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Subject:
Social Sciences
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Essay
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English (U.S.)
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Topic:
The Moment of Truth
Essay Instructions:
I am expecting you to provide your own analysis of the report. It is unacceptable to cut
and paste, rephrase Wikipedia or re-fragment internet sources on the subject. It is
improper to do so and will be considered plagiarism. If you use any wording from this
report, it must be quoted properly with the supporting citations provided. Furthermore, if
you use any other sources (both internet and scholarly non-internet sources) you must give
credit to the author using commonly accepted citation standards of your choice.
Your work needs to be defined into three parts:
(1) the general reasons for the debt crisis as defined in the report;
(2) an overview of the proposed solutions offered by the authors;
(3) and your written arguments why some, none, or all of the solutions will work.
Your report must total approximately 1500 words, typed and double spaced on 8.5” x 11”
copy paper font 12.
The originality of thought/argument and the correctness of your syntax and grammar will all count in my evaluation of your work.
note: I'm an international student. please i want my essay in easy words
Essay Sample Content Preview:
Name
Professor
Course
Date
Moment of Truth
Introduction
The Moment of Truth Project aims at making sure that the fiscal plans and processes of the federal system are in check and could work well to the benefits of the American people. It is with this in mind that the Fiscal Commission Report was released with the aim of warning the American government and its people of the red flags they need to look out for as they seek economic prosperity. There are quite a number of issues that were highlighted in their report. These included the current economic crisis facing the nation, its causes, possible countermeasures and strategies that could help to bring the country back on its feet as far as economic advancement is concerned. The essay below seeks to dissect this report so as to make sense of what exactly the Moment of Truth has for the Americans.
Reasons for the Debt Crisis
According to the Moment of Truth (1), one of the causes of the high debt rate is the budget of the country. Rater than focusing on the investments that could help in raising the GDP of the nation and making more people self-reliant, the budget is more concerned on the issues of consumption and expenditure. Every other day, the government comes up with plans which seek to increase its recurrent expenditure. This includes aspects such as the healthcare plans, housing plans and so on. These are given more priority as compared to investment opportunities. As such, the government becomes more of a spender than a gainer. This makes it impossible for the government to meet its demands; hence it has to borrow from its competitors. However, it is unable to clear these debts, which makes it sink even deeper into the debt problem.
Another factor cited by the Moment of Truth Fiscal Commission Report (2) is the current tax code. The report has it that this tax code is complex and inefficient. As such, it supports the rise of "housing bubbles and health care cost growth" (Moment of Truth 3). This is just a form of recurrent expenditure that the government engages in. The taxes are brought down on the mortgages, housing, and other healthcare plans. The government, therefore, has to shoulder the remaining balance. As these taxes are brought down, they are compensated for by increased taxes in investments. Therefore, the government is not so much concerned about investments which can create more work for the youths and the general population. There are no proper measures to make sure that there is a conducive environment that can lure investors to come into the land. Furthermore, there is no major move that can be said to help in making the nation advance towards global competitiveness. Therefore, while the government increases on the recurrent expenditures and forgets the investments and employment opportunities, its economic system losses the balance. There are more expenses than the income, which implies that more has to be borrowed in order to deal with the deficit.
The reports is further concerned for the fact that with the rising health care plan costs, a majority of the baby boomer generation are well on their way to retirement. This implies that the burden on the government will even be more. Therefore, unless the necessary corrective measures are taken, it is obvious that the nation could slip into an even greater problem. This was noticed by the commission and that is why it came up with a plan that could help to salvage the country`s economic situation. Some of the factors highlighted in the plan are as described in the paragraphs below.
Proposed Solutions
For starters, it has to be noted that the authors have it that the excessive expenditures by the government at the expense of investments are to blame for the current situation that the country has fallen into. Therefore, the only solution to the problem is providing the counter measures for these problems. This includes reducing the government expenditure on the recurrent issues and making sure that there are better investment opportunities, job creation, and the regain of the global competitiveness that the country is famed for. In order to realize this, there are some changes that need to be implemented. These are as stated below.
One of the major areas that have to be focused on is the savings on healthcare (Moment of Truth 3). Since it has been noted that healthcare expenditure takes the bulk of the government`s money, cutting down on this could lead to considerable savings. The first step in relation to this would be the reformation of the Medicare sustainable growth rate. If this was implemented, it could save the government quiet a good amount of money to the tune of $22 billion by 2020. This seems like a good prospect. The Class Act would also need to be reformed or repealed altogether, a move that would save ...
Professor
Course
Date
Moment of Truth
Introduction
The Moment of Truth Project aims at making sure that the fiscal plans and processes of the federal system are in check and could work well to the benefits of the American people. It is with this in mind that the Fiscal Commission Report was released with the aim of warning the American government and its people of the red flags they need to look out for as they seek economic prosperity. There are quite a number of issues that were highlighted in their report. These included the current economic crisis facing the nation, its causes, possible countermeasures and strategies that could help to bring the country back on its feet as far as economic advancement is concerned. The essay below seeks to dissect this report so as to make sense of what exactly the Moment of Truth has for the Americans.
Reasons for the Debt Crisis
According to the Moment of Truth (1), one of the causes of the high debt rate is the budget of the country. Rater than focusing on the investments that could help in raising the GDP of the nation and making more people self-reliant, the budget is more concerned on the issues of consumption and expenditure. Every other day, the government comes up with plans which seek to increase its recurrent expenditure. This includes aspects such as the healthcare plans, housing plans and so on. These are given more priority as compared to investment opportunities. As such, the government becomes more of a spender than a gainer. This makes it impossible for the government to meet its demands; hence it has to borrow from its competitors. However, it is unable to clear these debts, which makes it sink even deeper into the debt problem.
Another factor cited by the Moment of Truth Fiscal Commission Report (2) is the current tax code. The report has it that this tax code is complex and inefficient. As such, it supports the rise of "housing bubbles and health care cost growth" (Moment of Truth 3). This is just a form of recurrent expenditure that the government engages in. The taxes are brought down on the mortgages, housing, and other healthcare plans. The government, therefore, has to shoulder the remaining balance. As these taxes are brought down, they are compensated for by increased taxes in investments. Therefore, the government is not so much concerned about investments which can create more work for the youths and the general population. There are no proper measures to make sure that there is a conducive environment that can lure investors to come into the land. Furthermore, there is no major move that can be said to help in making the nation advance towards global competitiveness. Therefore, while the government increases on the recurrent expenditures and forgets the investments and employment opportunities, its economic system losses the balance. There are more expenses than the income, which implies that more has to be borrowed in order to deal with the deficit.
The reports is further concerned for the fact that with the rising health care plan costs, a majority of the baby boomer generation are well on their way to retirement. This implies that the burden on the government will even be more. Therefore, unless the necessary corrective measures are taken, it is obvious that the nation could slip into an even greater problem. This was noticed by the commission and that is why it came up with a plan that could help to salvage the country`s economic situation. Some of the factors highlighted in the plan are as described in the paragraphs below.
Proposed Solutions
For starters, it has to be noted that the authors have it that the excessive expenditures by the government at the expense of investments are to blame for the current situation that the country has fallen into. Therefore, the only solution to the problem is providing the counter measures for these problems. This includes reducing the government expenditure on the recurrent issues and making sure that there are better investment opportunities, job creation, and the regain of the global competitiveness that the country is famed for. In order to realize this, there are some changes that need to be implemented. These are as stated below.
One of the major areas that have to be focused on is the savings on healthcare (Moment of Truth 3). Since it has been noted that healthcare expenditure takes the bulk of the government`s money, cutting down on this could lead to considerable savings. The first step in relation to this would be the reformation of the Medicare sustainable growth rate. If this was implemented, it could save the government quiet a good amount of money to the tune of $22 billion by 2020. This seems like a good prospect. The Class Act would also need to be reformed or repealed altogether, a move that would save ...
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