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Thomas
Meshak Thomas
Mrs. Lauber
English IV
Government Spending and its Influence on Everyday Lives
What is one of the greatest motivators known to mankind? Money! Simply stated, money is and will always one of the major reasons why human beings choose to do what they do. The way that the government chooses to spend tax dollars has always been debated by the citizens. Government spending becomes even more controversial when it comes to moneys spent directly on the people. Where does the government's money come from? Where does it go, to whom, and in what denominations? The money that is taken from the citizen is supposed to be used for keeping the country going. It improves the future of its citizens in terms of education, health care, national security, and much more. Money and the government is becoming a greater cause for concern in the United States as the economy continues to be an issue. Since this has become the case, people of the country have come to realize exactly how important money is and, by extension, what it means they can...
When it comes down to the direct point, money permeates all aspects of human existence and heavily influences people's everyday lives.
According to the article "Where Does the Money Come From? - National Priorities Project," the fiscal year 2013 is projected to grant the government some $2.9 trillion from tax money and other income sources (Where ¶2). The three major sources where the money comes from are income taxes paid by individuals, which makes up the majority of the federal income with 47% of the moneys earned by the government, payroll taxes paid by workers and employers which make up 33%, and corporate income taxes paid by businesses which make up the other 12% of the funds (Where ¶2). Some taxes are used to pay for the government in general, while the other funds are designated for specific government programs (Where ¶1). There are many different kinds of taxes and by their combination, the federal government raises trillions of dollars in tax each year (Where ¶1). While there are more taxes which are not specified such as custom duties and more, they all are still paid into the treasury. Income and corporate taxes are considered to be federal funds, while payroll taxes become trust funds, and federal funds are categorized as general revenues. This means that the majority of trust funds are used to pay for comprehensive Social Security and Medicare programs which take care of the needs of the disabled and the elderly (Where ¶3). The income tax system is designed to be in…
Government Spending In the last ten years, the increasing levels of the national debt have become a major area of concern. This is because there has been an increase in this amount of over 200% from 2000 to 2010. As, this number went from: $5.67 trillion in 2000 to $13.56 trillion in 2010. This is troubling, because if these kinds of increases continue in the future there will more than likely
The impact of government spending onto the overall economy is a highly debated topic, with some arguing the advantages, whilst others pointing out the limitations. A most relevant example of positive effects is given by the recent implementation of the Troubled Asset Relief Program, which has had the benefit of salvaging numerous American icons. Nonetheless, this situation was an extraordinary one and other specialists argue that in times of normal
Wasteful Government Spending Is the Current Level of Federal Spending Sustainable? Over the last several years, the total amounts of federal spending have been rising sharply. Part of the reason for this, is because of the different entitlement programs (such as: Social Security and Medicare). While at the same time, Defense spending and the costs associated with the War on Terrorism, have been having an impact upon these levels. A good example
Since G=T with a balanced budget, savings will still fall until I's again, but the expansion of government achieves the goal of replacing the shortfall in aggregate expenditures, albeit with new, higher taxes. In our case, the increased proceeds from taxes will have to amount to $30 million, in order to set-off the increase in government spending and to maintain the same GDP. The increase in government expenditures will fully
Government Subsidized Student Loans Have Economic Costs but Political Benefits Higher education has become increasingly important in the contemporary world scenario today where globalization has led to a higher need for a skilled labor force that is mobile and that is well-versed in the academic disciplines followed all over the world. In fact university education is starting to be seen as a hallmark for success, even though there are college drop
Solutions for the Future Even a quick look at budget documents for the next few decades indicate a system burdened with exploding costs of Social Security, Medicaid, and Medicare; the latter the powder keg of the debt explosion. A reform of Medicare in which there is "only $1 in Medicare taxes for every $3 in benefits likely to be received in retirement" (Appelbaum & Gebeloff 6) must be a Congressional and