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One way the government can reduce the deficit is by spending less. Americans are known for spending. Whether it is on necessities or just simple wants, money is thrown out. Most of the time, we spend more money than what we really have. When you spend more than ones income, it causes a big problem. This is the main cause of the federal deficit. America has been spending more than its actual income. Every year, nearly $200 billion are thrown away through fraud, waste, and mismanagement. A lot of money is spent on unnecessary programs such as NASA etc. The set budget for the year of 2014 is $17.6 billion (Congress approved). This is money that can be spent on better options such as education or simply paying off the budget. In order to reduce the amount of money owed, the US must spend less. Spending less will allow the economy to recover and possibly pay off its debt.
The US government income is earned through the collection of taxes and revenue (“Budget”). When this amount is surpassed, the country goes into debt. A major cause of the federal deficit is the insufficient amount of money available to pay off these debts. Personal income taxes are the largest portion of total tax revenues. Just in 2011, $1,091.5 billion were made. The second largest sources are Social Security and Medicare making the total tax revenue a total of $2.3 trillion (2011). The amount of tax revenues earned in a year is enough to pay off the U.S deficit. Due to the mismanagement of money, this isn’t possible. If the government implemented higher taxes, they might be able to slowly reduce the deficit. Although many Americans might not like this idea, it’s necessary in order to get the country out of this issue.
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"Strategies to Reduce the Federal Budget Deficit." 123HelpMe.com. 21 Jan 2020
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Lastly, a promising strategy to reduce the deficit is the balancing of trade. The difference between value of total imports and exports over a period of time is the balance of trade (“Atkins”). When a country has exports that exceed imports, they are engaging in a trade surplus which is favorable act. If imports exceed exports then a trade deficit is occurring. Since the 1980s, the United States has had imports exceeding their exports (“Atkins”). For example, in 2003 the US imported $126.3 billion and exported $82.8 billion for a trade deficit of $43.5 billion (“Atkins”). A huge amount of money owed that could have been prevented if they balanced out the amount of exports and imports. To do this, the US must import fewer goods or either exports more. This strategy of reducing the amount of imports to balance trade is a clear idea on reducing the deficit that most would agree on.
By implementing strategies such as spending less, collecting more taxes, and balancing trade, America is most likely to fix our current deficit problem. If not fixed, cuts in the nation saving, less domestic investments, and larger federal interest payments may occur (“Choices”). Overall, spending less will permit the government to recover and earn money that would pay off the debts. Implementing higher taxes makes it possible for the government to earn a higher income. By balancing trade, America is able to equal the exports and imports reducing the chances of getting into a trade deficit. The federal deficit has increased steadily over the years and must be put to a stop. These are only some strategies that the US government may implement in hopes to reduce the deficit.