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FEDERAL DEFICIT REDUCTION.   Term Paper ID:21349 Click to get this paper

Essay Subject: Examines programs aimed at balancing budget. Background, spending cut options (discretionary, defense, entitlement), public support, politics, health care costs.... More...

6 Pages / 1350 Words 6 sources, 6 Citations, APA Format $24.00 Return to List of Papers

Paper Abstract: Examines programs aimed at balancing budget. Background, spending cut options (discretionary, defense, entitlement), public support, politics, health care costs. Paper Introduction: Deficit reduction moved to the top of America's public agenda in February 1993 when President Clinton laid out his economic plan. In a major speech to Congress that took the problem of the national debt seriously, President Clinton underscored his intention to encourage the nation to think long term. He described the kinds of sacrifices that will be necessary to reduce the deficit over the next five years, proposing a series of spending cuts and tax increases. The purpose of this research is to examine the programs necessary to reduce the federal deficit and move towards a balanced budget. Emphasis will be given to examining the types of spending cuts available to the federal government for reducing the deficit. The relative contribution of these spending cuts toward balancing the federal budget will be also be assessed. Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. Kaufmann, W. Finally, the nation's health care system must be fundamentallyreformed if the federal government ever hopes to balance its budget. Discretionary spending accounts for about 16% of the federal budget.In fiscal year 1992, it amounted to $233 billion. Although these figures are not pocket change, discretionary spendingis one of the smallest categories of federal spending. Neither the nation's working people nor privatepensioners are given similar 1 % protection against inflation. Forever indebted: Everything you everwanted to know about the debt and a whole lot more. Longman. Never say die. Haas, L. United we stand: How we can take back our country. It is expected to cost $385 billion by 1998. Emphasiswill be given to examining the types of spending cuts available to thefederal government for reducing the deficit. Black, E. Onechoice is to trim the budget by reducing discretionary spending, a catchallcategory for what Congress spends every year on a wide array of servicesand programs, including national parks, medical research, educationalassistance, and disaster relief. There are three general categories of spending sources in the federalbudget that may be subject to cuts. In order to reducethe debt, the federal government would not only have to balance thedeficit, but would have to make a surplus that could be invested intopaying off the debt. A 5 % cut in defensespending would go a long way toward reducing the federal deficit. The single largest share of federal spending is in the category ofentitlement programs. This large and rapidlygrowing part of the federal budget includes spending on Social Security,Medicare, and farm price supports (Perot, 1992). Steinbruner. These expenditures go tosupport federal agencies and projects like the FBI, national parks, spaceexploration, medical research, drug abuse programs, foreign assistance,disaster relief, highway construction, aid to the disabled, and governmentsalaries (Haas, 1992, pp. The postaldepartment is wracked by inefficiency and public complaints, all the whileprivate business like Federal Express have sprung up to perform comparabletasks more effectively. & J. oneoption is to reduce the annual cost-of-living adjustments. The three most expensive programs in thecategory of entitlements are Social Security, Medicare and Medicaid.Social Security alone surpassed defense as the largest single item in thebudget in 1993. In addition to raising the income ofthe federal government through increasing taxes, the United States hasthree choices of reducing the deficit through spending reductions. (1992). Adding all these deficits together through theyears creates the total national debt. In fiscal year1992, the deficit was an all-time high of $29 billion, which actually cameas a pleasant surprise, considering that it was originally projected to beas high as $4 billion. Minneapolis StarTribune, p. And federal government spending onthese health care programs, if left unreformed, is expected to double bythe year 2 (Howe and Longman, 1992, pp. However, there is a strong argument for even deeper defense cuts thanthose anticipated in the "base force" plan. Perot, R. National Journal, 24, 755-758. yet,taxpayers subsidize wool production to the tune of $18 million a year.Other Cold War programs of dubious purpose today include the U.S.Information Agency and the Voice of America. Decisions for defense:Prospects for a new order. References Beatty, J. 74) ofThe Atlantic Monthly commented: "The main threats to our internationalposition are domestic. Luxury programs should also be eliminated or cutback. Several other federalprograms could easily be assumed by the private sector and performed justas efficiently, if not more so, than done by the federal bureaucracy.Foremost of these programs is the U.S. AtlanticMonthly, 269, 88. After the dissolution of theSoviet Union, President George Bush approved $5 billion in reductions inmilitary spending. This"peace dividend" will produce a savings of about $1 billion a year by1997. It is widely agreed that thefederal government has become bloated, but there is less agreement onexactly which federal services to eliminate or reduce. The purpose of this research is to examine the programs necessary toreduce the federal deficit and move towards a balanced budget. Thecombined Medicare-Medicaid cost is expected to reach $365 billion by 1997if the nation continues in the same direction. Several discretionary programs that exist today would not mustersupport if presented to Congress as new programs. In fiscal year 1993, the national debt stood at $4.3 trillion(Black, 1993, pp. (199 ). In amajor speech to Congress that took the problem of the national debtseriously, President Clinton underscored his intention to encourage thenation to think long term. Since the gap betweenfederal spending and revenues is so vast, it is recommended that somecombination of spending cuts in all three categories may be necessary (inaddition to increasing government revenues). When economists talk about "balancing the federal budget," theyusually are referring to balancing one year's deficit in order not tocontribute any further to the burgeoning national debt. The national debt is as old as the nation itself. Finally, if fundamentalhealth care reform is not forthcoming, those elderly patients who canafford to pay for their own medial care should do so. A second choice is to close the budgetgap by cutting the defense budget. Substantial cuts in federal spending will have to bemade in all three general categories of the federal budget: discretionaryprograms, defense, and entitlement programs. And a third choice is to balance thebudget by scaling down entitlement programs. 88). They are to be found in the debt-ridden conditionof our economy and the deteriorating state of much of physical and humancapital." One thoroughly researched study by the Brookings Institutionargued that the United States' defensive posture across the globe caneasily be safeguarded with a defense budget in the year 2 1 that is halfits current size (Kaufmann and Steinbruner, 1992). The end of the Cold War dramatically alteredAmerica's international peacekeeping role. Subsidies to encourageproduction of wool is one case in point. When reviewing the federal government, threequestions should be asked. (1992). Atlantic Monthly, 74,265-267. From 1946 to 197 , the debt grew from $271 billion to $381 billion, ayearly average deficit of less than $5 billion. Finally, the mandatory retirement age should be raised beyond65 years. Wool was desperately needed forthe war effort in the 194 s but no longer is all that valuable. The federal government today, however, would bedelighted simply to balance the deficit. Senator Pete Domenici has proposedthree helpful criteria. 1 -12). With the care-free spending policies of the 198 s, the nation acquired a debt of $2trillion just four years later; $3 trillion in 199 ; and $4 trillion in1992. Deficit reduction moved to the top of America's public agenda inFebruary 1993 when President Clinton laid out his economic plan. Is the program oractivity a federal responsibility or could it be carried out in the privatesector? Through all of American historyfrom the administration of George Washington to 1992, the nation's yearlydeficits finally added up to a $1 trillion national debt. Medicare(for the elderly) and Medicaid (for the poor) currently covers nearly halfof the nation's total health care bill. These cuts reflect a new military budget the Pentagonhas deemed necessary to maintain a "base force.' By 1993, the Pentagon wasabout half-way toward its goal of reducing military forces by 4 , troops and pulling about half of American troops out of Europe. Judging from public opinion polls, there is considerable popularsupport for reducing the size of government. Although cuts in entitlement programs may hurt more than cuts indiscretionary and defense spending, this category of the federal budget isso large that any realistic attempt to balance the budget must includecurbing entitlement spending. Balancing the federal budget is going to require sacrifices of eachand every American. Balancing thefederal budget will require significant cuts in other categories of thebudget as well. Currently,whenever the cost-of-living rises, Social Security benefits automaticallyrise in lock-step. 755). It makes no sensethat an elderly person making $1 , a year be given full Social Securityassistance. The average 65-year old retiree today draws Social Securitypensions for another 15-to-19 years. Approximately 49% of the budget, or some $711billion annually, are paid for direct benefits to individuals throughentitlement programs, such as Social Security, Medicare, farm supports,veterans' benefits, and unemployment compensation. The federal debt is the sum of all pastyearly deficits.) Since 1982, every annual deficit has been above $1 billion and will remain above $2 billion in the 199 s. (1993, August 22). Discretionary spending couldalso be reduced in a less selective way by making across-the-boardreductions. Jack Beatty (199 , p. (1992, April 1). The relative contribution ofthese spending cuts toward balancing the federal budget will be also beassessed. Postal Service. And is the program a luxury item, something the nation may havebeen able to afford in better times but cannot afford any longer? In deciding what tocut from discretionary spending, U.S. In fiscal year 1992, defense spending amounted to $3 4 billion--or21% of the federal budget. The next New Deal. 1 A. If the program did not already exist, wouldCongress fund it and would the public support it? But the proportions of thisnational debt have only become staggering since the Reagan Administrationof the 198 s. A 1 % across-the-board cut would save the federal governmentabout $1 8 billion over five years. Anotheroption is to increase the tax on Social Security benefits--or limitbenefits altogether-for high-income elderly persons. He described the kinds of sacrifices that willbe necessary to reduce the deficit over the next five years, proposing aseries of spending cuts and tax increases. (The federal deficit is oneyear's increase in the debt. In order to get health carecosts under control, nothing less than a total revamping of the system isadequate. Washington D.C.: Brookings Institute. AlexanderHamilton, the first Treasury Secretary under the George WashingtonAdministration, was the first time the United States government borrowedmoney to finance government programs and capital construction projects.The nation has been in debt ever since. Howe, N. Another is to transformMedicare-Medicaid into a health caremanagement program, like HMOs, to contain costs. & P. New York: Hyperion Press.----------------------- 8 One possibility is to give the government extensive authority toregulate the health care system and contain costs. (1992). Several steps can be taken to curtail Social Security spending. A post-cold war budget. These include such items as the "space station," with a projectedcost of $2 billion over the next 1 years. If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.