Friday, October 11, 2019
For years on end, the U.S government has been in a large amount of debt. By understanding what our budget deficit looks like, you will be amazed to see how much money we spend each year. The government budget is a legal document that forecasts the government expenditures and revenues for a specific period of time (3). A budget period is usually one fiscal year and our data shows that we have been in a deficit for far too long which means that our government is spending a lot more money than we actually have. According to usgovernmentspending.com, the U.S spent 6.1 trillion dollars during this year of 2013 (1). With 20% to health care, 18% to pensions, 15% to education, 13% to defense, 9% to welfare, and the other 25% on everything else goes to show how much money we need to spend in order to keep this country running strong (1). Many people have their own views and opinions on what we should do in order to get out of the hole that we have created over the years. A reliable source by the name of Nancy Pelosi who is a House Speaker stated, "The best way to reduce the deficit is to grow our economy; the best way to grow our economy is to act on the priorities in the president's budget. President Obama's budget will transform our economy and create jobs by cutting taxes for 95 percent of Americans, making healthcare more affordable and accessible, creating a new, clean energy economy, and modernizing our schools to prepare our workforce for global competition (2).Ã¢â¬ I personally agree with most of these ideas stated above because growing the economy and fixing the problems we have now will lower the deficit in the long run. Starting off by making healthcare more accessible to everyone will allow Americans to feel more stable and secure... ...eed to enforce a tax on greenhouse gases. As we all know, these harmful gases are being fueled into the air every second of everyday. This would bring in money for government funding and make people realize that the government isnÃ¢â¬â¢t free. We also need to create other sources of energy production. This would lower prices for gas, make machinery operations less expensive, protect the environment and lower expenses on imports of fuel from other countries. With more energy reserves being established in the U.S. will also bring in a lot more jobs. Another option is to decrease foreign aid and military spending by a certain percentage. This would save our country billions of dollars. As you can see, there are many different routes we can take to decrease the budget deficit. We must all work together and figure out a way to diminish any extra spending that is not needed.