The federal budget surplus
The federal economic budget for the first time in years has been able to overcome the problem of a budget deficit and is now operating with a surplus that is expected to continue over the next several years. With this overall achievement in the economy the government is now faced with the problem of how to use this extra money and maximize its usefulness for every US citizen. There are many pros and cons to running a government surplus, and Democrats and Republicans are competing for support on how to use and get around them. Although with the slowing of the economy and other economic factors the government now has to make tough decisions on such issues as whether to borrow from the social security trust fund, and how to keep promises of cutting taxes and stabilizing current federal projects such as Medicaid and Medicare. The budget is primarily a plan that illustrates how the government will spend its money. Within this it applies how it will get the money to spend, and how much the government will be borrowing and repaying. It keeps a balanced record of all these events and is strongly influenced by the direction of the economy and where the government w
The government already is using its current budget to do many important things within the country. Without even using the surplus the country is already funding such things as, the massive Social Security system which is providing millions of retired and disabled workers with a means to live and survive. Medicare and Medicaid are being continually supported and enhanced to provide more support through better health plans and increased medical coverage. Many security and benefit programs, such as welfare and veterans pensions are growing as well as unemployment insurance, and payments to farmers. Science, technology, transportation, foreign aid, national defense, education, and housing are all taking a certain percentage out of our national budget. All of this spending leaves the country with about three things that can be done with the budget surplus. These objectives include reducing or eliminating federal debt, saving social security and Medicare, and cutting taxes. A tax reform would be another beneficial use of the surplus because it would create a growth in investment and help push the economy through its slight slowdown. With Bush's tax reforms as well as past presidents such as Clinton, a tax cut seems to be in favor as partial use of the federal budget surplus. Politicians believe that we as Americans deserve cuts in political red tape and money should be sent to us instead of only Washington. By placing more money in the hands of consumers and entrepreneurs president Bush's tax cut will give the economy second wind. Some aspects of his plan include replacing the current tax rates of 15, 28, 31, 36, and 39.6 percent with a simplified rate structure of 10, 15, 25, and 33 percent, doubling the child tax credit to $1,000 per child and applying the credit to the alternative minimum tax, reducing the marriage penalty
Some common words found in the essay are:
World War, Security Medicare, Social Security, Medicare Medicaid, Medicaid Medicare, ECO-111 Research, Democrats Republicans, social security, Bill Clinton, Social Security-which, budget surplus, social security medicare, security medicare, tax cut, social security trust, surplus politicians, economy government, federal budget, cutting taxes, surplus expected, government surplus, security trust fund,
Approximate Word count = 1242
Approximate Pages = 5 (250 words per page double spaced)
|
