Textbook Review Chapter 2 3 pp 56 59 13 Lesson Additional scholarly sources you identify through – Get help from top-rated tutors 2024

• Textbook: Review Chapter 2, 3 (pp. 56-59), 13
• Lesson
• Additional scholarly sources you identify through your own research

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. Explain why you chose those cuts. 

Welcome to Week 6 Discussion1! You may begin posting on Monday, December 2nd, 2019 for credit.

Think about the process you use to determine spending and cuts in your household.  Multiply that by 330 million.  As you are aware, the United States has a significant debt, approximately $22 trillion.  Although we know that we cannot afford to continue down this path and that we must manage our spending, we continue the path towards more deficits and higher debt.  Everyone wants cuts in spending, but not for their programs.  As you complete this Discussion, evaluate how you would prepare the budget.

Along with your textbook reading for the week, here is an additional reading to consider:

Introduction to the Federal Budget Process. (2017). Center on Budget and Policy Priorities. Retrieved from https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=2ahUKEwj1x7-etK3fAhVSSK0KHar7CFwQFjAAegQIBxAC&url=https%3A%2F%2Fwww.cbpp.org%2Fsites%2Fdefault%2Ffiles%2Fatoms%2Ffiles%2F3-7-03bud.pdf&usg=AOvVaw1w1ohlX5Ubcgwfugk58clC (Links to an external site.)Links to an external site.

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 least one outside scholarly source.