Economic Times And In Bad, Discussion Chapter


Warren Buffet, for instance, earned $46 million last year and was taxed a mere 17.7 per cent, while his secretary who earned $60,000 was taxed 30%. Buffet, after all, super rich as he is, is not working making his money instead from investments, capital gains and dividends that, as imposed by the bush administration, are taxed at rates that are as low as 15% (Grosz, 2012). This kind of treatment should be reversed. There will be political reactions from the most wealthy and powerful in the nation. This needs to be withstood and may not have long-term ramifications. Health insurance - Given the difficult economic times and its cumulative debt as well as given rising cost of health insurance and rising amount of people who need it, the U.S. government may well decide to make its conditions for receiving health insurance even more rigid. Consequently, less people will be qualified to receive health insurance -- less people will receive the benefits and fewer benefits will be included in the package deal. This will increase the number of people without health insurance, but may cause people to be more innovative in looking for and more importantly creating their own jobs.

I would also adopt the Bowles-Simpsons' Committee idea for having the Sustainable Growth Rate, the formula which determines physician payments under Medicare, frozen through 2013, have a 1% cut in 2014, then a reinstatement of the previous formula in 2015 starting with 2014 levels. Further cutting the physician's payment would only further decrease the notorious Medicare treatment (e.g. Hood,...


I would employ an exploratory period to assess repercussions of my activities. This too may not be too politically unsettling.
More money too may be cut from Unemployment since this may compel people to form more creative ways of seeking employment or innovating, aside from which Unemployment benefits have been exploited by people who do not need to be on welfare. The Government instead may shore money into other schemes that encourage entrepreneurship and creativity.


Grosz, D. (Dec 19, 2012) Rich Make Out Like Bandits in Fiscal-Cliff Negotiations. The Daily Beast

Hood J, (2010 ) How to fix Medicaid. National Affairs. Jun; (4): 127 -- 42.

Washington Governor Gregoire Budget Cuts

CSU (2011) Governor's Budget for California State University Calls for Deep Cuts

National Budget Simulation: The Committee for a Responsible Federal Budget. Stabilize the Debt Simulator

Smithotown patch (April 3, 2013) Restored High Tax Aid Drops Smithtown School Budget Deficit to $2.7M

Zellizer, J. (2010) Arsenal of Democracy. Basic Books, NY

Sources Used in Documents:

Smithotown patch (April 3, 2013) Restored High Tax Aid Drops Smithtown School Budget Deficit to $2.7M

Zellizer, J. (2010) Arsenal of Democracy. Basic Books, NY

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