Government Spending and Debt
Funding Government by the Minute
The video starts by stating that the U.S. government received 2.2 trillion from taxes, fees, and other revenues and spent 3.8 trillion, which means it had a deficit of1.6 trillion dollars (Costello et al., 2017). The high rate of government spending results in running out of money by July 31. It means that the government has sought extra cash by stopping some programs. Even with these cuts, the federal government still does not have enough money to balance the spending for a year (Yared, 2019). The conclusion from this is that the government should completely rethink the best way to make enough money to support the citizens without cutting any needs in society.
Significant is the U.S. Debt? – Learn Liberty
The U.S. government has a significant debt of 19 trillion dollars at the end of 2015, which is higher than the total amount of U.S. economic output in the same year (Bernardini & Peersman, 2018). Additionally, the U.S. government owes unfunded obligations, such as Medicare insurance and social security. The U. S debt is increasing at a higher rate of 40% over five years.
What Are the Dangers of Too Much Debt?
Too much debt incurs a higher Interest rate of about 3 %, which higher than significant spends in the wars. Therefore, too much debt is dangerous because the interest rate increases the amount of money to be paid (Bi et al., 2016). The interest expense increases the principle payment by far, which makes it hard to settle the debt. The more the interest in principle debt, the harder it becomes to provide services to citizens; hence the government should lower the interest rate by paying down the borrowing as much as possible.
What If the National Debt Were Your Debt?
The U.S. federal government debt is too large to comprehend, and therefore when the debt scaled down to individual households, the citizens would be bankrupt. Therefore, every family, together with the government, should avoid borrowing to and settle the debt before it becomes impossible.
Does Government Have Revenue or Spending Problem?
The government has a debt problem that is caused by deficits. The deficit is different from tax revenue and spending every year. The revenue collected is not enough to settle the debt and cover the spending; therefore, it accumulates deficits that are hard to solve and thus becomes a problem but not the expenditure or revenue problem. Excessive spending, which exceeds the income, causes debt.
Does Stimulus Spending Work?
Stimulus spending involves creating jobs so that the money the government spends to pay the workers, which are the Keynesian multiplier effect. There is no connection between government spending and economic improvement, but the stimulus money used to pay the workers increases the government debt (Yared, 2019). It means that unemployment will rise due to the high rate of stimulus spending, which increases the debt, and the federal government can’t pay the employed people leading to unemployment.
Why Not Print More Money
People believe that the government should print money to elevate the economy. Still, it is essential to understand the reason behind money invention to know why it is not vital for the government to print money and give away. Provide much money to increase the prices of products, which results in inflation (Bi et al., 2016). It means that there is no good reason to have too much money if the price of goods and services because much money will get a few things. Therefore having the government print money will not increase wealth as people think but will only cause inflation.
Will Taxing the Rich Fix the Deficit?
The government deficit is much, is calculated by subtracting the federal spending from the revenue collected to get the debt required to cater for all the expense. It is not realistic because the expenditure is remarkably higher (Bernardini & Peersman, 2018). Therefore taxing the rich to fix the deficit is impossible because the debt is too large, and the rich people are not enough to be taxed to cover the liability and balance the budget deficit. The government should use legitimate ways to s fix deficit, such as lowering the spending rather than increasing the tax rate for the rich.
What Can We Cut to Balance the Budget?
The deficit in the annual budget is too high that cutting almost every government service will still not be enough to balance the budget. Hence according to Breunig & Koski (2018), research, there is no specific cut that a government can propose to cover the deficit in the budget. The only option involves redesigning the whole system to solve this problem and settling the debt to completely solve the problem. The government should adequately realign its roles to enhance proper budgeting.
How to Fix Our Fiscal Crisis
In the U.S. the cutting the entitlement is the best response and solution to fix the deficit in the budget. GDP debt is increased by entitlement, which will continue to grow at a high rate surpassing the other spending in the country. According to Aizenman et al. (2019), benefits include medical services, such as Medicaid and Medicare, and social security services to the citizen. Therefore these services should be restructured and cuts made to increase the chances of controlling the spending in the federal government.
References
Aizenman, J., Jinjarak, Y., Nguyen, H. T. K., & Park, D. (2019). Commercial space and government-spending and tax-rate cyclicality patterns: A cross-country comparison, 1960–2016. Journal of Macroeconomics, 60, 229-252.
Bernardini, M., & Peersman, G. (2018). Private debt overhang and the government spending multiplier: Evidence for the United States. Journal of Applied Econometrics, 33(4), 485-508.
Bi, H., Shen, W., & Yang, S. C. S. (2016). Debt-dependent effects of fiscal expansions. European Economic Review, 88, 142-157.
Breunig, C., & Koski, C. (2018). Topping Off and Bottoming Out: Setting Budget Priorities Through Executive Power. Policy Studies Journal.
Costello, A. M., Petacchi, R., & Weber, J. P. (2017). The impact of balanced budget restrictions on states’ fiscal actions. The Accounting Review, 92(1), 51-71.
Yared, P. (2019). Rising government debt: Causes and solutions for a decades-old trend. Journal of Economic Perspectives, 33(2), 115-40.
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