Essay on ECO/372 Week 3 Learning Team Assignment

The growing national deficit is a looming problem in the United States now more than ever. The national debt is constantly increasing and government spending is out of control. If these issues are not solved then they could spell disaster for the nation’s economy when the infamous debt ceiling is finally reached. Currently the national policy on the debt is to continue raising the debt limit until a solution is found that is agreeable between both parties in Congress. The two main issues of over spending and the constant raising of the debts ceiling by Congress can both be resolved by government spending reform, balancing the federal budget and initiating pro-growth policies in order to increase the government’s tax revenue.

Many United States' citizens are unaware of the country's current financial state. Many assume that one of the world's wealthiest countries could never be in debt. This is untrue however, and, in fact, the country with the greatest income per capita is in major debt. This study will examine possible solutions to reducing the United States' national budget deficit.

Given the critical circumstances the United States economy faces today, the current fiscal policy, in addition to the changes that will be made in the future, is under intense scrutiny. During the Obama administration, which will soon come to an end in about six months, a variety of policies were created in attempts to create employment, raise our GDP, and boost the state of the economy, among other ideas. The fiscal policies created by Congress and the President demonstrate success in some areas, while failing in other areas, as many, including myself, would argue. As the 2016 election quickly approaches, it is important to remember previous fiscal mistakes and successes, and the current economy, in order to better grasp what will be necessary for a successful fiscal policy in the future.

However, raising taxes on the rich and corporations is not as helpful to our economy as most people think. Although raising taxes on the top percent of people and companies appears to create more income for the government, the result will make it harder for middle class and lower class citizens to grow. Some argue that by combining several key changes, including the simplification of the tax code to avoid loopholes and the decrease of taxes on the rich and corporations, there will be an improvement in the national economy. Although this may seem a bit counterintuitive, it makes more sense when looked at closely. By lower taxes and remove all loopholes, smaller businesses are given further opportunities to grow instead of facing financial roadblocks and government

With the United Stated national debt being over $19 trillion dollars, many Americans are worried about the country’s long-term debt problems. In order to make this national deficit, the government needs to operate with a budget plan. For the past 10 years, the federal government’s budget has continually operated as a loss. As the money continues to grow over time, the United States goes deeper and deeper into debt. Our current way of trying to grow our economy out of debt is not working.

Fiscal responsibility is an important part of stability and the government must focus on maintaining the economic stability. As we all know, Government dept can quickly become a burden on the economy and weaken it. Macroeconomic policies change credibility of the government and strengthen political institutions. It is very important that our economy has credibility and stability because it’s vital to us Americans long term investment decisions that allow the US economy to grow. Government provide stability by ensuring to maintain stability of currency, enforce-defend property rights, and provide oversight that assures private citizens that their transaction partners in marketplaces are

All the people in the United States are effected by the fiscal policies. Team C will address the how and why the U.S. budget deficits, budget surpluses and debt effect different individuals and institutions. There are a wide array of individuals effected by fiscal policy, which include tax payers, future Social Security and Medicaid users will be effected. The unemployed individuals and University of Phoenix students will be effected by fiscal policy. The U.S. financial reputation , an exporter, and importer, and effects of the GDP will also be covered about the effects of the U.S fiscal policy.

Tax rates have been falling around the world for decades. In the countries where there are the lowest taxes, such as Chile and Singapore, there is the fastest economic growth. If the U.S wants the economy to grow, then they should not raise taxes. First, the U.S tax system is already wrong and unfair. Americans that make a lot of money, pay more in taxes. According to John Lott, “Fives times more income means paying 33 times more in federal taxes”. Most Americans work incredibly hard for their money, especially business owners. Decreasing tax rates will allow more Americans to want to work and will help the economy grow.

The National Debt in America has been a major concern for many years. The United States has spent a large amount of money, accumulating trillions of dollars in national debt. The United States national debt is the sum total of all deficits. National debt poses a threat to future generations. While the majority of Americans recognize that debt is not a good thing. Yet, many Americans grapple with comprehending the theories of the national debt and deficit. More importantly, if Americans were enlightened about the economic policy they could relieve the economy. If the government could find a balance between creating more revenue and spending less money, educating the public of the national debt. Americans could reduce the amount of federal budget deficit and the national debt.

Sixthly, let’s talk about the government control of the economy. The government this past decade has done a very poor job at controlling the economy. Like I said earlier we as a nation are over seventeen trillion dollars in debt. Yet the government thinks spending will solve the problem. This just does not make sense to me. If the government wants to gain control over the economy again we have to stop spending so much

There are four long-term challenges facing the US today that must be addressed by the next President and Congress. These are serious challenges, and are not small tasks to accomplish. By any means the challenges the next President and Congress faces will be discussed in fully on how they impact the economy and what steps should be taken to fix them. Before I deliberate the four topics in detail - I am going to give a brief description of each topic; The first topic that most importantly needs to be discussed is the national debt, When someone mentions $17 trillion dollars what do you think? What comes to most minds is that is an excessive amount of money. Truth be told that is sadly the amount of debt the United States has incurred, and that number is growing at an extensive rate each day. When I have concluded the ending of my discussion the debt will have already increased significantly. That deficit will need to be reduced through a combination of spending cuts and/or revenue increases that will yield a net savings of $1.345 trillion dollars by 2030.

The current macroeconomic situation in the United States is making a significant improvement due to the increase of productivity, 4.6 percent economic development, and with unemployment at 5.3 percent. But despite these positive results, many difficulties are still incoming locally and worldwide.

There is an ominous shadow hanging over America consuming its wealth, and dividing its people over the promise of fair and equal treatment. American debt has no rival in the modern world, and it continues to spiral out of control as politicians’ debate solutions that would bring it under control. To manage this debt citizens are burdened with a federal income tax system that is inefficient, discriminatory and cumbersome to the American people. Since the federal income tax was created the cost to comply with it has grown into an economic nightmare for the American economy, and its people. Seventy thousand pages tax codes and hundreds of tax forms are required to calculate taxes, increasing

In 2007-2009 the recession in the U.S economy was long and deep. At some point the economic activity was reasonable in 2008, but the economy overtaken by a financial problems that could improve the economic weaknesses. The economy was recovered in mid of 2009. GDP has been in a stable path since then, although the jump has been unequal and slowed down in 2011. The high rate of long term unemployment and the labor rate has decreased the labor market. In the paragraphs below, I’m going to define the fiscal policy and explain how it could resolve the economic paths in the short term long term.

Therefore we must look at government's spending, only significant reductions in spending will effectively curb debt and deficits. When deciding where we will cut from spending Congress will promptly stop all spending for projects that advantage just a couple and have even the presence of constituents and unfair donor involvement with ulterior motives, similar to endowments for open television, farming, environmentally friendly power vitality, and ethanol. The government ought to concentrate on a predetermined number of suitable national