Federal Budget Deficit and the Consequences of Raising Federal Debt
PROMPT:
FIRST WATCH THE TED VIDEO " What we learned from the teering on the Fiscal Cliff"
https://www(dot)ted(dot)com/talks/adam_davidson_what_we_learned_from_teetering_on_the_fiscal_cliff?language=en (Links to an external site.)
1) The US has been struggling with managing the Federal budget for decades. Now the US Federal Government is once again running out of Money. This fallacy has led to the US Federal government to be on the verge of not honoring its financial obligations. Multiple times it has caused some government lockdowns over the years. Some of the devastating results of the government lockdowns are thousands of federal employees not receiving their salaries and millions of citizens not receiving federal government services. This year 2022 the TED talk, “What we learned from the teering on the Fiscal Cliff,” completes 10 years. The projections on the analysis presented on that TED talk were pretty accurate (+ military spending increased in the past decade and deficit worsened even more with the overall level of spending in the past 2 years with stimulus programs). A decade later, our national debt problem not only still persists as it is even more alarming (currently over $28 trillion dollars).
1) Based on the material we covered so far, and the information on this TED talk, should the government focus more on becoming more efficient with the federal budget ? Should more though be put in place in how to use tax revenues ? Should a due diligence be implemented to find areas where costs could be cut without reducing the services delivered to citizens? Explain Why in detail .( offer evidences, provide sources use economics vocabulary and economics turns) (20 points)
2) Which are the consequences of keep raising our federal debt? Explain why in detail . Offer evidences, provide the source(s) and use economics vocabulary and economics terms. (50 points)
3) Bibliography (10 points) - Bibliography: provide the name of author, the name of the publisher, the name of article/ podcast or video as well as the website link
4) After submitting questions 1 to 3 please go back to your Discussion forum before Monday April 14th and analyze answer 1 and 2 of another student that is not a member of your group. (You just need to reply to 1 other student only). Post your analyses, it should have between 100 to 150 words. (20 points)
Hints:
https://obamawhitehouse(dot)archives(dot)gov/blog/2012/12/11/president-obamas-record-and-proposals-cutting-spending (Links to an external site.)
https://www(dot)crfb(dot)org/papers/president-trumps-full-fy-2018-budget (Links to an external site.)
Federal Budget
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Federal Budget Deficit
The United States debt level is becoming a point of concern to many. The COVID-19 pandemic has pushed the federal government to intensify economic recovery through spending has pushed the budget deficit to levels last seen during the second world war. As of 2019, the US national debt had reached $17 trillion, which would be difficult to reduce, according to McBride and Siripurapu (2021). As a result, the government should be more efficient with the Federal Budget.
Mandatory spending programs, such as Social Security, are the primary drivers of government spending, according to Davidson (2012). Government programs such as Medicare and Medicaid receive the majority of Social Security funds. The growing aging population and increasing cost of healthcare have historically accounted for close to 50 percent of all federal spending and are expected to rise as a percentage of Gross Domestic Product (GDP). Tax revenues, on the other hand, are expected to remain flat. Therefore, the government should focus more on efficient spending.
In addition, due diligence should be implemented to find areas where costs could be cut without reducing the services delivered to citizens. As a result, a program manager job classification should be created in the government (Langley, 2012). Job classification would focus on retaining talented staff while at the same time ensuring that the government operates efficiently through effective budgeting, planning, and risk management. Through such measures, the government can utilize limited resources without compromising the services it offers to its citizens. Moreover, the government should borrow program management best practices that have already been used and proven in the private sector. One way the government can be diligent in reducing the debt budget deficit is by reducing overall spending. Frugal measures entail cutting military and social spending (McBride & Siripurapu, 2021). It would have reduced Medicare and Medicaid c...
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