Econ research paper. The U.S can address the National Deficit and Debt According without Increasing Taxes

The U.S can address the National Deficit and Debt According without Increasing Taxes
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The U.S can address the National Deficit and Debt According without Increasing Taxes
The issue of the federal debt and deficit control in the United States is one of the most debated issues in the country currently. Almost all political speeches and press events end with at least a question linking whatever that was being addressed back to the budget and the impact it has on the issue of the ever growing national debt and how this can be controlled. From such events as the State of the Union address to the inauguration to the campaign, the underlying theme is how to balance the budget and eliminate or get the U.S national debt under control. There are also serious concerns on whether or not this can be achieved without considering the scope and size of federal spending. The debate has also centered on the various ways of eliminating the national debt and deficit by the year 2030. Some of the most commonly explored options include looking at the scope and size of military spending, the government, tax reforms, and entitlements. Although tax increase seemingly presents the most viable way of increasing revenues and hence solving the U.S national deficit and debt, the country can achieve this through other means without necessarily increasing taxes for the populations.
Cutting foreign aid by half; this is one of the ways through which the U.S can successfully match towards addressing its national debt and deficit issue. It would mean that the amount spent on foreign aid is halved, limiting such aid to $17 billion only. The country is currently facing huge national deficits and its ever growing national debt (Grimm, Humphrey, Lundsgaarde, & de Sousa, 2009). As such, it cannot afford to continue providing aid to foreign countries at its own clip. The focus of the country should now be centered on how to redeem its financial stability and reduce the deficits and national debt. Even though this does not recommend elimination of foreign aid, it should be halved. This will save the country a whopping $17 billion which can be used in addressing the national deficit and debt issue.
Elimination of earmarks; the issue of earmarks in the country has been one of the major topics of discussion in the United States, especially during the last campaign season. However, there is little that has been done about the same since the pet projects which are initiated for home districts are one of the ways through which politicians get votes (Purtle & Stadnick, 2020). This practice needs to be put to an end since it is one of the ways through the government can generate revenue to help in settling its national deficit and deficits. The approach can help in saving as much as $14 billion, which can be used in addressing the national debt and deficit concerns.
Cutting around 250,000 government contractors; currently, the country has an unnecessarily high number of contractors and this explains why the national spending is ever increasing. Cutting of around 250,000 of them would help the country in saving around $17 billion (Willeto & Goodluck, 2020). This amount can be used in other servicing the country’s national debt. Despite the fact that contractors are cheaper than the actual employees, there is always a reason to redo the high number of contractors in the country. They have contributed to an increase in the national expenditure on contractors. Reducing the number of contractors would help in reducing this expenditure burden and generate revenue that the country can use in addressing the national debt and deficit issue.
Reducing the size of the world-wide presence of troops; this approach can help the United States to save up to $49 billion, which can be used in addressing the national deficit and debt issue. This can be achieved by ensuring that the country reduces the size of its military that is sent to Iraq and also reduce its military presence in Asia and Europe by 26% (Mulloy, 2020). These changes would still be 33% less than the projected levels which could be achieved in the future. The currently has been stretching its defenses out by trying to act as the police of the world, and history shows that all the great empires in the past fell due to stretching out their defenses. The country should consider reducing this size and create room for the country to save some of the resources. The resources created by reducing the country’s worldwide troops can be used to chip in to the growing national debt and deficit.
Reducing troops in Afghanistan and Iraq; the United States has for a long time had some of its troops operating in Afghanistan and Iraq. This implies that the country spends around $30000-169 billion in funding such operations (Cushman, 2020). As such, reducing the troops can help in reducing the cost of operations in the industry and thus generate revenue that can help in addressing the national debt and deficit in the country. However, these figures are derived based on the troop levels from 2010. The United States thus has the obligation of withdrawing its troops in these two countries. For a long time, the U.S has been unnecessarily investing in troops in Afghanistan and Iraq.
Capping the growth of Medicare; this will help the country in saving up to as high as $562 billion. The cost of medical care in the country has been rising, and so meeting the cost and projections of Medicare has been increasing (Mark, Levit, Yee, & Chow, 2014). This has resulted in the country basically increasing its expenditure on the Medicare Program. However, one of the measures that can be taken is capping is growth at the at the GDP level. This can help the country in saving significantly and thus generating funds that can be used in funding other projects such as eliminating the national defects and debt.
Reducing the benefits advanced to high income earners; this is also another viable measure that the country can turn to as it seeks to generate revenue for addressing the national deficit and debts that it is facing. Notably, social security ...