Economic Policy Essay

1350 Words 6 Pages
Economic Policy

     The new economic policy of the united states should include cutting taxes, reducing governmental waste, and balance the budget by having a smaller more efficient federal government. It should include equal opportunity for financial security but not through a government sponsored redistribution of wealth program.
     Cutting taxes across the board including income tax rates, capital gains and estate taxes among others should provide a growth spurt for the economy. Allowing people and businesses to keep more of their hard earned money would enable them to spend more money. People would be able to buy more cars, refrigerators, homes etc. The businesses would
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There are several ways in which the government can cut taxes while maintaining worthwhile government subsidized programs, which will be discussed in this paper.

      To have funded tax cuts the government will have to cut spending by eliminating waste and by reforming while preserving needed entitlement programs such as Welfare, Social Security and Medicare though slowing the rate of growth in spending on them. As quoted in a Business Week editorial "Cutting the growth in Medicare spending by $150 billion would help open the way for a truly balanced budget, lower interest rates and higher economic growth" (A Vote for a
Sensible Center 194).
     To eliminate waste the government will have to cut programs that are no longer needed and programs that overlap each other. "The federal government today has 163 separate job training programs, 26 food programs and 180 educational programs. The government needs to eliminate some, consolidate some and change others" (The Balance Sheet). The government can also cut waste by cutting the amount of money that some of the governmental agencies receive for example the "Republicans want to cut funding for the Commerce Department and the department of Urban Development budget by $715
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