U.S. Government Deficits
Why is it that the U.S. Government can spend more than it brings in through taxes and other revenue? What 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 of the past 30 years the government has spent more than it received in taxes. The article specifically mentions that the last five Republican presidents (Nixon, Ford, Reagan, Bush and Bush) all "…violated this putative moral responsibility with joyful abandon" (Economist, p. 1).
While Romney hoped to make some political hay by offering his pronouncement that government debts are immoral, the truth is that Romney has endorsed the proposed budget of running mate, Paul Ryan, which includes "massive tax cuts that will dramatically increase the federal deficit," so voters can see that political rhetoric is just that, rhetoric, and addressing the deficit requires deeper thinking (Economist, p. 2).
How much is the current U.S. deficit? Presently it is (overall) about $16 trillion, according to Kimberly Amadeo writing in...
A micro considers the interests and rights of the individual company as the primary concern. Both of these views are valid depending on the lens that one wishes to use. The problem arises when the government is forced to develop policies regarding procurement in this volatile debate. The government must decide whether to take a micro view, favoring the rights of companies, or a macro view that places the
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Government Accounting Office in America (GAO) This is an examination of the Government Accounting Office in America. The writer discusses the history, purpose and background of the GAO as well as the duties that the office is charged with performing. The writer then analyzes literature that illustrates the office in action. The final discussion revolves around the question, "Is the office effective or is it a waste of money." There were
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