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Obama administration fiscal policy
Obama fiscal policy
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“Today I'm pledging to cut the deficit we inherited by half by the end of my first term in office" (Obama). This is the promise of President Barack Obama shortly after being elected to his first term in office as president. Currently, however, the United States (US) government is in a difficult situation concerning the national debt accumulation and the main problem of a continuously unbalanced budget producing this massive debt. The national debt is currently at $16.8 trillion and is ever climbing. Just recently it has breached past the United States GDP, at 100.02% (U.S. Debt Clock.org). The American economy is slowly rebounding from the “Great Recession”, but the federal government is in a constant self-inflicted crisis of debt and deficit. The US government needs to create a surplus in the federal budget by making wise choices such as cutting down on unnecessary programs, blatant waste, entitlements, and internal corruption; and needs to create a smarter tax code, business regulations and benefits, and healthcare system, to maintain prosperity, life, liberty, and the pursuit of happiness.
A brief summary of the history of government budgets and expenditures shows that from 1969 to 1999 there was a continued deficit that equated to approximately $5.5 trillion in debt (U.S. Debt Clock.org). The US government had a surplus in the year 2000, but implemented tax cuts and later had to pay for two wars, both aided in adding to the debt. By 2008, the US government had accumulated approximately $11 trillion in national debt, with close to a yearly deficit of $1 trillion ("2011 This Is…" 302-304). This was the year the began the era now known by many as “The Great Recession”, when the stock market plunged and the economy was thr...
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...Vital Speeches Of The Day 77.9 (2011): 304-305. History Reference Center. Web. 23 Apr. 2013.
McMurry, Inc. “This Is No Way To Run The Greatest Country On Earth.” Vital Speeches Of The Day 77.9 (2011): 302-304. History Reference Center. Web. 23 Apr. 2013.
McMurry, Inc. “Time For Am Attitude Adjustment.” Vital Speeches Of The Day 78.3 (2013): 82-84. History Reference Center. Web. 23 Apr. 2013.
Obama, Barack. "President Obama Addresses Joint Session Of Congress." Washington Post. The Washington Post Company, 24 Feb. 2009. Web. 29 Apr. 2013.
Proverbs. Holy Bible. Grand Rapids: Zondervan, 2011. Print.
United States. Dept. of Agriculture. Agriculture Factbook. Ch. 3 American Farms. Washington: US Dept. Of Agriculture, 2000. Web. 29 Apr. 2013.
"U.S. National Debt Clock: Real Time." U.S. National Debt Clock: Real Time. U.S. Debt Clock.org, n.d. Web. 29 Apr. 2013.
This deficit has to do with having responsible leader who are willing to increase awareness and make beneficial changes in the nation. In my opinion, the federal debt is a serious threat to the US that must be politically address whenever possible. I believe that the candidates of the 2016 presidential election should make this issue one of the top priorities to discuss and to dictate a considerable amount of work to fix it. That is because the worse the federal debt is, the worse the future would be to the nation. Also, voters must be well educated about this issue in order to shape their decision in voting for the candidate that seems most powerful and confident about this problem. Solving this problem may be difficult and would take time and so much effort. Therefore, the changes and solution must be on both a national and individual levels as
With famed verses like, “Ask not what your country can do for you – ask what you can do for your country,” Kennedy makes the spectators feel inclined to make an impact in the world they live in. Apart from infusing a sense of obligation in the crowd, Kennedy’s greatest element in his speech was the aptitude to arouse a feeling of esteem in the audience. Kennedy constantly uses phrases about freedom and sovereignty to remind the people they still are. “The heirs of that first revolution.” This dialect portrays America as a powerful and patriarchal republic that possesses greater philanthropy than all the other nations around the world.
"Martin Luther King Jr." - Acceptance Speech. The Novel Foundation, n.d. Web. 22 Apr. 2014. .
agriculture and the farms throughout the United States. There are few to no statistics on such
The US has been in and out of debt countless times throughout history, going as far back as the Civil War. However, debt did not become a truly relevant problem until much later, in the 1980s (Budget Deficits). Up to that point, large budget deficits were generally only allowed during wartime, but this pattern ended after the Great Depression. Roosevelt’s New Deal meant that the government spent much more than it previously did, even after the economy improved (Budget De...
Obama, Barack. "Address to Joint Session of Congress." The White House. Office of the Press Secretary, 24 Feb. 2009. Web. 5 Apr. 2014.
Looking back to the Carter and Reagan Administration’s, you can begin to see where the Recession originated from. Prior to the Reagan administration, the United States economy experienced a decade of rising unemployment and inflation. Political pressure favored stimulus resulting in an expansion of the money supply. Reagan wanted to increase defense spending while lowering taxes, Reagan's approach was a departure from his immediate predecessors. Reagan enacted lower marginal tax rates in combination with simplified income tax codes and continued deregulation. During Reagan's presidency the annual deficits averaged 4.2% of GDP after inheriting an annual deficit of 2.7% of GDP in 1980 under President Carter. The real
“Make America Great Again,” the campaign slogan know all around the world that is determined to change the face of 2016 election when sixty nine year old Donald John Trump is elected. In 2004, the federal debt was $7.3 trillion. This rose to $10 trillion when the housing bubble burst four years later. Today it exceeds $18 trillion and is projected to approach $21 trillion by 2019. Debt is not the only the thing the United States has been dealing within the past years, such as immigration, abortion, guns, foreign policy, taxes, along with numerous other topics, yet Trump has a way to solve the unsolved and yes, “Make America Great Again.”
"U.S. National Debt Clock : Real Time." U.S. National Debt Clock : Real Time. N.p., n.d. Web. 4 May 2014.
Deficit spending happens when a government grows its debt, meaning that its spending is greater than its income. Deficit Spending, 2008 Deficit spending is a fiscal policy, that when used appropriately can do some amazing things, like pull the United States up from its bootstraps effectively ending The Great Depression. President Hoover increased government spending by 50% and used the money to fund public works and infrastructure projects from 1928 to 1932. (Deficit Spending, 2008)
The U.S budget deficit over the years has been a problem but lately the deficit has shrunk. However, what made the U.S budget deficit get to where it is today and what will it be like in the years to come. Throughout the past the U.S has operated under a deficit. This means that the U.S Spent more money than it was taking in. The cause of the excess in spending was different depending on which year. Some of the causes were war, increase in spending , and economic downturns. There were different acts passed to try and control the deficit problem. The deficit at the present time is declining. This decline is due to the improving economy, sequester, and a tax increase on high-income households. The big factor that went into the decline in the deficit for 2013 was the payment that Fannie Mae and Freddie Mac made. The deficit decline in the present time may make some think the U.S could get out of debt but it has been projected that the U.S deficit will start to increase once again.
United States Census Bureau, 2014. State & country quickfasts. Retrieved from http://quickfacts.census.gov/qfd/states/21/2108902.html on February 25, 2014.
The United States economy is racing ahead at dangerous speeds, and it may be too late to prevent the return of widespread inflation. Ideally the economy should move ahead gradually and grow at a steady manageable rate. Mae West once stated “Too much of a good thing can be wonderful” and it seems the U.S. Treasury Secretary agrees. The Secretary announced that due to our increasing surplus and booming economy, instead of having an outsized tax cut, we should use the surplus to further pay down the national debt. A tax cut, though most Americans would favor it initially, would prove counter productive. Cutting taxes would over stimulate an already raging economy, and enhance the possibilities of an increase in the rate of inflation. Paying off the national debt would actually help lower interest rates and boost investments, and therefore further increase the wealth of the population, while keeping inflation at bay.
"I Have a Dream: Martin Luther Kings’ Famous Speech turns 50." The Week. The Week Ltd,
One thing that I have learned about college is that you have to sometimes talk about things that make you uncomfortable or scared in order to learn. I do not think I am alone in saying that the United States’ current debt situation is terrifying. Ten trillion dollars alone is an expansive and unimaginable amount of money, and since PBS produced Ten Trillion and Counting in 2009, the national debt has grown to twenty-one trillion. As stated, the documentary was produced during the first months of former President Barack Obama’s first term and focused on former President George W. Bush’s relationship with national debt during his eight year tenure. Ten Trillion and Counting explains some of the questionable decisions that former President Bush made, especially regarding fiscal policy.