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Budget Proposal - Assignment Example

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More than 700,000 Americans lost their jobs, the auto industry took a hit, housing sector collapsed and moreover huge amount of the…
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Budget Proposal
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Download file to see previous pages Though the economy has witnessed decrease in unemployment, there is still a large proportion who has failed to find full time jobs. Corporate profits have risen dramatically, but the wage rate and income level has failed to witness the same growth. It should focus more on adding value to the rising middle class and create a hub for jobs. It should work for many and not for few. US should try to attract more high tech jobs for its middle class. A growing middle class is a key indicator of a growing economy. Bringing jobs will not solve the problem, but its people should be educated, trained and better equipped to meet the requirement of the jobs. This will not only improve the per capita income of US, but will also create high revenue for the government through large base of tax payers (Mankiw, 2008).
They key areas that should be the main focus towards a balanced budget would include sectors like, infrastructure and development, education, clean energy, small business, manufacturing, health and defense. These are the critical areas of government expenditure that are to be increased while the other sectors should be decreased. The other sectors include justice, transportation, SSA, Science foundation, treasury, interior, veteran affairs, agriculture, etc. From the revenue the budgeted tax collection should be increased. The sources include income tax, corporate tax, social security tax, excise and customs. Estate and gift tax to be reduced. The specific target areas include the sectors that will help augment the revenue for the government and significantly reduce the budget deficit. Though it is totally not possible to eliminate the deficit in the short run, but it can be reduced to a sustainable level. All the sectors are critical to the growth of the economy, yet there are certain sectors as mentioned above that needs government aid to complement the vision of developing the middle class and creating jobs. Health and ...Download file to see next pagesRead More
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