Mcmullin's Water Boarding

Carney, Timothy P. (2009). Obamanomics : How Barack Obama Is Bankrupting You and Enriching His Wall Street Friends, Corporate Lobbyists, and Union Bosses .Washington, DC, USA: Regnery Publishing, 2009. Retrieved from http://site.ebrary.com/lib/ashford/Doc?id=10364572&ppg=13

Trump’s plan would bloat the federal deficit by at least $10 trillion over the next decade, even if you factor in economic growth. This makes his promise of protecting Social Security harder to keep, given the program is one of the biggest line items in the budget.”

“Today I face you and say the challenges are real. They are serious and many,” Obama stated on inauguration day. Obama need to pull things together with bold and quick actions. Yet it seemed that borrowing was the only answer to this out of control situation. And he did just that, taking hundred of billions to bail out the banks and other institutions; tens of billions more for the auto industry; $275 billion for homeowners and the mortgage lenders; and $787 billion stimulus package to jump-start an economy spiraling downward. Much like the Bush administration, Obama and his administration are borrowing just as much, added to the deficit. It is unclear what exactly the future will look like for America as the economy is spiraling downward and other countries are becoming stronger.

Obama believes that the government plays a central role in helping everyone to deal with critical challenges. This is because its effects are far reaching and having an adverse impact on middle class Americans. Moreover, there is less opportunity for young adults who go to college and earn degrees. Yet, they are finding a job market that is unwilling to hire them. To deal with the issues, the President believes that Washington should have a stimulus program that is focused on: improving job growth, reducing taxes on the middle class, encouraging small businesses to innovate, supporting state / local governments and discourages outsourcing. (Killough, 2012)

With the implications of Obama Care, he opposed it to the point of an all out government shutdown. Ted has said, “I think the presidents agenda the past three and a half years has been the most radical of any president we’ve ever had” (Reed, 2013).

On October 19, 2017, the Senate approved a budget that would aid Republican efforts to create tax cuts in a vote of 51-49. In essence, this budget would expand the federal deficit by 1.5 trillion dollars over a span of 10 years. According to Republicans, the intent of these tax cuts is to create more jobs as well as providing more income to Americans as a whole. However, many Democrats are starkly opposed to this budget because of how it will increase the federal deficit as well as reducing the potency of federal revenue provided by taxes. With the budget being approved by the Senate, it is now up to the House to adopt its version of the budget to officially make it into law.

The American government has struggled with the issue of taxes and the budget for over a hundred years. Class conflict, adversarial political parties, and convoluted economic philosophies have resulted in a never-ending debate over taxation. The New York Times newspaper article, “Senate Panel Vote Backs Budget Plan”, from June 1993, discusses the current feelings of the time in regards to the budget and taxation. Moreover, the article mentions factors such as democrat-republican debate, trickle down economics, and high verse low taxes for the middle class. The issues discussed in this 1993 article differ only slightly from the taxation conversation of today. However, now in 2011, we face a budget crisis that threatens the American economy

Overspending on these entitlement programs are very rampant. These programs need to be seen as a danger. Just with the past few

The financial bailout on Wall Street rescued the economy from total collapse from faulty mortgage loans. Obama’s plans include reworking and changing the way the economy works for the better. George W. Bush gave tax cuts to Americans who earned over $1,000,000. A large sum of people don’t believe it was a fine idea. Obama will give tax cuts to working class people and small businesses, not to the wealthy. He will create tax credits of $500 per person and $1,000 per working families. Obama will also eliminate income taxes to senior citizens who less than $50,000 a year.

Today the United States faces many challenges, challenges that mirror the changing world we live in as well as the changing dynamics of our country as a whole. There is more than a few issues on the horizon for America, and many of these issues can be tied directly to government expenditures. Not the least of which is our current position on social security spending; arguably becoming the largest Ponzi scheme the world has ever seen. However, it is the details that really accentuate the complexity and scale of this ever growing budgetary concern. In 2012 social security spending totaled 819.7 billion dollars. Making it the number two largest expense in the in our government spending structure, second only to defense by a

Overspending is a pertinent problem facing the lawmakers in Congress. In 2012 discretionary spending reached $1.3 trillion and mandatory spending $2 trillion, while only bringing in $2.5 trillion in revenue. Since the turn of the century back in 2000, non-mandatory spending by the government has topped out a whopping $16.1 trillion just in the past 13 years (Boccia, Frasser & Goff 2013). This persistent overspending on programs and services that are not necessary to the functionality of the country is what is causing the deficit to rise year after year. To remedy this issue the government must either increase the revenue it brings in through taxes and trade or reduce the amount of money it spend or perhaps even both. In 2012 thirty-one cents of every dollar that Washington spent was borrowed (Boccia, Frasser & Goff 2013). Most of which went to large programs such as Social Security and Medicare and if these large, growing programs, or just the budget in general, do not undergo financial reform it could spell disaster for the economy and fiscal state of the nation.

Senator Bob Corker has proposed the Commitment to American Prosperity Act. The C.A.P.A. is meant to set a cap on the federal budget. This budget would save Americans $5.1 Trillion over a 10-year period. It will also bring down spending from the current level, 24.7 percent of GDP, to the 40-year historical level of 20.6 percent. This budget would also be in the best interest of the country. “We

This election, many people see a solution to this problem through Donald Trump’s political campaign on a platform of “Make America Great Again”. Trump is running, creating new jobs and improving the economy, which appeals to many people who are in the lower and middle classes who have been left behind by economic inequality. Trump’s largest base of support comes from white Americans who do not have a high school degree. This group usually has a very small income, if any at all, because they are less educated. In contrast, those with a college degree have a much easier experience finding work out of college. This means that those without a high school diploma are looking for economic change in order to gain an advantage and proceed with their economic pursuit of life, liberty, and happiness. Other groups with large support for Trump are people with mobile homes and “old economy jobs” which are, similarly, groups with lower incomes. Trump appeals to these groups such as the “old economy jobs” because they are losing their jobs as new technology emerges. As “old economy jobs” decline, the demand for new jobs increase; the creation of which Donald Trump endorses. Donald Trump is definitely not a traditional conservative, but he has the ability to attract these groups with his platform through his populist appeal. Thus, a person who is lower in the economic gap would lean towards a candidate such as

The U.S has gone through a major economic struggle and is still fighting for stability. It is, also, undergoing a recession which occurs whenever gross domestic product and the total output of goods and services fall for two consecutive quarters. The 789 billion dollars stimulus package has not created many private sector jobs and the hundreds of billions in TARP money squandered by Treasury Secretary Geithner to bail out General Motors, Chrysler, Bank of America, AIG and Citigroup has not reached most business and working Americans (Peter Morici). Though the unemployment rate has decreased, it is because many Americans have stopped looking for jobs and are no longer in the unemployment rates. This, of course, does not show any improvement in the U.S economy. Most of the taxpayers’ money is being used to support illegal families with American-born babies; while, many illegal Mexicans are taking jobs from citizens who are desperately searching for jobs. With this unattended problem the country’s economical repair will be prolonged.

The third category, spending and interest, accounts for the littlest of the three categories. In lament terms, Social security, military and healthcare account for the majority of our budget. This is no surprise because Social Security and healthcare are both mandatory spending (services our programs we rely on) and the military is discretionary spending (services or programs we rely on), and as stated above, this accounts for the majority of our spending, thus our debt. We rely on these services on a daily basis, and the baby boomers continue to age, the cost spends on social security and Medicare will continue to grow. The same goes for healthcare. As healthcare continues to be costly, the amount spent on Medicaid and insurance providers will continue to grow as well. After reading and understanding where the money is spent, when I took the Concord Coalition’s Federal Budget Challenge, I had a better realization of how little things can improve the deficit in big ways.