Initial Post Instructions
You are an advisor to the President tasked with cutting at least $300 billion from the budget. The president wants your recommendations to cut lines, not large categories. Explain why you chose those cuts.
Welcome to Week 6 Discussion1! You may begin posting on Monday, December 2nd, 2019 for credit.
Think about the process you use to determine spending and cuts in your household. Multiply that by 330 million. As you are aware, the United States has a significant debt, approximately $22 trillion. Although we know that we cannot afford to continue down this path and that we must manage our spending, we continue the path towards more deficits and higher debt. Everyone wants cuts in spending, but not for their programs. As you complete this Discussion, evaluate how you would prepare the budget.
Along with your textbook reading for the week, here is an additional reading to consider:
Introduction to the Federal Budget Process. (2017). Center on Budget and Policy Priorities. Retrieved from https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=2ahUKEwj1x7-etK3fAhVSSK0KHar7CFwQFjAAegQIBxAC&url=https%3A%2F%2Fwww.cbpp.org%2Fsites%2Fdefault%2Ffiles%2Fatoms%2Ffiles%2F3-7-03bud.pdf&usg=AOvVaw1w1ohlX5Ubcgwfugk58clC (Links to an external site.)Links to an external site.
Note: These are not true US budget numbers.
DOMESTIC PROGRAMS AND FOREIGN AID
Cut some foreign aid to African countries
Eliminate farm subsidies
Cut pay of civilian federal workers by 5 percent
Reduce the overall federal workforce by 10%
Cut aid to states by 5%
Cut the number of nuclear warheads, and end the “Star Wars” missile defense program
Reduce military to pre-Iraq War size and further reduce troops in Asia and Europe
Cancel or delay some weapons programs
Enact medical malpractice reform by reducing the chances of large malpractice verdicts
$ 8 billion
Increase the Medicare eligibility age to 68
$ 8 billion
Raise the Social Security retirement age to 68.
$ 13 billion
Return the estate tax to Clinton-era levels, passing on an estate worth more than $1 million to their heirs would have portions of those estates taxed.
$ 50 billion
End tax cuts for income above $250,000 a year
$ 54 billion
End tax cuts for income below $250,000 a year
$ 172 billion
Payroll tax increase for people making over $106,000 annually contributing more to Social Security and Medicare.
$ 50 billion
Institute a Millionaire’s tax on income above $1 million
$ 50 billion
Add a national 5% sales tax
$ 41 billion
Add a tax on carbon emissions
$ 40 billion
Tax banks based on their sizes and the amount of risk they take.
$ 73 billion
Total gap covered by your budget plan
Use evidence (cite sources) to support your response from assigned readings or online lessons, and at least one outside scholarly source.
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