Federal Budget Must be Reduced :: Argumentative Persuasive Economics Papers

Federal Budget Must be Reduced The annual multi schnozzleion-dollar national budgetthreatens the future of the United States and must bereduced.To cut the coat of the deficit, federal revenuesmust be increased, and federal placelays must be reduced, or a combination of the two may be used.Under the 1990budget agreement, social intercourse cut falsifying spending and benefits to veterans, farmers, and Medicare and Medicaid patients. In addition, the agreement increased taxes for the wealthiest Americans and phased out some oftheir tax exemptions. The act also raised taxes oncigarettes, alcohol, gasoline, and airline business tickets.(Current Issues. Close-Up Foundation,1993.) This wasa good first step, at balancing rather than rolling over the debt to future generations. However, the Republicans need to find some to a greater extent support to getanother such agreement passed. Expensive defense programs that were formerly necessary are no longer needed. The money that was onceused for defense should be put toward lowering thebudget deficit, which grows at the rate of $10,000 persecond and stood as $5,020,705,156,014 at eight oclockp.m. on November 13, 1995. This is correspond to theNational Debt Clock (Debt Clock, //www.fusebox.com/debtclock/).Because Americans are not go awaying to sacrifice socialprograms, the only alternative is to raise taxes.Americans may not like it, only if they need to pay forthe government services they want and need. However,this increase in taxes should be kept in perspective, since a tax increase will reduce personal income andbusiness profits. Too high of an increase in taxes will only stifle economic growth by cut the moneybusinesses would have to invest in expansion and jobcreation. The current step in balancing the budget wasa stop-gap spending bill which passed through the House of Representatives November 8, 1995, (CNN-Housepasses stop-gap spending bill-Nov.8,1995,http//www.cnn.com//US/9511/budget/i ndex.html) This bill reduces the sustenance for some programs. On Monday,President Clinton vetoed the stop-gap spending measure,and a debt limit lengthening calling them too high a price