Initial 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. Submit your recommendations and your reasoning for such recommendations using these guidelines:
– Use evidence (cite sources) to support your recommendations from assigned readings or online lessons, and at least one outside scholarly source.
– Use the format provided below to present your numbers and totals followed by an explanation below the chart.
– Please note that these are not true US budget numbers, but are reasonable hypothetical numbers to help us consider the budget processes complexities.
| 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 | $_________________ |
Solution
Week 6 Discussion: US Budget
As posited by Whitman Cobb (2020), the significance of effective budgeting cannot be underestimated when it comes to an effective government. In this view, there is a substantial need for the government to allocate resources in a manner that is considered efficient. Many scholars in the field of political science have denoted that a well-planned budget is vital for any government given that it enhances economic stability as well as growth. As a presidential advisor, I would consider cutting on the following components;………….Please follow the link below to purchase the solution at $5
