The Fiscal Deficit Crisis in the United States
Since the inauguration of George W. Bush as the president of the United States in January 2001, a series of issues and problems have appeared. President Bush created problems in education, finance, medicare, social security, as well as foreign affairs. In addition, he has turned a 500 billion dollar surplus into a 500 billion dollar deficit (“Historical Tables” 2004, 21-22). We must ask how he could do this. Were funds spent on improving education, social security, or healthcare? No, in fact these areas were under-funded. Rather the deficit is a result of over-spending on defense, homeland security, and tax cuts across the country.
In the 20th century, there were 73 years with a deficit in the government budget. The problem has become a very serious issue since 1958, since which there was a deficit in the fiscal budget nearly every year (“Historical Tables”, 2004, 21-22). During the mid-1990's, when Bill Clinton was the president, the deficit was reduced and net surplus occurred in 1998 and 1999. After George W. Bush had taken office, the trend of having surplus in fiscal reports couldn't continue. During every year of his term, George Bush increased the United States debt significantly. One hundred-fifty-seven billion dollars was the deficit in 2002, while 521 billion dollars was the deficit in the fiscal year of 2004 (“Historical Tables”, 2004, 21-22). The American government's debt is increasing at $20,000 per second. A person with an average-income will lose his annual salary in a matter of few seconds due to the rapidly increasing debt (US Debt Clock). This is a very important issue to teenagers and college students, as they will soon have to carry the financial burden from the United States government.
The underlying reason for the deficit in the budget is due to the mismanagement in the spending and taxing policies adopted by the President. The terrorist attack on September 11th, 2001, the crash of the stock market after that event, the war on Iraq, and the increased homeland security aggregated the problem of the budget deficit. If President George W. Bush is re-elected and continues to ignore this problem, the United States will continue to build up its huge debt. By 2009, the Gross Federal Debt will be over one thousand billion dollars, and that would transfer to every person living in the United States to have a debt of about $36000 (“Historical Tables”, 2004, 118-119).
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
Split is an award-winning, realistic fiction book written by Swati Avasthi. The book has a total number of 280 pages, and it could be found in our school library. The story focuses mainly on two brothers, Jace and Christian Witherspoon. After years of suffering from abuse from his father, Jace eventually runs away from home like his older brother did before. Finding himself, bruised and tattered, at Christian’s doorsteps, Christian decides to take him in because he is family. Along with new identities and new friends, the story centers on the two brothers settling in to a better life while trying to figure a way to rescue someone that has been unable to escape from the wrath of their enemy for years: their mother. However, they are left with a devastating answer. This report will focus on one of the primary protagonists, Jace Witherspoon, a significant event, and the overall theme that the author is trying to convey.
Many argue that Reagan “enacted irresponsible tax giveaways for the rich…[starving] the federal government of revenue [which] led to unprecedented deficits.” There is no doubt that “today’s budget deficits [can] impoverish our descendants.”1
Back in 1980, Republican president nominee Ronald Reagan pledged throughout his campaign that it was his goal to “restore the great, confident roar of American progress, growth and optimism”. Restoration, reinvigoration, and reclamation of values believed to be lost by the presidential treachery he was succeeding. Fast forward to 2008, Democratic president nominee Barack Obama did not see a need for restoration, he saw a need for new waves with his slogan “change we can believe in” after the economic destruction by W. Bush. Being such dramatic foils, the two men represent different eras of American politics. The unprecedented election of Obama severed Reagan’s seemingly everlasting legacy, signaling real changes coming to the presidency. The “Reagan Revolution” is remembered as an era of conservatism and economic peace, while Obama’s terms are viewed with mixed emotions. Obama’s impact can definitely be argued, as political information was more readily accessible in his presidency than any other in history; thanks to new technology and social communications, but since time has passed, so can Reagan’s. The use of their presidential powers is what a president is remembered for. Assessing the ranges in their backgrounds, motivations, policy creation and execution, and overall achievements, one can determine
When you get to the point where debt becomes too much you begin to search for a way out. There are many different options to get rid of their debt; one option is the debt snowball. This debt relief option sounds more unusual than it really is.
Federal spending is necessary for the economy and is essential to the accomplishment of national goals and advancement. This is why a budget is needed, however, there is no actual process mentioned in the Constitution that explains how Congress should do this. The Constitution states:
In general, an increase in government spending and decrease in the collection of government taxes and other receipts, increases the debt held by the local government. Government taxes and receipts fluctuate annually, and are frequently less than government spending. In the past, the U.S. public debt has increased for the duration of wars and recessions. When the government consumes more than what it accumulates in taxes, there is a budget deficit and the government then borrows from the private sector or from foreign governments to protect their spending. The compilation of historical borrowing is what materializes the government debt.
The president has a significant amount of power; however, this power is not unlimited, as it is kept in check by both the judicial and legislative branches. The president is held responsible for passing legislation that will improve the lives of everyday Americans, even though he shares his legislative powers with Congress. The sharing of power acts as an impediment to the president’s ability to pass legislation quickly and in the form it was originally conceived. However, Americans do not take this into account when judging a president, as they fully expect him to fulfill all of the promises he makes during his campaign. By making promises to pass monumental legislation once elected without mentioning that Congress stands as an obstacle that must be hurdled first, the president creates unrealistic expectations of what he can fulfill during his time in office (Jenkins-Smith, Silva, and Waterman, 2005). A president is expected to have the characteristics that will allow him to efficiently and effectively lead the nation and to accomplish the goals he set during his campaign (Jenkins-Smith et al., 2005). There have been a handful of presidents that have been immortalized as the ideal person to lead the United States and if a president does not live up to these lofty expectations the American public will inevitably be disappointed. Since every president is expected to accomplish great things during his presidency, he is forced to created and project a favorable image through unrealistic promises. The combination of preconceived ideas of the perfect president and the various promises made by presidential candidates during their campaign create unrealistic expectations of the president by the American public.
As of today America’s national debt is 18 trillion dollars and approximately 5 trillion of that is held by foreign countries including China and Japan. In the last few years we seem to hear more about balancing the country’s budget and politicians raising the debt ceiling so we can pay on this debt. How have we gotten into such an overwhelming and complicated problem with our nation’s money? Ironically the same can be said for our individual household debt as well as making the same mistakes and trying to find creative ways to be accountable to our financial responsibilities. Teaching the basics of personal finance n our schools can culturally change our financial practices, leading to a more financially literate public and a stronger, more stable, America. If the younger generations can become more financially savvy, then there is an opportunity for our nation as a whole to become less dependent on debt to survive.
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...
“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.”
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.
All but four countries in the world has external debt (“Country Comparison: Debt External”). Having a debt is almost as common as having a mortgage. Since its establishment, The United States has always been in debt (“Historical Debt Outstanding – Annual”). The US national debt has had five sharp increases previously in its history. The reasons include civil car and the two World W...
Obsessive-compulsive disorder has been classified as a type of anxiety disorder under DSM-5, in which there is a presence of obsessions, compulsions or both. Obsessions are defined as “intrusive and mostly nonsensical thoughts, images, or urges that the individual tries to resist or eliminate,” while compulsion are the thought or actions that accompany these obsessions to try to suppress and provide relief. (TEXTBOOK) The obsessions are categorized into four major types, and each is linked with a certain pattern of compulsive behaviors.
in Athens was called a Polis (Nardo 13). Other Greek city-states followed the Athenian layout