Over the years, government spending has accumulated forcing the government into a national debt. Americans believe that the amount of money that the federal government annually collects in taxes from citizens is abstruse. However, the government cannot pay off all of the debt that they have even after implementing such high tax rates. One could say that the federal government is bankrupt. Yet, they are never required to claim bankruptcy as they are able to borrow money in the form of selling bonds. In order to gain a better perspective on the national debt of the United States, it is vital to compare the money owed and the money brought in. Currently, the “national debt held by the public (because of the bonds they have bought) is about 40 percent of our gross domestic product” (Wilson 492). The amounts of goods and services produced in 1964 took up the same amount of the national debt as it did in 2004.
Although considered to be the most powerful person in the nation, the president is still advised by others when making economic policy. Typically, economic policymaking is fragmented, not fully under the president’s control. These individuals or groups possess certain powers that the president does not have. Primarily, the small group called, The Troika, is of special importance to the policymaking. The Troika consists of the Chairman of Council of Economic Advisers, the Director of Office of Management and Budget, and the Secretary of Treasury. The CEA is responsible for determining and analyzing economic trends or issues. Essentially, they annually develop a financial report of the economy for the president to present to Congress. On the other hand, the OMB estimates the amount the present will spend in a fiscal year and cr...
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...nomy. Additionally with tax cuts, more jobs are evidently created. This is because fewer taxes provide more of an incentive to work. People will want to work and earn income as they know that there taxes will fair evenly. So too, those who earn over one million dollars a year will be required to pay even higher taxes than the middle class. This is logical and fair as those who earn a substantial amount of money as such are perfectly capable of living off of that in a given year. “No household making over $1 million annually should pay a smaller share of their total income in taxes than middle-class families (Taxes 1).
Works Cited
"Taxes." The White House. The White House, n.d. Web. 23 Apr. 2014. .
Wilson, James Q., and John J. DiIulio. American Government: Institutions and Policies. Boston: Houghton Mifflin, 2006. Print.
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
O’Connor, K., Sabato, L. J., Yanus, A. B, Gibson, Jr., L. T., & Robinson, C. (2011). American Government: Roots and Reform 2011 Texas Edition. United States: Pearson Education, Inc.
Schiller, W. J., Geer, J. G., & Segal, J. A. (2013). Gateways to democracy: introduction to American government, the essentials. (2nd ed.). Belmont, Calif.: Wadsworth ;.
During and after the turmoil of the American Revolution, the people of America, both the rich and the poor, the powerful and the meek, strove to create a new system of government that would guide them during their unsure beginning. This first structure was called the Articles of Confederation, but it was ineffective, restricted, and weak. It was decided to create a new structure to guide the country. However, before a new constitution could be agreed upon, many aspects of life in America would have to be considered. The foremost apprehensions many Americans had concerning this new federal system included fear of the government limiting or endangering their inalienable rights, concern that the government’s power would be unbalanced, both within
Lowi, Theodore J, et al. American Government Power & Purpose. 12th Ed. New York: W. W.
MARTIN KELLY, Overview of United States Government and Politics Foundation and Principles, 2011, retrieved February 21st 2011 from http://americanhistory.about.com/od/governmentandpolitics/a/amgovoverview.htm
Following the failure of the Articles of Confederation, a debate arose discussing how a centralized government ought to be organized. The prevailing opinion ultimately belonged to the Federalists, whose philosophy was famously outlined in The Federalist Papers. Recognizing that in a free nation, man would naturally divide himself into factions, they chose not to remedy this problem by stopping it at its source; instead, they would limit its effects by placing strict structural safeguards within the government's framework. The Federalists defined a facti...
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...
The national debt is usually a frightening topic citizens of any country, however, in the United States, twenty trillion dollars of national debt is one of the major fears of the economy. Along with this fear comes every politician claiming to be the person to lower this astronomical debt to ease concerns in the modern American economy. In Hamilton’s Blessing, John Steele Gordon tries to alleviate these concerns by showing a plethora of benefits and good the debt has been able to do throughout the history of the United States. The central premise of the book and the main guideline for John Steele Gordon’s thinking is that the debt was used to save the Union in the 1860’s, the American economy in the 1930’s, and the wellbeing of mankind during
Landy, Marc and Sidney M. Milkis. American Government: Balancing Democracy and Rights. New York, NY: McGraw-Hill, 2004.
U.S Federal Deficit and Debts:Understanding the history and context. (2011, November 1). Utah Foundation. Retrieved January 25, 2014, from http://www.utahfoundation.org/img/pdfs/rr7
The United States of America is one of the most powerful nation-states in the world today. The framers of the American Constitution spent a great deal of time and effort into making sure this power wasn’t too centralized in one aspect of the government. They created three branches of government to help maintain a checks and balance system. In this paper I will discuss these three branches, the legislative, the executive, and the judicial, for both the state and federal level.
Ken Kollman, The American Political System, (New York: W.W. Norton and Company, 2012), 25, 322-323, 330, 449.
Landy, Marc and Sidney M. Milkis. American Government: Balancing Democracy and Rights. New York, NY: McGraw-Hill, 2004.
Tax cuts are only benefiting the richest people, and will widen the inequality gap between the rich and the poor. A recent report from the Congressional Research Service states, “as the top tax rates a...