National Budget Simulations

National Budget Simulations
The future of a sustainable economy that will create lucrative jobs for
the current and future generations depends on investing heavily on
education infrastructure and innovation as these aspects will equip the
workers, scientists and entrepreneurs with the required necessities for
their triumph. However, these expenditures should be done blindly,
without clear channels that could be exploited to repay for the
investments. In the absence of such mechanisms, the growing debts and
deficits will continue to be faithful companions to the economy. These
deficits will be propagated overtime and in several decades to come, the
budget deficit figure will indescribable thus the phrase budget surplus
will be forgotten. The congress and the government should formulate and
implement measures, which restore accountability and responsibility of
expenditure in Washington (Council for Economic Education, 2013).
The entire government programs should be streamlined, and assessed
regularly to ensure that they remain within the right course and that
the programs achieve the anticipated goals and objectives (Mindy &
Mindy, 2011). Such measure will eliminate the entire programs that offer
duplicated services, most of which are outdated and ineffective. Fiscal
responsibility and accountability are key to achieving a balance in the
budget, as well as reducing the ensuing budget deficits (Council for
Economic Education, 2013). To this end, budget cuts should be effected
as well as cover the entire tax loopholes to ensure that there is no
unnecessary expenditure in the government or wastage of government
revenue. Every citizen, poor or wealthy should contribute his fair share
towards the achievement of a balanced budget.
Budget cuts on several programs would result to remarkable gain towards
reducing the budget deficit at the same time protect some of the vital
programs, which are significant in protecting the national security and
welfare of the citizens. These programs include military spending,
non-medicare health spending and social security. These programs have
the highest budget allocations and considerable cuts could be made on
the same, without throwing the sectors off balance (Mindy & Mindy,
2011).
The impacts of the budget cuts will be felt by specific groups in the
society as the programs have a direct impact on such groups of people.
For instance, budget cuts on social security will affect the elderly as
the impact will be felt in reduced care for the elderly. Students will
experience problems, especially the needy students as the available
chances for scholarship and bursaries from different social institutions
will diminish (Beach et al, 2007). Such students might be forced to drop
out of school due to difficulties with school fees payments.
Non-medicare health spending will bring similar effects to these groups,
as well as impact the recipients of national aid and environmentalists
(Beach et al, 2007). People require preventive health programs, which
help them eliminate the chances for medical attention that require heavy
budget allocations. Imperatively, budget cuts on military expenditure do
not an impact on particular groups, in society.
Budget cuts on international affairs do not have massive impacts on the
lives of people. A similar cut with the least impact on peoples’ live
is on agriculture as the sector has had surpluses for long periods
(Beach et al, 2007). Budget cuts on this sector might take time before
the farmers and the citizens feel the impact of the same. Military
spending reduction gives the economy the best shot for reducing the
deficit as most of the programs that spend lots of money can be avoided
or replaced with affordable projects, which are equally effective in
ensuring steadfast national security (Mindy & Mindy, 2011). There are
programs that should be touched by the prospectus budget cut as they
hold the core and the future of the nation. Such programs as defence,
educations and investment in technology and medicare among others should
be protected and preserved from the budget forces and demands for cuts.
Though budget cuts are effective in reducing the expenditure, as well as
the budget deficit, most of the programs that are in place are vital in
ensuring a harmonious running national activities, as well as domestic
components of the government (Beach et al, 2007). Most of the available
projects were introduced to solve issues that emerge due to the dynamic
economic, political and social demands. Therefore, I would prefer
raising taxes and ensure that all individuals pay their share into
funding programs than cut the programs and budgets to run the same.
References
Beach, C. M., Wilson, T. A., Smart, M., John Deutsch Institute for the
Study of Economic Policy., & 2006 Federal Budget: Rethinking Fiscal
Priorities Conference. (2007). The 2006 federal budget: Rethinking
fiscal priorities. Montreal: John Deutsch Institute for the Study of
Economic Policy.
Council for Economic Education. (2013). National Budget Simulation.
Retrieved form HYPERLINK
“http://www.econedlink.org/lessons/index.php?lid=306&type=student”
http://www.econedlink.org/lessons/index.php?lid=306&type=student
Mindy R.L., Mindy R.L., (2011). Federal Budget: Issues for FY 2011, FY
2012, and Beyond. Washington: DIANE Publishing.
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