The world’s map presents us with an increasing number of countries which can barely make both ends meet in the crashing global crisis. The United States are, unfortunately, in no better situation – the national budget deficit comprises about $1 trillion for the last three years and is predicted to increase up to $3 trillion by 2030. These figures are quite scary for those who understand their meaning. So let’s have a look how this problem can be if not solved than at least reduced.
Buy How To Reduce U.S. Budget Deficit essay paper online
The idea to increase taxes on the rich is quite appealing and seems to be the easiest way out of the situation. But there is one serious problem: the rich. Highly probable that they will not agree to this idea at all as they will consider it to be an act of inequality. Most of them worked hard to get their money and to pay them off now for the mistakes of the government is not quite fair. Moreover, President Obama’s deficit commission announced that in order to reduce the debt, the increase in taxes must be very high. The commission also explains that even after this, it will not mean that the economy will improve drastically. Just a slight alleviation in the great difficulties.
But to increase the tax is only a tiny part of the solution, in my opinion. To be sure that the money from taxes go in the right direction, a very clear and detailed, easily-accessible report must be presented to the people monthly or even weekly. We don’t know where our money go and until we are sure that they are circulating in the right projects, we cannot say that we didn’t waste money on tax (if they are pocketed or wasted on something which does not bring any good to us).
What concerns cutting of expenses, this idea seems to prove to be successful. But it must be done with a great deal of care. We already saw many examples when the government cut some federal programs, still giving others the full ability to function. This is not a good way to solve the given problem. When you need to cut, then it should be done evenly with all the programs that exist. Each year billions of dollars are spent on these programs.
From my point of view, the best way out of the situation must be a set of new principals to work upon.
First of all, to eliminate or reform all the programs which are not bringing any good or are doomed to prove being useless soon. If the program was once successful or can be successful in perspective, then a careful research should be conducted to find out whether it’s still acceptable to invest in this program.
Second, we can never expect people do well in different sectors if they are not qualified for that. Education is vital at any stage. Everything must be based on diligent productive education. Unfortunately, the United States are quite far behind many other countries in educational achievements nowadays. This is the direct way to failures in business sphere later on. In order to get back our leading position, we must invest wisely into those educational programs which are of high quality. We must not stop controlling the educational process once it is triggered if we want to achieve desired results all the time.
Third, the present situation with the budget deficit proves that the budget reform must be conducted as soon as possible. This is the most responsible step. Any mistake can only worsen the situation that’s why the government must think any potential errors through already now. In this case, the vital thing to do will be to ensure that if any reduction or increase in taxes takes place which exceeds those targets which were predetermined in the agreement, then it must be entirely paid off. If for some reason, the agreement is not fulfilled, fines must be imposed.
Forth, if we take into consideration the rapid economic development in China, we will understand that they are oriented at the innovation. The United States used to apply advanced form of technology-based planning which is called automated innovation. In such planning the process of technology application is fully automated enabling to perform everything with high speed and correctness. Such an approach would give the USA opportunity to outrun China on the world market returning it its leading position. Unfortunately with the change of governmental power in past, our country became to apply economy-based planning which led to the loss of competitiveness. But now when we realize the problem we should start acting.
In the conclusion I would like to add that the government itself cannot do everything needed to reduce and eliminate the harmful effects of the crisis. The people must be conscious to exert a great deal of efforts to fight away the difficulties. Each of us may think that we are too small m unimportant when talking about the whole country, but this is far from true. If not each of us, the American society would not exist at all. Each of us counts and matters in the future of our country. We can study better, self-develop, care more of environment in order to improve the ecological situation. We can be more responsible for our words and actions in order to eliminate crime level. We can go to the elections and cast a well-reasoned vote and not carelessly tick the paper. We can do a lot. All we need is just a desire to make our country better.
World crisis is a challenge for all of us to stand together for the common goal – goal which will lead us to the welfare in a safe and developing country. If we think that this goal is good enough for us, we know what to do, if not – no way out for us.
Related Free Economics Essays
- Economic and Legal Issues of Australia's Emissions
- Economics-Regional Economics Analysis
- Dossier Paper
- US Economy VS China Economy
- Economics of Transition and Development of China
- Economic Book Report: Omnivore's Dilemma
- The Rise of the Market Economy Empowered Women in America
- The Principles of Economics
- What Does Inflation Mean To You?
- Economics-Regional Economics