget money intended to be borrowed cannot be accounted for.
Deficit spending is also one such process which many country used to adopt to tackle several economic condition. In this paper the main focus is on analyzing the positives and negatives of the deficit spending and how it generally works.