Persuasive Essay On Budgeting

But having a budget is a good step in the right direction. Continuous reexamination is necessary to keep the budget on track. A potential reform for the federal budget is the switch from a short-term budget perspective to a long-term perspective (Budget & Projections, 2015, p. 1). This switch can be beneficial for several reasons. The main beneficial reason is having a greater outlook. Having a greater outlook on future budgetary effects can help policymakers make better-informed decisions in regards to the federal budget. Another potential reform for the budget is to commit and concentrate on spending control. In order to reduce the debt, spending must be under control. A good policy must be in place to ensure the control on spending is a continuous effort by the

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.

“To budget is to fight over money and the things money buys” (Document A). The federal budget is adjusted every year and has to follow certain criteria set forward by the Preamble to the Constitution. The Preamble sets five goals that the budget must fulfill, these goals are: to establish justice, to insure domestic tranquility, to provide for the common defence, to promote the general welfare, and to secure the Blessings of Liberty to ourselves and our prosperity. Furthermore, it is difficult to decide what clusters of the federal budget to allocate money to in order to meet the five goals of the Preamble which are “The Big Five”, “The Middle Five”, and “The Little Guys.” In each of the three budget clusters,

3). Trump further pointed out that large fractions of the US annual budgets are set aside to finance the international economic obligations of the country. As such, the Republicans pointed out that cutting such parts of the budget would help to boost the American economy and to reduce budget deficits.

The U.S. government budget is made up of different content that present financial proposals from the President with advised importance for ration of revenue from the local government. More importantly, the budgets focus being the budget year. This is the next budgetary year where changes would have to be made by Congress. The budget not only covers the present year, but the next 4 years after the budget year to be able to resonate the outcome of budget verdicts past the extended term. This includes funding zones given for the present year in order for the reader to be able to make a comparison of Presidential budget propositions and the newest executed zones. Here the President starts the lengthy procedure of creating a budget by means of policy guidelines, at least 9 months prior sending his budget proposal off to Congress. Following the guidelines, the Budget Office along with Federal agencies create a policy for the present and future budget years.

President Obama’s 2016 $4 trillion budget includes $400 billion savings over a span of 10 years; by cutting funds from Medicare, Medicaid and other programs in order to offset the country’s $1.8 trillion

The annual United States budget has been steadily rising over the past decade. The projected federal budget for the 2012 fiscal year is going to be $3.7 million dollars compared to the $1.9 trillion in 2001. The 2012 budget is just a hundred million less than the 2011-year budget, according to the Congressional Budget Office. The reason for this ongoing rise in the federal budget can be acclaimed too the few financial crises that the country has faced. Beginning with September 11th attacks, to the housing bubble bursting, to the recession hit in 2007. The combination of all these major financial breakdowns, along with the hundreds of other fiscal responsibilities that the government holds has lead America into a very big budget deficit.

The projected Unites States budget deficit for fiscal year 2017 is a staggering $559 billion dollars. A budget deficit occurs when the government spends more than it receives in revenue over a specific period of time (Schiller, Hill, & Wall, 2013, p. 251). Currently the US government runs on a fiscal year (FY) which begins October 1st each year. The projected rate of 2017’s deficit is 17.6 % of expected revenues of $3.4 trillion which is only slightly lower than FY 2016. The 2016 deficit represented 3.2 % of gross domestic product (GDP) rising from 2.4% in FY 2015 (Congressional Budget Office, 2017). If the average American household

In the article, “The Trump Budget Legacy: A Permanent $1 Trillion Federal Deficit,” the author, Stan Collender, reasons that President Trump’s budget will leave a 1 Trillion dollar federal deficit. He argues that, “the spending and taxing policies about to be put in place by the Trump administration and the Republican-controlled Congress will balloon the federal deficit to $1 trillion or more every year going forward” (Collender, 2017). He attributes this to the fact that it appears all of the proposed cuts won’t pass the U.S. Congress and Senate.

In short, the larger the tax cuts, the larger the deficits, the larger the deficits the larger the debt that is incurred to offset the budget deficit. The Committee for a Responsible Federal Budget, a non-partisan organization put out an article talking about the impact of the tax plan that Donald Trump is proposing. In the article titled How Much Will Trump's Tax Plan Costs it says, "Based on what we know so far, the plan could cost 3 to 7 trillion over a decade- our base-case estimate is 5.5trillion in revenue loss over a decade." Either way, the tax plan presented by Donald Trump, even with the best case scenario it is a loss of $3 trillion in revenue. The more revenue the government loses from tax cuts, the more the deficit and debt

The annual budget for the Federal Government is predicted to increase over the next few years. In fact, it's supposed to surpass $1 trillion dollars in 2020, even though the economy is growing at a healthy rate, the Congressional Budget Office says. The national debt has gone beyond $21 million and even goes from there to past $33 trillion in 2028. By then, the public’s debt will almost match the size of the economy. It’ll be at 96% which is higher than post World War to and past the crisis point.

For example, Trump wants to eradicate the Supporting Effective Educator Development Grant Program that provides funding for quality educators. America’s education system, when compared to the rest of the world, is embarrassingly corrupt. For this reason, Trump should be focusing on rebuilding our education system instead of our military. Yes, military spending stimulates the economy, but in the long run improving our education is more imperative. It’s been proven that a country with an excellent education system will intern have a healthy thriving economy. There are definitely more programs that Trump plans on discarding but honestly he needs to leave them

Additionally, the new budget does include proposals that the American people might feel apart based on their opinion. The president felt that the national priorities that the American people are interested in are, job training, creation, education, and decreasing in corporate and other tax loopholes which is prone to unethical practices.

Why spend money that is really needed for other things? Why live uncomfortably? Why be trapped in this hole called a home that belongs to another person? Why not live free and peacefully? When a person rents he or she usually throws away money that could be used to purchase something that belongs to them. Money is not easy to come by so why pay out hundreds toward something that is not benefit to the person paying it out. There is no good explanation for making a decision like this. The best option in a situation like this is to buy a house. Buying a house is a better option than renting an apartment.

The federal government is currently running a large budget deficit. “By the end of the current fiscal year, the country will be almost $31 billion in the red…$1.3 billion beyond the $29.4 billion deficit [] forecasted in the March 2016 budget” (Minsky, 2016).