Week 6 Discussion

SOLUTION AT My Australian Academy

Week 6 Discussion
Week 6 Discussion Required ResourcesRead/review the following resources for this activity:
Textbook: Review Chapter 2, 3 (pp. 56-59), 13LessonAdditional scholarly sources you identify through your own researchTEXTBOOK:
Magstadt, T. (2017). Understanding Politics: Ideas, institutions, and issues (12th ed.). Boston, MA: Cengage.
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.Note: THESE ARE NOT TRUE US BUDGET NUMBERS!.
DOMESTIC PROGRAMS AND FOREIGN AID
Cut some foreign aid to African countries
$17 billion
Eliminate farm subsidies
$14 billion
Cut pay of civilian federal workers by 5 percent
$14 billion
Reduce the overall federal workforce by 10%
$12 billion
Cut aid to states by 5%
$29 billion
MILITARY
Cut the number of nuclear warheads, and end the “Star Wars” missile defense program
$19 billion
Reduce military to pre-Iraq War size and further reduce troops in Asia and Europe
$25 billion
Cancel or delay some weapons programs
$19 billion
HEALTHCARE
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
EXISTING TAXES
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
NEW TAXES
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 TWO outside scholarly source.
Summary for discussion post:
Imagine that you’re a high-ranking advisor to the President of the United States (If it helps think of a generic president, not the actual person in the White House), and you’re 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.
Be sure to list the options you chose with their totals and your overall total as well. Reaching $300 Billion is tough, so I want you to get your total somewhere between $290 – 310 Billion.
———————————–
As you start, this hypothetical budget has a shortfall (or gap) of $300 Billion. You can make-up the difference with $300 Billion in budget cuts, OR $300 Billion in tax increases, OR something that uses both cuts and taxes.
So, let’s say you decide to use the first two options seen in the Assessment:Cut some foreign aid African countries $17 billionEliminate farm subsidies $14 billion
You just eliminated $31 Billion from the gap. And the gap is now $269 Billion!
Unfortunately, you just annoyed U.S. foreign allies and farmers.
So you raise taxes:End Bush tax cuts for income above $250,000 a year $54 billion
Now the gap is $215 Billion — and you just upset high-income tax payers — many of whom are now upset and won’t be contributing toward your boss’ Presidential campaign; making it harder for you — and your boss — to keep your jobs. Ah the joys of government budgeting! ????
Lesson: Economics
Introduction
This week we will explore the economy, including the impact that governments have upon economic matters and the cost of welfare programs.
The US Budget

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