Use our essay title generator to get ideas and recommendations instantly
ith a declining economic output, we can not financially export our way out of a government budget deficit situation. Since the oil crunch of the mid-1970s, energy costs have increasingly been a part of this equation. Trade deficits are linked to budget deficits in this way. This is best presented in a May 12, 2010 article, Donna Kardos Yesalovich documented that U.S. stock futures pared earlier gains after data showed that the U.S. trade deficit widened in March of 2010 to its highest level since December 2008 (Yesalavich).
To make matters even worse, the European economic downturn is complicating things just as the U.S. downturn has sent the world economy into an extended deep recession (or depression, before this word became unpopular). Mark hitehouse in another all Street Journal article documented that markets tumbled despite upbeat reports about U.S. shoppers and factories due to the high debt portfolio of European…
Chan, Sewell. "Is Ben Bernanke Having Fun Yet?." Ledger.com 16 May 2010: Web. 19
Nov 2010. .
Erlichman, Jonathon, and David Mildenberg. "Ex-Merrill CEO Komansky Regrets
Backing Glass-Steagall's Repeal." Bloomburg 5 May 2010: Web. 19 Nov 2010. .
Federal Budget surplus by focusing on the three consecutive years of surplus budgets achieved by the Clinton Administration after nearly fifty years during the last three years towards the end of the second term of President Clinton and his administration from 1998 to 2000.
President made public the new White House budget figures that expect a surplus of $39 billion for the fiscal year 1998 and a $150 billion surplus over a period of five years. Clinton felt that the time had come to shut the deficit cluck and start the surplus clock. He also believed that the American economy currently was the envy of the world, yet this was not preordained nor was it guaranteed for the future. So, he wished to continue his strategy of strict fiscal discipline and investments into the future that has made this surplus budget possible He believed very strongly that the surplus should…
Burns, Robert. Clinton Announces Budget Surplus. September 30, 1998. Retrieved from http://www.washingtonpost.com/wp-srv/politics/special/budget/stories/surplus093098b.htm Accessed on 12/06/2004
Clinton Announces $39 Billion Projected Budget Surplus. Retrieved from http://www.cnn.com/ALLPOLITICS/1998/05/26/clinton.economy / Accessed on 12/06/2004
Fact Sheet: The Largest Budget Surplus in U.S. History. September 27, 1999. Retrieved from http://www.usembassy.it/file9909/alia/99092702.htm Accessed on 12/06/2004
Surplus Fever. The debate surrounding the anticipated budget surplus. February 19, 1998. Retrieved from http://www.pbs.org/newshour/forum/february98/budget_2-19.html Accessed on 12/06/2004
Budget deficits today will tend to lower the rate of growth in the economy in the future. Budget deficits result in higher rates of public debt. hile the U.S. borrows at very low rates, it nevertheless must pay interest on its debt, and it is that interest that represents a burden on future growth. hat happens is that future tax receipts must be used to pay interest and principle on debt created by today's deficits, instead of being invested back into the country in the future. Thus, while running a deficit may create positive economic growth today, it does work to constrain future growth, but placing constraints on the amount of future national income that can be dedicated to growth in the future.
The reasons for the budget deficit definitely matter. As with any spending, there is a difference between spending on things that will build revenue growth for…
Auerbach, A. & Gale, W. (2009). Deficit: What caused it, why it matters. CNN Money. Retrieved May 24, 2012 from http://money.cnn.com /2009/07/30/news/economy/federal_budget_deficit/index.htm' target='_blank' REL='NOFOLLOW'>
Reduce the Budget Deficit
Statutory budget controls in effect from 1985 to 2002 were designed "to reduce the budget deficit" (Lynch, 2011, p. 1). The Balanced Budget and Emergency Deficit Control Act (1985) and the Budget Enforcement Act (1990) were primary drivers of deficit reduction mechanisms, which provided controls to cap Congressional spending and support to the legislative process with regard to reducing the deficit. The first of these Acts actually enabled Congress to increase the deficit but did so with the stipulation that "gradual reduction" be accomplished over the following six-year period (Lynch, 2011, p. 1). The deficit goals and time allowance were extended in 1987 via the Balanced Budget and Emergency Deficit Control Reaffirmation Act -- essentially a piece of legislation that enabled Congress to kick the can. The 1990 Budget Enforcement Act introduced a pay-as-you-go approach to reducing the deficit and caps on discretionary spending. The Act…
He states that changes international capital flows have been the primary consequence of increased deficits and likens this to direct competition between the U.S. Treasury and the U.S. exporting industry. He reasons that the flow of foreign funds into the Treasury prevents these funds from being available for foreign purchase of U.S. goods and services. Thus, the more our government borrows and finances with foreign funds, the more our export market will continue to deteriorate.
Frankel (2004) believes the twin deficits situation will bring about a hard landing that could materialize in any number of ways. If the U.S. is forced to start paying back foreign investors, growth will significantly slow and there is a danger of resurgence in protectionism. Frankel sees even more peril than Garrison's gloomy domestic implications. Frankel (2004) believes there will be a decline in the dollar that will result in a possible loss of United…
Cooper, R, 2005 (November). Living with global imbalances: A contrarian view. Policy Briefs in International Economics, no. PB05-3, Institute for International Economics.
Frankel, J. (2004). Twin deficits and twin decades. Federal Reserve Bank of Boston conference. In The Macroeconomics of Fiscal Policy, edited by Kopcke, R., Tootell, G. And Triest, R. Cambridge, MA: MIT Press, 2006), pp. 321-335.
Garrison, R.W., (2003, April). The trouble with deficit finance. The Free Market Vol 21, No 4. http://mises.org/freemarket_detail.aspx?control=435
The Economist: Danger time for America (2006, January 12). http://neweconomist.blogs.com/new_economist/2006/01/economist_dange.html
4. One of the main issues with GDP is that it reflects economic activity rather than economic progress. Thus, Japan's efforts at rebuilding after the tsunami will appear as a boom in construction, when in fact the country has recorded a significant economic setback and the temporary boost in construction activity is simply going to get the country back to its previous level. The first thing that should be added to a new measure of GDP (or economic health) is an adjustment for negative economic activity. This can be a natural disaster, terrorist attack or other activity that detracts from a nation's economic growth but is not currently included in the GDP calculation.
The second issue is that the GDP per capita does not accurately reflect the wealth of a nation. Liechtensteiners do not live materially better than their Austrian and Swiss neighbors, but their per capita GDP says they…
working life of a grade school teacher. The author shadowed a first grade teacher for a full work week and then recorded her observations and findings. The author also included what the experience taught her and how the experience will be used in the future. There were five sources used to complete this paper.
Before I shadowed a first grade teacher for 40 hours I had a preconceived idea about what teaching grade school would be like. I knew that grade school teachers were responsible for teaching children to read, starting them off on the path to arithmetic and opening the world of Geography to them. In addition I knew that they were the only teachers who provided spelling tests and spelling knowledge for their students. I realized all of these things because of my own experience as a grade school student, years ago. What I didn't realize, when looking…
Dyslexia and the life course.
Journal of Learning Disabilities; July 1, 2003; McNulty, Michael A.
The truth about child abuse and the truth about children.
The New Republic; March 15, 1999
How current budget crisis impact public Health & Community services individual states? 1) Colorado 2) South Carolina 3) New Hampshire 4) California 5) Arizona 6) Oklahoma 7) Virginia
How does the current budget crisis impact the public health & community services in the following individual states?
Even before the current crisis, Colorado ranked "near the bottom when compared to other states for covering families and children for health care" (Anderson 2011). Now, because of recent budget cuts, healthcare services are likely to suffer further. For some healthcare centers, cuts will comprise up to 20% of their annual operating budgets. The need for services has increased, given that job losses mean that more people are reliant upon state assistance. "Demand is up as much as 40% by Medicaid patients and 23% by the uninsured" (Anderson 2011). Public clinics are closing or laying off staff and reducing hours because…
Anderson, Polly. (2011). The crisis: Field perspective Colorado. NACHC.
Kaine's budget proposal: Cut mental health services, facilities. (2009). Hampton Roads.
Health care is a large part of the federal budget and it is increasing in importance. The rate of growth in health care outlays is greater than the rate of growth in the budget itself. The poses a problem, because the federal budget deficit is increasing in size. Debt service is going to be the most rapidly growing component of the federal budget over the next several years, highlighting the need to control costs in all aspects of the budget. The challenge, however, is that both demographic trends and health care cost inflation trends signal a dramatic increase in health care costs in the coming couple of decades. Health care reform is expected to help with cost containment, primarily through shifting some eligibility requirements, but greater solutions are required. Privatizing health care would take if off the government's books, but would have significant negative externalities with respect…
Budget of the U.S. Government, fiscal year 2011. Retrieved December 9, 2010 from http://www.whitehouse.gov/sites/default/files/omb/budget/fy2011/assets/budget.pdf
CBO. (2010). HR 4872. Congressional Budget Office. Retrieved December 9, 2010 from http://www.cbo.gov/ftpdocs/113xx/doc11355/hr4872.pdf
Klein, E. (2010). Rep. Ryan proposes radical solution to budget problem. Washington Post. Retrieved December 9, 2010 from http://www.washingtonpost.com/wp-dyn/content/article/2010/02/05/AR2010020504796.html
What is deficit spending and how does it work
Deficit spending takes place when the government expenditures surpass the government revenues in a fiscal period, which in turn increases government debt balance. This surplus spending has to be financed through borrowing, more often from global financing establishments and foreign governments. On one hand, the augmented government spending can facilitate stimulate the economy taking into account more money flows in. On the other hand, this can be detrimental as increased government borrowing can lead to higher rates of interest. This implies that deficit spending is causal to both, benefits as well as disadvantages (Investopedia, 2016).
There are benefits to. One of the advantages of deficit spending is in its deployment for mitigating financial crisis through measures taken to increase economic growth. The government is able to spend the funds on infrastructure, increase public goods and also generate more…
Green Garage. (2015). 6 Pros and Cons of Deficit Spending. Retrieved from: http://greengarageblog.org/6-pros-and-cons-of-deficit-spending
Investopedia. (2016). Crowding Out Effect. Retrieved from: http://www.investopedia.com/terms/c/crowdingouteffect.asp
Investopedia. (2016). Deficit Spending. Retrieved from: http://www.investopedia.com/terms/d/deficit-spending.asp
Mitchell, D. J. (2005). The impact of government spending on economic growth. The Heritage Foundation, 1831, 1-18.
This type of policy is aimed at "stimulating total spending in the economy," through cutting taxes to leave businesses and individuals with more money to buy goods, thus raising demand and increasing production and generating increased spending (Microsoft® Encarta® Online Encyclopedia).
Importantly, the authors note that these budget imbalances will have a significant negative impact on the general economy. They will reduce living standards and damage the economy, and bring the nation to a "real risk of a fiscal crisis" (p. 5). In large part, these effects will come from reducing national saving.
The authors note, however, that all is not lost if action is taken immediately to reduce budget deficits. Gale and Orszag write, "Significant changes in fiscal policy are needed to deal preemptively with the costs from low national saving and the risk of a fiscal crisis. The sooner we begin, the better" (p. 6).
Gale William G. And Orszag, Peter R. 2004. The Budget Outlook: Projections and Implications. The Economists' Voice: Vol. 1: No. 2, Article 6, October 27, 2004. November 2004. http://www.bepress.com/cgi/viewcontent.cgi?article=1004&context=ev
Microsoft® Encarta® Online Encyclopedia. 2004. Fiscal Policy. © 1997-2004 Microsoft Corporation. All Rights Reserved. 04 November 2004. http://encarta.msn.com/encyclopedia_761579937/Fiscal_Policy.html
What are the consequences of an ever-burgeoning federal deficit and debt? Will there ever be a solution or compromise?
One of the most hotly-contested issues in contemporary American political life is how to deal with the current budget deficit. Despite running surpluses during the 1990s, the current budget is widely considered out of control by both Democrats and epublicans. The reasons for the deficit include two costly wars abroad and increased defense spending overall after 9/11; tax cuts, and the recent recession which required federal spending in the form of unemployment assistance and assistance to the states (who are legally required to balance their budgets); and less income tax revenue because of job losses. There also systemic factors that have contributed to high budget deficits (Amadeo 2012). Overall, "mandatory spending has increased. Spending to pay benefits for Social Security, Medicare and other mandated programs has been…
Amadeo, Kimberly. (2012). U.S. Federal Budget deficit. Retrieved at:
Economic effects of a budget deficit. (2012). Economics Help. Retrieved at:
125% to 6.0% would increase the estimated revenues by approximately $300 million, bringing this revenue to its highest level in history. This rate would still be lower than the state sales tax rate in neighboring Southwest states such as Arizona (6.6%), Texas (6.25%), Nevada (6.85%) and California (7.25%) (Sales Tax Clearinghouse, 2010). ith this increase, personal income tax rates would not need to be increased. Corporate income tax rates would also remain the same, as they are not a significant component of general revenues. hile the move to increase the state sales tax would prove unpopular, it would allow New Mexico to build for a more stable budget future, less reliant on federal transfers, while remaining competitive in terms of corporate and personal income taxes.
Appropriations will also need to be cut in order to save money. The main problem with appropriations in the budget is that a looming and…
Massey, B. (2010). NM revenues weaken, more state budget cuts loom. Business Week. Retrieved December 2, 2010 from http://www.businessweek.com/ap/financialnews/D9H3JT6G1.htm
McCaffrey, S. (2010). State budget shortfalls may reach $180 billion this year. Boston Globe. Retrieved December 2, 2010 from http://www.boston.com/news/nation/articles/2010/01/04/state_budget_shortfalls_may_reach_180_billion_this_year/
McNichol, E.; Oliff, P. & Johnson, N. (2010). States continue to feel recession's impact. Center of Budget Policy Priorities. Retrieved December 2, 2010 from http://www.cbpp.org/cms/?fa=view&id=711
New Mexico 2011 Budget. Retrieved December 2, 2010 from http://budget.nmdfa.state.nm.us/cms/kunde/rts/budgetnmdfastatenmus/docs/284016296-01-05-2010-09-15-31.pdf
The departmental and program breakdown of the information in the city of Detroit's budget does not provide quite the same level of detail or of annual change that the city of Austin's budget does, but this more than made up for by the ease of accessing what details are available, and by the different formats of the two cities' budgets almost necessitate these differences in clarity, but they do not entirely account for the lack of clarity in the city of Austin's budget. That budget is already organized by department and broken down into the individual programs; tabulating the department totals and providing a clear overview of the major expenditure and revenue items on the budget would not have entailed any undue extra effort. The city of Detroit's budget clearly shows that both detail and overall clarity are entirely achievable in a municipal budget, making it both more effective and…
Lee, R.; Johnson, R. And Joyce, P. (2008). Public budgeting systems. Sudbury, MA: Jones & Bartlett.
Stenberg, C. (2007). Managing local government services: a practical guide. Washington. D.C.: ICMA.
.. discretion as a practical matter" (1988, p. 78).
Wildavsky's was not critical of classical budgeting theory. He was more in favor of the concept of incrementalism that was a vital part of classical budgeting. He felt that incrementalism was superior to other budgeting approaches because it "increases agreement among the participants" (1984, p. 136) and also because it could reduce "burden of calculation" (1984, p. 136). Wildavsky went on to say that: "Clinging to last year's agreements is enormously economical of critical resources . . . which would be seriously depleted if all or most past agreements were reexamined yearly." (1984, p. 217).
The classical budgeting model proved efficient and practical for many decades but it lost its appeal in mid-20th century when a general trend towards excessive spending took over. This trend was observed all over the world and the main reason for the scope of government's responsibilities…
1. Caiden, Naomi. 1982. "The Myth of the Annual Budget." Public Administration Review 42 (6):516 -- 523.
2. Meyers, Roy T. 1997, Late Appropriations and Government shutdowns: Frequency causes, consensus and remedies. Public Budgeting and Finance. 25:38-45
3. Schick, Allen. 1980. Congress and Your Money. Washington: Urban Institute.
4. Schick, Allen. 1990. The Capacity to Budget. Washington: Urban Institute.
Budget Analysis for the City of Lakeland: Executive Summary
In order to understand how a new performance-based budgeting process could be utilized by the City of Lakeland, it is essentially to conduct a review of the City's Annual Budget, with a detailed description of how the budgeting process works from beginning to end.
Lakeland's budgeting process is divided up into parts, with each part being designated a specific amount of time (in terms of a calendar month) in which it is to receive attention. The tasks associated with the budgetary process are thus sequential and proceed in an orderly manner; once the first steps are taken and accomplished, the next steps may be conducted.
Steps According to Monthly Division
The first steps begin in the month of February. The evenues Manual supplied by the City is utilized to understand and predict the City's revenue and revenue sources, using a systematized…
City of Lakeland, Florida. (2016). Fiscal Year 2016 Annual Budget.
The reason for this shortfall, as noted by the Balance Budget website, emanates from pension costs, previously agreed to cost of living pay increases, rising health care costs overall and a general weakness in the overall economic recovery that has ensued, albeit very slowly, since the end of the so-called "Great ecession" period that ended in approximately 2009 for the nation as a whole. The balance budget website notes that the shortfall in question is equivalent to 20% of the total police officer salary budget, 60% of the total firefighter budget and over 100% of the city's expenses for their libraries and parks (L.A. Budget Challenge, 2013).
Los Angeles Mayor Antonio Villaraigosa, in this budget summary document, notes that budget shortfalls will be addressed through expenditure cuts and increase efficiency. He makes mention of "painful" layoffs but not addressing the real problem of employee-level costs per person being the issue…
City of Los Angeles. (2012, October 29). The City of Los Angeles: LA City Controller: Adopted Budget. The City of Los Angeles: LA City Controller: Home. Retrieved April 16, 2013, from http://controller.lacity.org/AdoptedBudget/index.htm
City of Los Angeles. (2013, April 16). The Mayor of the City of Los Angeles. The City of Los Angeles: Office of Mayor: Home. Retrieved April 16, 2013, from http://mayor.lacity.org/Issues/BalancedBudget/index.htm
City of Los Angeles. (2013, April 16). The City of Los Angeles. The City of Los Angeles. Retrieved April 16, 2013, from http://www.lacity.org/index.htm
City of Los Angeles. (2013, April 16). The City of Los Angeles: City of Los Angeles Council Committees: Budget and Finance. The City of Los Angeles: City of Los Angeles Council Committees: Home. Retrieved April 16, 2013, from http://councilcommittee.lacity.org/budget/index.htm
The problems with the budget are said to arise from politicians who are unable to make difficult decisions. The problem with these laws is that they do not explicitly force politicians to make those decision. GRH provides targets for the politicians to work towards, creating motivation, and the BEA provides a framework for penalizing inaction, but neither truly forces politicians to make the tough choices.
Real political solutions involve actually making those tough choices. This is not to discount the value of having these frameworks to guide the negotiations and hold Congress to the outcomes of those negotiations, but the negotiations themselves are the critical component to the budget problem. For example, if the sequester is initiated, Congress can follow it up with laws to build back some of those spending cuts, and it would likely do so quickly. There are no provisions in the BEA, for example, that call…
Bancroft Library. (2011). 1985 Balanced Budget and Emergency Deficit Control Act. University of California at Berkeley. Retrieved November 28, 2012 from http://bancroft.berkeley.edu/ROHO/projects/debt/1985grammrudmanhollings.html
Mitchell, D. (1989). Sequestration Gramm-Rudman's potent weapon for spending restraint. Cato Institute. Retrieved November 28, 2012 from http://www.cato.org/publications/policy-analysis/sequestration-grammrudmans-potent-weapon-spending-restraint
Reischauer, R. (1993). CBO Testimony. Congressional Budget Office. Retrieved November 28, 2012 from http://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/103xx/doc10382/1993_05_13reischauertestimony.pdf
Sahadi, J. (2012). What's in the fiscal cliff? CNN. Retrieved November 28, 2012 from http://money.cnn.com /2012/11/08/news/economy/fiscal-cliff/index.html' target='_blank' REL='NOFOLLOW'>
government budget surplus affect the economy? How does a government budget deficit affect the economy? How would (or should) your company react differently to a government budget surplus vs. A deficit?
A government deficit means that a government is borrowing more money from foreign and domestic sources than the sum it is accumulating by taxation and revenue. The effect of this borrowing often drives down the value of the government's currency abroad. One of the values of deficit spending from a business company's perspective is that it is easier to sell American made products to other nations.
Thus, at times, businesses may look favorably upon deficit-inducing levels of government spending. hen the economy has high unemployment, an increase in government purchases can create a market for business output, creating income and encouraging increases in consumer spending. This creates further increases in the demand for business output. Cutting personal taxes can…
"Deficit Spending." Answers.com. 19 Mar 2005.
Mann, Jeremiah. Spark Note on Aggregate Supply. 19 Mar. 2005 .
City of Alameda Online Budget Challenge
FOR IMMEDIATE RELEASE
City of Alameda Announces Series of Targeted Budget Cuts and Tax Increases to Balance 2013-14 Budget
Faced with an impending budget deficit of $4.4 million caused by a combination of rising expenditures flat revenues, the City of Alameda has implemented a series of cuts to programs funded by the General fund, as well as minimal increases in certain taxes, to assure a balanced budget for Fiscal Year 2012-13. Before a detailed description of these actions is given, the City of Alameda would like to make clear for all citizens that the proscribed measures are temporary in nature, with the objective being to guide the city through a prolonged recession while assuring financial solvency. With that said, every major department which draws funding from the city's General Fund will absorb budget cuts that are similar to those enacted last year,…
budget document you selected.
The organization that was selected is the city of Los Angeles, California. This is because the government has been facing challenges from the lingering effects of the recession and there is a projected budget deficit of $1 billion for the 2013 to 2014 period. The documented that was selected is the Mayor's 2012 to 2013 Budget Proposal. This will provide specific insights, as to how officials are addressing these challenges and their long-term impact on various programs. ("2012 -- 2103 Budget Proposal," 2012)
Identify the specific type of budget document you selected.
The basic type of budgeting that is utilized is the zero based approach. This is when there is a focus on using the events and budget from the previous year to make determinations about the current situation. When this happens, the budget is adjusted upward or downward to address these realities and provide a…
2012 -- 2103 Budget Proposal. (2012), City of LA. Retrieved from: http://cao.lacity.org/budget12-13/2012-13Proposed_Budget.pdf
Awards Criteria. (2012). GFOA. Retrieved from: http://www.gfoa.org/downloads/BudgetCriteriaExplanationsFY2012.pdf
Zero-Based Budgeting. (2012). Investopedia. Retrieved from: http://www.investopedia.com/terms/z/zbb.asp
In addition, just over $41 billion was removed from 2001 and 2003 tax cuts. The cuts in military spending will affect a wide variety of citizenry. Specifically, military personnel will be affected with reduced budgets across the board. This will result in a reduced readiness of the military to protect the United States, in the short-term and the long-term. This reduction in spending will also negatively affect civilian contractors and other companies that provide products and services to the military. This will result in lost revenues and decreased profitability for these organizations. A secondary effect of this could result in lost jobs and reduced tax revenues for the city, state and national governments, as well as reduced revenues for other businesses in the community, if these organizations implement worker layoffs.
Social Security cuts will negatively affect the growing population of Baby Boomers and those already receiving Social Security benefits. However,…
A sales tax is particularly regressive because low income people spend a greater percentage of their income. They might spend 100% of their income, which means they would pay a sales tax on all of that money. A wealthy person will spend more in terms of dollars on a sales tax, but will also not spend 100% of his or her income. Some of that income will be saved, meaning that not all of the wealthy person's income will be subject to this tax.
For poor people a higher portion of income will be taxed, and there is also less margin for tax increase in their budgets. A wealthy person can afford to pay a little more tax and still have a roof over his or her head, and food on the table. At lower income levels, even a moderate sales tax like 5% is going to put those things…
Investopedia. (2012). Regressive tax. Investopedia. Retrieved November 28, 2012 from http://www.investopedia.com/terms/r/regressivetax.asp#axzz2DYg31VBU
McKinnon, J. (2011) Huckabee presses for national sales tax. Wall Street Journal. Retrieved November 29, 2012 from http://blogs.wsj.com/washwire/2011/07/21/huckabee-presses-for-national-sales-tax/
Montgomery, L. (2009). Once considered unthinkable, U.S. sales tax gets fresh look. Washington Post. Retrieved November 29, 2012 from http://www.washingtonpost.com/wp-dyn/content/article/2009/05/26/AR2009052602909.html
This demographic understands how investment markets work and is likely to make the smart and responsible choices with these investment funds to ensure that they have a good retirement.
The demographic that is least likely to benefit from such a plan is the demographic at the lower end of the income scale, blue collar workers with less education, minorities, new immigrants, and rural people. These demographics are generally less wealthy to begin with, so they rely more on the Social Security benefits than the demographic that benefits most from having a defined contribution plan for Social Security.
A partially-privatized social security system therefore primarily benefits the type of consumer that is in the best position not to need Social Security at all. Such consumers can use their knowledge of financial markets to enhance their wealth or better protect it. Consumers that are less likely to benefit, having little knowledge of…
Ohlemacher, S. (2012). Social security adds to budget deficit. Huffington Post. Retrieved November 28, 2012 from http://www.huffingtonpost.com/huff-wires/20120812/us-social-security-fact-check/
Hiltzik, M. (2012). Proposal to privatize Social Security rears its ugly head. LA Times. Retrieved November 28, 2012 from http://articles.latimes.com/2012/aug/21/business/la-fi-hiltzik-20120821
The Category Totals for the 2006-2007 Biennial State Operating Budget, found in Chapter 176, Laws of 2005, are as follows:
Chapter 176 - Laws of 2005 - NH Operating Budget
Fiscal Year 2006
Fiscal Year 2007
Total Appropriation for Category 01
AS INCLUDED in SECTION 1.01-403,003,676 416,233,183
ESTIMATED SOUCE of FUNDS for CATEGOY 01, GENEAL GOVENMENT
AS INCLUDED in SECTION 1.01
FEDEAL FUNDS 17,924,517 17,918,180
OTHE FUNDS 106,867,295 105,489,779
GENEAL FUND 278,211,864 292,825,224
TOTAL 403,003,676 416,233,183
Total Appropriation for Category 02
ADMIN of JUSTICE & PUBLIC PTN
AS INCLUDED in SECTION 1.02-420,003,205 424,638,566
ESTIMATED SOUCE of FUNDS for CATEGOY 02, ADMIN of JUSTICE & PUBLIC PTN, as INCLUDED in SECTION 1.02
FEDEAL FUNDS 52,837,182 50,445,675
OTHE FUNDS 152,998,319 155,855,692
GENEAL FUND 213,213,595 217,790,891
TOTAL 420,003,205 424,638,566
Total Appropriation for Category 03
ESOUCE POTECTION & DEVELOPMENT
AS INCLUDED in SECTION 1.03-222,979,010 217,030,487
ESTIMATED SOUCE of FUNDS for…
Hall, D.E.. (Sep 2002). Six Programs Fueled State Spending Increases, 1993-2003. New Hampshire Center for Public Policy Studies. Concord, NH. Retrieved on February 7, 2007 at http://www.nhpolicy.org/nhbudget/19932003v1.pdf
Norton, S.A. (Dec 2006). Fiscal Feast and Famine. New Hampshire Center for Public Policy Studies. Concord, NH. Retrieved on February 7, 2007 at http://www.nhpolicy.org/budget_trends2007.pdf .
Operating Budget for the State of New Hampshire (2004-2005). (2005). About the LBA-Budget Division. State of New Hampshire Office of Legislative Budget Assistant. Concord, NH. Retrieved February 7, 2007 at http://www.gencourt.state.nh.us/LBA/Indexbudget.html.
President George W. Bush (07 Feb 2005). President Bush's Budget and New Hampshire: FY Budget. The White House. Retrieved February 8, 2007, at http://www.whitehouse.gov/infocus/budget/2006/states/nh.html# .
Rational firms will choose the lowest-cost option between the two. The market is expected to be efficient, so that while some firms will find it cheaper to pollute, other firms will find it cheaper to install pollution abatement mechanisms.
Ultimately, the system will seek to deliver the lowest per-unit cost of abatement. This will be achieved because the firms that are going to abate their pollution are the ones for whom the cost of abatement is lower than the cost of polluting. With these firms focused on their abatement efforts, they will deliver a greater degree of pollution abatement at a lower per-unit cost with the marketable permits than any other system.
To see the value in this system, the alternative must be considered. If firms are mandated to reduce pollution, they will do so to bring themselves under the maximum allowable pollution levels. However, firms will have no economic…
Health Care Reform Federal Deficit
The American Health Care Crisis and the Federal Deficit
The United States spends more than any other country on medical care. In 2006, U.S. health care spending was $2.1 trillion, or 16% of our gross domestic product. At the same time, more than 45 million Americans lack health insurance and our health outcomes (life expectancy, infant mortality, and mortality amenable to health care) are mediocre compared with other rich democracies. We spend too much for what we get.
Nothing is new about these sobering realities. The Nixon administration first declared a health care cost crisis in 1969. Four decades later, the United States still has not adopted systemwide cost controls because the politics of health care make it extraordinarily difficult to control costs. I explain below why this is so (Marmor, et al., 2009).
The starting point for understanding the politics of cost control is…
1. Eakin, Douglas and Michael Ramlet. (2010) "Health Care Reform is Likely to Widen Budget Deficits -- Not Reduce Them." Health Affairs, 29, no.6:1136-1141. Eakin and Ramlet examine the underpinnings of the Congressional Budget Office's projection that enacting the Patient Protection and Affordable Care Act will decrease deficits, and conclude that it is built on a shaky foundation of omitted costs, premiums shifted from other entitlements, and politically dubious spending cuts and revenue increases. A more comprehensive and realistic projection suggests that the new reform law will raise the deficit by more than $500 billion during the first ten years and by nearly $1.5 trillion in the following decade. This is an excellent article with regards to my article, written by two policy commentators at the forefront of their field. This article shows expertise in medical economics and offers compelling, clear arguments for the increase in the federal deficit due to the massive spending on entitlements as a result of passing the Patient Protection and Affordable Care Act. They project deficits, opposing the Congressional Budget Office, through their insightful analysis.
2. Marmor, Theodore, Jonathan Oberlander, and Joseph White. (2009) "The Obama Administration's Options for Health Care Cost Control: Hope vs. Reality." Ann Intern Med. 150:485-489. Controlling the costs of medical care has long been an elusive goal in U.S. health policy. This article examines the options for health care cost control under the Obama administration. The authors argue that the administration's approach to health reform offers some potential for cost control but also embraces many strategies that are not likely to be successful. Lessons the United States can learn from other countries' experiences in constraining medical care spending are then explored. This article offers evidence for the lack of cost containment in the Obama administrations' plans for health reform. It gives a good analysis of the international scene in health care as well.
3. Collins, Sara, Michelle M. Doty, Karen Davis, Cathy Schoen, Alyssa L. Holmgren, and Alice Ho. (2004) "The Affordability Crisis in Health Care." Commonwealth Fund Biennial Health Insurance Survey. Published in 2004, The Commonwealth Fund Biennial Health Insurance Survey, conducted from September 2003 -- January 2004, presents new and timely information on where the American public stands on solutions to reform the health care system. The survey finds widespread support for federal efforts to extend health insurance to more people, as well as a widely held belief that the financing of health care should continue to be a shared responsibility among individuals, employers, and the government. The survey also uncovered potential reasons for such strong support for health care reform. Among the insured and the uninsured alike, there is concern that health care security in the United States is eroding. People are experiencing reductions in insurance coverage that are threatening their financial security.
4. Etheridge, Lynn (1984) "An Aging Society and the Federal Deficit." The Milbank Memorial Fund Quarterly. Health and Society, 521-543. This article serves as early warning sign of the deficit battles to come. It argues that the conflict between the growing needs of an aging society and a federal budget which cannot afford its current commitments has become one of the nation's most difficult government policy dilemmas. Assistance for the elderly through Social Security, Medicare, and other programs-is already the federal government's largest fiscal responsibility. In 1985 these programs will require nearly half of all domestic program spending an estimated $256 billion. The future costs of these commitments will rise rapidly well into the next century, accounting-with national defense and interest costs-for virtually all of the spending increases in the projected $200 to $300 billion deficits. Etheridge asserts that the decisions about the nation's assistance to the elderly -- and about reaffirmation, reform, and/or retrenchment of these commitments-will thus be central to the coming budget debates.
spring of 2010 y Rasmussen Reports showed that 55% of New Yorkers lamed the state's udget crisis solely on the state's politicians. The telephone survey showed that the then $9 illion udget deficit was perceived as eing a result of the "ickering" amongst Democrats and Repulicans in Alany. The voters showed their concern y electing a new governor last fall, Andrew Cuomo, the son of a former governor, Mario Cuomo. Yet the situation is still serious. See, 55% of New Yorkers lame udget crisis on legislators, Rassmussen Reports, May 6, 2010.
But the Empire State is not alone in feeling the fiscal pain of the ongoing economic downturn facing the U.S.
As states across the U.S. this spring ponder their udget proposals for the coming fiscal year, they continue to face a monumental challenge. The worst economic depression since the 1930s has fostered the steepest decline in state tax receipts…
In terms of similarities, each of these budgets contains roughly the same basic format. hile the specific charts may differ, each budget separates revenue sources and attempts to break those down. The budgets also explain the expenditures, and typically break these down to each individual program within the department.
A similarity between three of the budgets (Federal, Florida and Newark) is that they rely heavily on tables and written explanations. hile these tables are necessary in any budget, it is interesting to note that the Newark budget is significantly more visually-oriented than any of the other budgets. The graphic representation of some of the figures makes for a more user-friendly presentation. The other budgets are less likely to be understood by those without some financial training.
Each of the budgets is produced to unique specifications. There appears to be no standard with respect to the production of public budgets, so…
United States 2010 Federal Budget Summary Tables. Retrieved July 24, 2009 from http://www.gpoaccess.gov/usbudget/fy10/pdf/budget/summary.pdf
State of Florida 2009-10 "People's" Budget. Retrieved July 24, 2009 from http://peoplesbudget.state.fl.us/bdagencies.aspx?full=1
City of Newark 2009 Proposed Budget. Retrieved July 24, 2009 from http://www.ci.newark.nj.us/government/city_departments/department_of_administration/2009_proposed_budget.php
Environmental Protection Agency 2010 Budget. Retrieved July 24, 2009 from http://www.epa.gov/budget/2010/2010bib.pdf
City of Park idge, Illinois: Budget Analysis
The budget for Park City, Illinois is complete with a table of contents, which identifies all pages by page number, and the page numbers are correct according to the table of contents. Included in the budget for Park idge, Illinois are the city's non-financial policy goals as well as these being stated in the Budget Message separate from departmental sections. Other planning processes are discussed addressing both short-term factors affecting the budgeting decisions and relating how these short-term factors affected the development of the city's annual budget. Included in the budget is information that sets out the city's priorities and goals for the year including issues facing the city's budget development along with the city's solution for addressing these issues. The present budget is compared to previous years. Included in the budget is an overview of the budget with summary information clearly labeled…
Annual Budget Fiscal Year Ending April 30, 2012. Park Ridge, Illinois Budget Report. Retrieved from: http://www.parkridge.us/assets/1/Documents/Budget-Final%202011-2012.pdf
City Council Policy Statements Manual (2011) Park Ridge, Illinois. Retrieved from: http://www.parkridge.us/government/city_council_policy_statements_manual.aspx
To the Cato Institute:
The Cato Institute policy statement on "Fiscal Federalism" is an excellent example of 'throwing the baby out with the bath water.' Yes, there may be unnecessary government bureaucracy involved in the awarding of federal grants to states. But the need for more efficiency does not mean that the entire program should be scrapped. During the recent 2008 recession, many states were cash-strapped and desperately needed funds to support Medicaid and unemployment insurance. Unlike states, the federal government can spend at a deficit. If there were no grants, this would have caused tremendous privation and social unrest.
The relationship of the states and the federal government is necessarily a symbiotic one. States are presumed to have better knowledge of what programs are needed to address critical issues within states' borders. The federal government acknowledges this expertise, even though it may use its prerogative to prioritize…
Williams, Bob. (2012). The most egregious budget gimmicks of 2012. State Budget Solutions.
ecently Nancy Pelosi, Speaker of the United States House of epresentatives was quoted as saying that unemployment benefits are the leading stimulus to an economy in need of a quick fix. Her reasoning was that the unemployed immediately spent those benefits, therefore generating economic activity. Financial experts were quick to point out that such reasoning would mean that every citizen should just go on unemployment then, because such action would generate so much economic activity that the recent recession would be a distant memory in a very short period of time.
The question that this paper will seek to answer is whether extending unemployment benefits is a boon to the economy as stated by Nancy Pelosi, or does the extension of those benefits only add to the deficit, thereby ensuring that unemployment continues to be a huge problem and a drag on the economy.
The answer to that…
Downing, N. (2009) Riding out the storm, State Legislatures, Vol. 35, Issue 8, pp. 22 -- 24
Hansen, G. (1988). Layoffs, plant closings, and worker displacement in America. Journal of Social Issues, 44(4), 153-171
Obama, B.H. (2010) Remarks on legislation extending unemployment insurance benefits, Daily Compilation of Presidential Documents, 7/19/2010, pp. 1-2
There are five strategic projects that are available for Superior Health System. The system lost money last year, but it does have a contingency fund. Whether it is worth dipping into that fund, or other avenues of financing, depends on the strength of these projects. So it is important to analyze the projects.
Partner with a major supplier who will guarantee price, delivery, and product quality
Expand the ENT, Plastic, Gynecology, and Orthopedics surgical programs
Develop a cost-reduction program.
Spend $3,000,000 to expand primary care physician membership in Corinth Health Systems, SHS's PHO
The rational for this order is as follows. Financially, the first two options are positive. Partnering with a major supplier, if it costs nothing up front and delivers that sort of value, should have been done yesterday. Expanding the ENT, gynecology and orthopedics departments has the highest up front cost, and while that might be…
fiscal federalism on finance and budgeting in public organizations.
Federalism is a political concept in which groups are bound together by a representative governing body. This is usually constitutionally divided between a central authority and political units; in the United States, the Federal Government and the 50 State Governments. The issue of federalism was actual controversial during America's revolutionary period when some feared that too much power at the Federal level would reduce State's rights. Certainly, after the Civil War the Federal Government increased its influence and power, particularly as transportation technology allowed for greater commerce and travel between States (Gerston, 2007). In its most basic form and application, fiscal federalism is a concept that is concerned with deciding which functions of government are best centralized and which are more appropriately placed in decentralized levels of government. As a study, it looks at how the expenditure side and revenue side…
However, we now see some issues that are even more serious in States: California cancelled many of its summer educational programs and has a tremendous fiscal crisis; Washington has a budget deficit that has extended into education; and Medicaid spending has caused a fiscal crisis in Texas, New Jersey, and New York (State Budget Crisis Task Force, 2012). Additionally, it now appears that transferring of regulatory and fiscal authority to States sometimes causes better incentives to follow Federal policy, but all too often allows states to undercut economic policy and even adapt programs with a poorer design and execution than intended, often causing those programs to underperform (Super, 2005).
Health care is certainly a prime example of the disconnect between Federal and State governments. States and localities deliver, finance, administer and even monitor health systems. Any serious reform, though, must begin at the Federal level with Medicaid, which is hurting state budgets. In fact, most States lack the administrative tools and expertise to manage health care budgets at all, evidences by the tripling of State and local expenditures since 1980 (Pollack and Kilgore, 2009).
The problem is not just in the United States, but between Canada and her Provinces as well. The gist, for both countries, is about effectiveness of the various levels of government. To adequately fund programs that must, by their nature, be national in scope, the Federal government has the responsibility to its citizens at large. This can be accomplished by shifting spending to tax relief that stimulates business investment in all States, build more discipline into Federal programs that
budget process for Las Vegas Metropolitan Police Department (LVMPD). LVMPD was formed in 1973 as a result of the merger of the Las Vegas Police Department with the Clark County Sheriff's Department. LVMPD serves the city limits of Las Vegas along with unincorporated areas of Clark County.
LVMPD is funded by the City of Las Vegas and Clark County. Police department funding is based on a complex formula determined by population, calls for service, and the number of felony crimes from the previous year. Both city and county governments must approve not just the annual operating budget, but also their respective percentage of the budget. In addition to funding supplied by the two governments, the department itself generates approximately one-third of its funds though property tax and the charging for certain services, such as special events. A special sales tax to fund commissioned positions generates additional funding.
The Law Enforcement…
Haynes, B. (2011). Board votes to tap Las Vegas police reserves. Las Vegas Review-Journal. Retrieved August 4, 2011 from: http://www.lvrj.com/news/board-votes-to-tap-las-vegas-police-reserves-120669354.html
Las Vegas Metropolitan Police Department. (2011). Amended Final Budget FY 2011- 2012. Retrieved August 4, 2011 from: Retrieved August 4, 2011 from: http://www.lvmpd.com/pdf/FinalBudget2011-2012.pdf
Las Vegas Metropolitan Police Department. (n.d.). About Us Consolidation. Retrieved August 4, 2011 from: http://www.lvmpd.com/about/consolidation.html
Las Vegas Metropolitan Police Department. (2011). Fiscal Year 2011-2012 Budget-in-Brief. Retrieved August 4, 2011 from: http://www.lvmpd.com/pdf/BudgetinBrief2011-2012.pdf
5. What are the top 3 in monetary costs for capital improvement projects recommended for the ensuing fiscal year?
The top 3 costs for Special Warrant Articles for the upcoming budget are: The GMS site de-watering study (including design and cost) at $86,000, GMS/LMS safety locks and video surveillance at $56,431 and finally LMS Emergency Access Road at $44,000.
6. Excluding food service sales what are the top 3 revenue budget lines for the year 05/06?
The top three revenue line for the school year were: Federal Program Grant at $239,042, State School Building Aid at $238,392.16 and revenue from Other Local Sources at $165,049.
7. What is the total dollar amount for appropriations recommended by the School Board?
The total amount recommended by the School Board for the upcoming year is $19,514,314. This includes the $259,854 appropriated to Special Warrant Articles as well as the $19,254,460 appropriated for all…
Encourage more school districts to implement school breakfast programs by providing a 50% increase in the state's reimbursement rate for school breakfasts. (WG, 2006)
The California budget includes $400 million to implement a broad strategy to ensure that California is ready for public health emergencies and is properly equipped to handle them. This funding will enable the state to increase patient care capacity (also known as "surge capacity") to achieve the levels recommended by the federal Centers for Disease Control and Prevention (CDC) and the Health esources and Services Administration (HSA). In the past, California has responded to "moderate" local or regional public health emergencies, such as a fire, flood, explosion, or earthquake, with up to 10,000 casualties over a limited period. Measured against federal HSA benchmarks, California needs to increase response capacity in some areas. Emergency planning experts agree that the most critical element in preparing for surge needs…
California Government (2006, May). Revised Budget Summary 2006-2007. Retrieved 9/7/06, at http://govbud.dof.ca.gov/
Wisconsin Government (2006, may). Wisconsin executive budget 2006-2007. Retrieved 09/07/06, at http://www.doa.state.wi.us/debf/ex
Affordable Care Act decreased the number of Americans without health insurance by the millions, which was its primary objective. It used three different mechanisms to achieve this goal -- the expansion of Medicaid, the insurance exchanges, and the extension of coverage to young adults up to age 26. These changes have also helped to stem the growth of health care costs, and have delivered greater health care savings throughout the system, even private insurance customers, than was originally expected. There were some initial costs to the ACA, running from 2014-2019 but after the point the Congressional Budget Office expects the ACA will have a net benefit in terms of its impact on the budget, because of the new taxes it created.
The incoming government is expected to unwind the ACA, as this has been a stated goal of Trump, and of the epublican party. What this means has been studied.…
Abbott, R. K. (2015). The Impact of the Affordable Care Act on Large Employers: A Retrospective. Benefits Quarterly, 31(1), 8-14.
CBO (2016) Budgetary and economic effects of repealing the Affordable Care Act Congressional Budget Office. Retrieved December 4, 2016 from https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/50252-Effects_of_ACA_Repeal.pdf
CBO (2016) Payment of penalties for being uninsured under the Affordable Care Act Congressional Budget Office. Retrieved December 4, 2016 from https://www.cbo.gov/publication/45397
HHS.gov (2016). The Affordable Care Act is working. Department of Health and Human Services. Retrieved December 4, 2016 from http://www.hhs.gov/healthcare/facts-and-features/fact-sheets/aca-is-working/
Budget Plan for $10 Million Fund Allocation
Positive economic development in any city in the United tates relies on the provision of effective, efficient, and strong infrastructures that will attract investment to generate job opportunities in the city. A central goal of any city is also to improve health outcomes for the residents to improve their health outcomes. City public officials should also provide safety and securities, and improve students achievements to enhance quality of human developments . However, a city officials are required to keep proper accounts of all income and expenditures to deliver high quality financial resources.
As a newly elected public official of the city of between 50,000 and 250,000 population, our goal is to attract investment opportunities in the city through effective use of budgetary control to meet the economic and health needs of the residents in order to enjoy 100% federal funds. Our goal is…
Sources of Payment, and Incremental Costs, Health Affairs.
Lunenburg, F.C. (2010). Financial Controls: A Safeguard Against Misuse of Public Funds. National Forum of Educational Administration & Supervision Journal. 27(4).
Nkuah, J.F. Tanyeh, J.P. & Asante, J.(2013). The Relationship between Financial Control Systems and Public Sector Efficiency in Ghana. International Journal of Advanced Research in Management and Social Sciences.2(7):209-235.
Malloy, L.C & Merkowitz, S.P. (2015). The Economic Impact of Expanding Medicaid. Healthy Economy.
Popovcic-Avric, S. Mizdrakovic, V. & Djenic, M.(2014). Budget Control and Fund Accounting. International Conference: XIV International Symposium .
S. National Debt Clock, 2011).
Too, sometimes when recession hits, deficits rise, and with less economic activity in progressive economies that count on economic activity, deficit spending must occur in order to continue to provide needed goods and services. There are two major factors at work within the U.S. economy, though -- and in essence the global economy since fiscal policies are so tied together in the modern age. Deficit spending is real, but at the amount of money (e.g. $15 trillion) is so vast and in so many complex areas (foreign countries, bonds, projects, etc.) that it is difficult to express and define except as a number. Since it has little meaning for most people, there is little impetus for change -- "it has worked in the past, it will go up and down later." Second, programs are funded based on yearly cycles; it is wasteful to fund a…
Hamilton, J. (2010). The U.S. Economy. Farmington Hills, MI: Greenhaven Press.
Parenti, M. (2011). Democracy for the Few. Boston, MA: Wadsworth.
U.S. Mint. (2011). Information on Money. USMINT.GOV. Retrieved from: http://www.usmint.gov/mint_programs/american_eagles/index.cfm?flash=no&action=American_Eagle_Gold
U.S. National Debt Clock. (December 2011). Outstanding Public Debt. Retrieved from:
yealy budget is an integal step in the administation of the ciminal justice system in the United States. The budget is the souce of funding fo all pogams and agencies administeed though the Justice Depatment and the success o failue of such pogams is dependent upon the budgetay pocess. This pape will assess how public policy affects the budgetay pocess and how each the Executive and Legislative banches of the U.S. Govenment teat policy in making decisions egading how the budget is oganized.
The ecent histoy of the budget pocess and its effects on the ciminal justice system in the United States is examined. Pat of this examination includes an explanation as to easons fo why the ciminal justice system has failed in ecent yeas to accuately eflect public policy and suggestions as to how changes in the budgetay pocess might alte the path and diection of the nation's ciminal…
references Towards Criminal Justice Spending Priorities. Justice Quarterly, 317-335.
Mikesell, J.L. (2011). Fiscal Administration: Analysis and Applications for the Public Sector. Boston: Wadsworth.
Office of Management and Budget. (2008). Circular No. A-11 General Information. Washington, D.C.: Office of Management and Budget.
U.S Advisory Commission on Intergovernmental Relations. (1993). The Role of General Government Elected Officials in Criminal Justice. Washington, D.C.: U.S. Advisory Commission.
Criminal Justice Budget
public budgeting comparisons of the federal, state and local budget distributions. This thesis will be focused on whether or not the increased budget allocations for transportation in the federal, state and local government will enhance travel security, efficiency, performance measures and &D development in the domain. The thesis will start off with a proposal for an agency that works across and is allocated budget in all the federal, state and local legislatures. The agency chosen for the thesis is the United States Department of Transportation. The proposal will include a detailed overview of the chosen agency inclusive of some financial data in recent years for the agency and a comparative analysis of the performance measures accomplished with those measures that were not completed. This will be followed by the details and comparative analysis of the budgetary performances of the federal, state and local budget departments in the United States which…
Budget.Gov. 2012. Fiscal year 2012: Historical tables -- Budget of the U.S. Government. Office of Management and Budget.
Budget.Gov. 2012a. Fiscal year 2012: Budget of the U.S. Government. Office of Management and Budget.
Dinapoli, T.P. (2011). Report on the State Fiscal Year 2011-12 -- Enacted Budget. New York State Comptroller
Leigland, J. And Russell, H. 2009. Another lost decade? Effects of the financial crisis on project finance for infrastructure, Grid Lines No. 48. Washington, PPIAF.
Public Budgeting Process
The options for financing President Bush's plan to partially privatize Social Security might well be as unworkable as his plan to cut taxes five times, while increasing defense spending by starting two wars in the Middle East -- to say nothing of his other ambitious, but underfunded, plans such as No Child Left Behind. On the face of it, the near-term prospects for national solvency in any form of Social Security privatization -- especially in the undertaxed, overspent configuration of the current U.S. budget -- conform to the old adage, slim to none. A quick glance at the figures even during the pre-tax-cut, economic boom times of the middle of the Clinton presidency foreshadow the potential for disaster lurking in Social Security privatization. At that time, U.S. national debt amounted to "not $5 trillion as our politicians tell us -- it is between $14 and $17 trillion!"…
Lamm, Richard D. (1996) The new agenda. Vital Speeches of the Day, July 1, 62 (18).
Mallaby, Sebastian. (2004) Bush's ungrounded vision. The Washington Post, November 8. Retrieved 25 November 2004 from www.highbeam.com.
Montagne, Renee. (2004) Analysis: How Social Security privatization might work, Morning Edition (NPR) transcript, November 11. Retrieved 25 November 2004 from www.highbeam.com.
Strope, Leigh. (2004) Bush Moves to Privatize Social Security. AP Online, November 11. Retrieved 25 November 2004 from www.highbeam.com.
The "Great ecession" that has crippled local economies throughout America has exposed the traditional budgeting procedures used by legislators and municipal leaders as a fallacious exercise in stopgap financing that fails to address the systemic problems of mismanagement, inefficiency, and wasteful spending. As an increasing number of city and state governments struggle to balance their budgets in the wake of curtailed income and overextended expenditures, economists have worked to develop innovate forms of budgeting which are better suited to meet the demands of modern financial planning. The concept of reality-based budgeting has emerged in recent years as a viable alternative to the traditional method of balancing governmental budgets, which is largely predicated on a combination of across the board spending cuts and untargeted increases in tax rates. As Bob Williams wrote in a recent article published by the non-profit organization State Budget Solutions, "reality-based budgeting assumes the rules…
Cuomo, A.M. State of New York, Division of the Budget. (2012). Governor cuomo's 2012-13 executive budget and reform plan outlines vision to continue building a new york. Retrieved from website: http://www.budget.ny.gov/pubs/press/2012/pressRelease12_eBudget1.html
Williams, B. (2013). Reality-based budgeting: How to permanently resolve state budget gaps. State Budget Solutions, 33(4), Retrieved from http://www.statebudgetsolutions.org/publications/detail/reality-based-budgeting-how-to - permanently-resolve-state-budget-gaps
To start with, budgets assist companies function within their earnings over the long-term. Budgets aid companies in expending less money than they make. Budgets also aid companies attain their monetary goals by scheduling for the future and managing money into groups such as revenue, operating expenses, and savings. In brief, budgets aid businesses steer clear of credit troubles, better get ready for monetary crisis, and construct better capital administration skills by generating an ordered plan (Nelson, 2011).
Businesses make budgets for an assortment of causes. They can serve a diversity of function, and therefore a lot of methods can be put into practice to develop them. Budgets can be utilized as a way of forecasting and scheduling for the future. Their formation can also be utilized as a motivational device. The plan can be utilized as a way of assessment and direct as well as a supply for knowledge and…
Elmerraji, Jonas. (2010). How Budgeting Works for Companies. Retrieved February 10, 2011,
from Web site: http://www.investopedia.com/articles/07/budgetingforcompanies.asp
Nelson, Kevin. (2011). Budgeting. Retrieved February 10, 2011, from Web site:
The State of Nevada and Clark County appear to have a different manner of meeting budget deficiencies. The Office of udget and Management has an amount of finances reserved for supplemental and emergency funding, at a total of $153.1 billion dollars. Neither Clark County nor the State of Nevada appears to have emergency or supplemental funding in their budgets.
State of Nevada
The budget for the State of Nevada is larger than Clark County. The total 2006 budget for the State of Nevada is reported to be $2,400 million dollars with a deficit of -2.3%. The state of Nevada's transportation budget for 2006 was $4.6 million dollars; agriculture $21.1 million; education $56.6 million; health and human services $69.2 million; and $21.0 million for justice programs. These amounts are considerably higher than Clark County in comparison. The State of Nevada's Department of usiness and Industry recently released a new prevailing wage…
Clark County (2006). Clark County. Retrieved September 22, 2006, from Nevada's Clark County
Website: http://www.co.clark.nv.us/ .
Office of Budget and Management. (2006). The White House's Office of Budget and Management.
Retrieved September 22, 2006, from the Office of Budget and Management's Website: http://www.whitehouse.gov/omb/ .
Government Budgeting for Kelsey: Budget Changes Needed to Better Protect and Serve the Community
"We're not going to use the budget as an excuse. We're not crying about it. But I'm going to push as hard as I can to get as many people on the streets as I can. We need all hands on deck," so were the words of the Philadelphia Police Chief when faced with a similar situation to what Kelsey faces now (Steele 2010 p 2). Police strength is an absolute necessity in the effort to fight crime, both on local and larger federal levels. Without the appropriate funding resources, many local police forces around the country are beginning to suffer in terms of just how effective they are at fighting crime overall. Limited budgets mean limited capabilities, and that is exactly what the city of Kelsey is experiencing right now. Essentially, the budget is already…
Budget of the United States Government. (2004). Budgets and taxes. Almanac of Policy Issues. Web. http://www.policyalmanac.org/economic/budget.shtml
City of Kelsey. (2006). Annual Budget for the Fiscal Year 2005-06. University of Phoenix. Web. https://ecampus.phoenix.edu/secure/aapd/cist/vop/Government/KelseyCity/docs/KelseyBudgetBook2005.pdf
City of Kelsey. (2009). Kelsey profile. City Government. University of Phoenix. Web. https://ecampus.phoenix.edu/secure/aapd/cist/vop/Government/KelseyCity/docs/KelseyProfile.doc
DeWeese, Adrianne. (2011). Police say safety tax is needed to help alleviate 'blackout.' The Examiner. Web. http://www.examiner.net/features/x1896018474/Police-say-safety-tax-needed-to-help-alleviate-blackout
The final step in decrease law enforcement budgets was the cut of 20% federal prison system. As of right now, prisons take up millions of dollars to house drug offenders and other non-violent criminals. These funds are needed elsewhere, and so they must be taken from keeping up the building and regulation of so many unnecessary prisons in the United States.
In terms of protecting consumers much needed to be done. To ensure consumers protection on investments, deposit insurance increased by 10%. This will allow people to renew faith in the banking system in they have more insurance on their deposits. Additionally, I cut 20% of tax cuts for the richest 1% of tax payers, 10% for the second two richest. Hold even for the third, and an increase of 10% for the bottom tax payers. Furthermore, I cut 20% of untaxed foreign profits and 10% of tax benefits for…
Evaluate how Public Policy Decisions Affect the Receipt of Revenues
Politics and attitudes about where the various revenues should be spent can create heated amounts of debate. In the case of the Department of Defense, this can mean that periodic reviews could occur that can have an impact upon a host of different spending programs. At the same time, various assessments will take place with Secretary of Defense. Where, they will review the size and necessity of the various bases / personnel. A good example of this can be seen when the Secretary of Defense will recommend various base closures and force adjustments. As politics and changes in the Department's needs / availability of funds will affect what programs are going to receive the most appropriate amount of revenues.
Analyze the Economic Conditions that Affect Revenue Projections
The economic conditions will play a major role in determining how…
Base Closure List. (2005). MSNBC. Retrieved from: http://www.msnbc.msn.com/id/7834939/ns/us_news
The Numbers. (2010). Tax Policy Center. Retrieved from: http://www.taxpolicycenter.org/briefing-book/background/numbers/revenue.cfm
Bender, B. (2010). Spending Critic Brown. Boston Globe. Retrieved from: http://www.boston.com/news/nation/washington/articles/2010/04/08/spending_critic_brown_backs_mass_weapons_bid/
Dupy, T. (2010). Defense Secretary Wants Spending Cuts. Huffington Post. Retrieved from: http://www.huffingtonpost.com/tina-dupuy/defense-secretary-wants-d_b_571906.html
Balanced Federal Budgets
The federal government has a wide variety of responsibilities, most of which stem from programs that the government has created. Some of these outlays are discretionary, but many are not. The trade-offs for the federal government are usually not a question economics, but politics. The current federal budget for FY2016 shows a deficit of $474 billion. The largest outlays are for social security ($891 billion), other mandatory programs ($627), defense ($589), Medicare ($529) and non-defense discretionary, which covers a wide variety of different programs. Finding $474 billion to cut there -- or some of that money in conjunction with tax increases -- is inevitably going to be a challenge. Much of government spending in the budget is in the form of mandatory programs. Further, many of these are impossible, politically, to reduce. One does not simply cut Medicare payouts without losing a strong voting bloc, for example.…
Government Finance Officers Association. (2014). Distinguished Budget Presentation Award Program (Budget Awards Program). Retrieved from http://www.gfoa.co/sites/default/files/BudgetDetailedCriteriaLocationGuideFY2015.pdf
Mikesell, J. L. (2014). Fiscal administration: Analysis and applications for the public sector (9th
ed.). Boston, MA: Wadsworth.
The current fiscal crisis facing American states has led to some drastic changes in state budgets. Throughout the country various states have been struggling to balance budgets without cutting vital services to citizens. In many states this quandary has caused a great deal of debate and has proven to be a major hurdle for governors. The purpose of this discussion is to examine the New York State budget as proposed by New York's governor, Andrew Cuomo. The research will focus on how the budget affects the public policy especially in the health care field. The discussion will also evaluate the advantages of the proposed budgetary cuts.
On February 11, 2011 the governor of New York released the 2012 budget proposal. There are several cuts that are expected to take place as a result of this budget. The governor explains that
"New York is at a crossroads, and…
Early Medicaid proposal calls for fee on hospitals. Wall Street Journal. Retrieved February 19, 2011 from: http://online.wsj.com/article/AP84c3dac38bcd42eeac9eccbd44f1dee8.html
Future of NY schools, teachers online in budget. Wall Street Journal. Retrieved February 19, 2011 from; http://online.wsj.com/article/APe14813e825014b1f81f3f9fbf7f95188.html
Medicaid and New York's Budget. New York Times. Retrieved February 19, 2011 from: http://www.nytimes.com/2011/02/19/opinion/19sat1.html?src=twrhp
Cuomo, A. State Budget. Retrieved February 19, 2011 from: http://www.governor.ny.gov/press/020111transformationplan
alance of trade. Retrieved from Web site: http://en.wikipedia.org/wiki/alance_of_trade
uchanan, P.J. (2005, July 27). CAFTA: Ideology vs. national interests.The American Cause. Retrieved from Web site: http://www.theamericancause.org/a-pjb-050727-cafta.htm
uchanan, P.J. (2006, March 10). The fruits of NAFTA.WorldNetDaily. Retrieved from Web site: http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=49201
uchanan. P.J. (2007, February 27). Free trade and funny math. Retrieved from Web site: http://www.theconservativevoice.com/article/23116.html
CAFTA, trade deficits and jobs. usiness Coalition for U.S.-Central America Trade. Retrieved from Web site: http://www.uscafta.org/policy/view.asp?POLICY_ID=136
Henriques, G. And Patel, R. (2004. February 13). NAFTA, corn, and Mexico's trade liberalization. The Americas Program. Retrieved from Web site: http://18.104.22.168/search?q=cache:G1COehFHM_IJ:americas.irc-online.org/pdf/reports/0402nafta.pdf+agriculture+mexico+nafta&hl=en&gl=us&ct=clnk&cd=8
NAFTA: A strong record of success (2006, March). Office of the United States Trade Representative. Retrieved from Web site: http://www.ustr.gov/assets/Document_Library/Fact_Sheets/2006/asset_upload_file242_9156.pdf
NAFTA partners lead strong U.S. export growth. Retrieved from Web site: http://www.ita.doc.gov/press/publications/newsletters/ita_0706/nafta_0706.asp
NAFTA works brochure. International Trade Canada. Retrieved from Web site: http://www.dfait-maeci.gc.ca/nafta-alena/broch-main-en.asp
Peterson, C. (2005, April 12). What USDA and USTR won't tell you about NAFTA…
Balance of trade. Retrieved from Web site: http://en.wikipedia.org/wiki/Balance_of_trade
Buchanan, P.J. (2005, July 27). CAFTA: Ideology vs. national interests.The American Cause. Retrieved from Web site: http://www.theamericancause.org/a-pjb-050727-cafta.htm
Buchanan, P.J. (2006, March 10). The fruits of NAFTA.WorldNetDaily. Retrieved from Web site: http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=49201
Buchanan. P.J. (2007, February 27). Free trade and funny math. Retrieved from Web site: http://www.theconservativevoice.com/article/23116.html
What this shows is how the current financial crisis / recession have placed a drag on both programs that are facing severe challenges from the large numbers of uninsured. Where, the lack of health insurance is indirectly forcing people to turn to both programs, once their condition becomes so severe that it can no longer be ignored. At which point, the costs increase to treat these people which causes the overall levels of the national debt to increase.
However, the current recession is also having a direct impact on both entitlement programs. This is because a large number of aby oomers are approaching retirement age, which means that many will often look to both programs as way to supplement their income and health insurance. Then, when you combine this with the fact that the current recession is causing incomes to decline and health insurance premiums to increase, means that…
Annuity. 2010. Free Dictionary. Online. Available from the Internet, http://www.thefreedictionary.com/annuity , accessed 7 May 2010.
Estimating the Number of Uninsured. 2009. Medical News Today. Online. Available from the Internet, http://www.medicalnewstoday.com/articles/161577.php , accessed 7 May 2010.
Life Expectancy. 2004. Office of National Statistics. Online. Available from the Internet, http://www.statistics.gov.uk/cci/nugget.asp?id=881 , accessed 7 May 2010.
Senate Lifts Debt Ceiling by $1.2 Trillion. Fox News. Online. Available from Internet, http://www.foxnews.com/politics/2010/01/28/senate-lifts-federal-debt-ceiling-trillion/ , accessed 7 May 2010.
As I'm sure you're already aware, the nation has not yet been liberated from the worst economic disaster since the Great Depression. Tax revenues are down; budgets are shrinking; municipal employees are being laid off far and wide. While many of the proposals before your desk present short-term solutions to the fiscal crisis, they fail to address the long-term needs of our people, more specifically, our municipal workers.
The demographics of our workforce in Northville have shifted dramatically over the last several decades. Nearly thirty-five percent of the 1,800 public employees are now female (or roughly 630), while over forty percent (720) of the total male/female workforce has stated that available, affordable child-care is important to them. Mary Lux, Director of the office of Personnel has indicated that one of the primary reasons for municipal employees to be absent or arrive late is a lack of available, affordable…
Private-label securitization has basically ended, and Fannie and Freddie were positioned into conservatorship by their controller subsequent to working in a dangerous and unsteady way. The job currently is to figure out how best to restore a connection between homebuyers and capital markets in a manner that deals with the problems of the old arrangement (Bernanke, 2008).
One alternative that has been talked about is that of privatizing the GSE's and letting them contend in the marketplace as private mortgage insurers and securitizers. In order to get rid of the assumption of government backing and to arouse competition, some suggestions supporting privatization call for collapsing the corporation into less significant components prior to privatizing them. Privatization would resolve a number of troubles connected with the present GSE model. It would get rid of the disagreement amid private shareholders and public policy and probably reduce the total dangers as well (Bernanke,…
Bernanke, Ben S. (2008). The Future of Mortgage Finance in the United States. Retrieved November 13, 2010, from Federal Reserve Web site: http://www.federalreserve.gov/newsevents/speech/bernanke20081031a.htm
Housel, Morgan. (2010). Why the U.S. Can't Inflate Its Way Out of Debt. Retrieved November 13, 2010, from the Motley Fool Web site: http://www.fool.com/investing/general/2010/04/16/why-the-us-cant-inflate-its-way-out-of-debt.aspx
US Congress passes stimulus plan. (2009). Retrieved November 13, 2010, from BBC Web site: http://news.bbc.co.uk/2/hi/business/7889897.stm
Woodhill, Louis. (2010). You Can't Tax Your Way Out of a Debt Crisis. Retrieved November 13, 2010, from Real Clear Markets Web site: http://www.realclearmarkets.com/articles/2010/05/11/you_cant_tax_your_way_out_of_a_debt_crisis_98459.html
Capital Budgeting for Guillermo Furniture
Guillermo Furniture has an uncertain road ahead, with several options that its owner can select from in an attempt to bring his company into the twenty-first century as a profitable and productive entity. Industry changes and changes in the regional economy have made it impossible for Guillermo to continue running his high-end hand-made furniture with the same laborious and highly skilled process while remaining competitive with more automated companies and those with wider and more efficient distribution networks. The options facing Guillermo and Guillermo Furniture are not ideal from the owner's perspective, but considering them in an objective light should allow him to select the best alternative for his company in the changing economic environment. The first alternative is that he could automate the manufacturing process, which would come at the cost of substantial capital but would allow him to remain in his…
El-Erian, M. (2012). The Global Economy: What the Next Three Years Will Look Like. Accessed 12 December 2012. http://www.huffingtonpost.com/mohamed-a-elerian/global-economy-next-three-years_b_1519613.html
Elliott, L. (2011). The economic forecast is simple: the next 10 years are going to be a drag. Accessed 12 December 2012. http://www.guardian.co.uk/business/2010/mar/01/drag-deficit-reduction-anaemic-growth
[calculations available in full version]
The calculations were done in Excel, except the payback period. This was done starting at -850 and then adding back each year's cash flow. Year 5 started with a deficit of 20, which amounts to 31 days worth of payback, in other words the payback will be complete by the end of January in Year 5.
2. Based on this analysis, the company should open the mine. There are several reasons why. First, there is no rule of thumb for Bullock with respect to payback period – and once the project has started it will be finished, so that is not really a great way to analyze the problem.
Second, IRR and MIRR are both above the cost of capital, which is assumed to be the company's hurdle rate of 12%. A project that returns above the cost of capital is normally a viable one.…
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.. government may well decide to make its conditions for receiving health insurance even more rigid. Consequently, less people will be qualified…
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
U.S. Government Deficits
hy is it that the U.S. Government can spend more than it brings in through taxes and other revenue? hat are the specific reasons why the U.S. can consistently and constantly operate its programs and conduct official business while running a huge deficit? These questions and others will be reviewed in this paper.
The Deficit -- why and by how much is the U.S. In debt?
A May, 2012 article in the Economist quotes Republican presidential candidate Mitt Romney saying that the U.S. Government has "…a moral responsibility not to spend more than we take in" (Economist, 2012, p. 1). The article reminds Romney that if what he is saying is true then America is "…a thoroughly depraved and immoral country" because in 76 of the past 100 years "the U.S. government has spent more than it has taken in" (Economist, p. 1). In fact in 26…
Amadeo, Kimberly. (2012). The U.S. Debt and How It Got So Big. About.com. Retrieved October 31, 2012, from http://useconomy.about.com .
Congressional Budget Office. (2012). CBO's Major Budget Reports. Retrieved October 31,
2012, from http://www.cbo.gov/publications/43648 .
Cauchon, Dennis. (2012). Real federal deficit dwarfs official tally. I. Retrieved
Economic Events: 1980-1989
the decade of greed. The era of onald eagan when the rich got richer and the poor got poorer. Despite this common wisdom, 1980 started off auspiciously. On May 8, 1980 the World Health Organization hailed "one of the century's greatest medical accomplishments," the final and total eradication of smallpox (Dickson 247). But how quickly times change - barely a quarter century has passed and this same disease is making headlines once again.
Attitudes change also. While many in this day and age would still agree that the 1980's was a selfish period in American history, a sea-change has occurred in the rhetoric issuing forth from Washington D.C. In a very fundamental way, party politics has been thrust aside as concerns for homeland security take precedence over petty partisanship. Michael Barone notes this in his analysis of a speech made by Democrat ichard Gephardt in the Summer…
Barone, Michael. "The loyal opposition." U.S. News and World Report. 13 June 2003. 14
March 2003 http://www.usnews.com/usnews/opinion/baroneweb/mb_020613.htm.
Case, Karl E., and Ray C. Fair. "Principles of Economics." Prentice Hall, Inc. Englewood
Cliffs, NJ 1992.