Search icone
Search and publish your papers
Our Guarantee
We guarantee quality.
Find out more!

Deficit reduction

Or download with : a doc exchange

About the author

Student
Level
General public
Study
medical...
School/University
College of...

About the document

Ryan D.
Published date
Language
documents in English
Format
Word
Type
case study
Pages
3 pages
Level
General public
Accessed
0 times
Validated by
Committee Oboolo.com
0 Comment
Rate this document
  1. Introduction
  2. The political point of view
  3. President Obama
  4. Mitt Romney
  5. The Democrats
  6. Conclusion

The United States' national debt is one of the largest security risks to the American people. Our debt has recently surpassed the sixteen trillion dollar mark and is projected by some to only get higher in the years to come. The word ?deficit? is a term often used to describe the amount of money that our federal government takes in and the amount of money that is spent by our federal government. The United States' national debt is the total amount that the country owes to other parties including the American people and foreign countries, as well as interest (Frequently). The result of diminishing incomes and increasing expenditures is an explosive and volatile national deficit. In fact, this sixteen trillion dollar debt amounts to each person living in the U.S. paying over $50,000 to cover the cost of our debt (US Debt Clock).

What are the many reasons behind our debt here in the United States? Years of deficits in different sections of the government, such as a loss in revenue through taxes; having imports vastly exceed our exports, as well as not saving because of the interest we continue to pay to foreign countries for borrowing their money are all reasons for an unbalanced budget. Not to mention that programs the government runs, such as Social Security, Medicare, Medicaid, and our military spending, are growing under current policies of the recent years. An uncontrollable recession and necessary stimulus money, followed by economic uncertainty and the slow of growth of the economy has also added to our deficit (I.O.U.S.A.). Whether or not these factors can be controlled or revised through policy is another question.

Politicians from both respective major political parties have been attempting to balance the budget for years with little success. So far, their only success has been passing the burden down generation to generation. As our spending increasingly grows out of control, presidential nominees Barack Obama of the Democrats and Mitt Romney of the Republicans stand to tackle the problem with differing mindsets. President Obama supports a larger government and tax increases, where Governor Romney supports a smaller government and tax cuts. Both options are heavily proclaimed as being the better choice to reduce the deficit by each candidate's respective party and supporters.

[...] Whether or not these factors can be controlled or revised through policy is another question. Politicians from both respective major political parties have been attempting to balance the budget for years with little success. So far, their only success has been passing the burden down generation to generation. As our spending increasingly grows out of control, presidential nominees Barack Obama of the Democrats and Mitt Romney of the Republicans stand to tackle the problem with differing mindsets. President Obama supports a larger government and tax increases, where Governor Romney supports a smaller government and tax cuts. [...]


[...] ?Romney: Obama Stimulus ?Most Careless Onetime Expenditure' in U.S. History.? National Journal Daily 15 May 2012: 1. Academic Search Premier. Web Nov I.O.U.S.A. Dir. Patrick Creadon. Roadside Attractions Web Oct Issues. Romney for President Web Oct Meet Mitt Romney. Romney for President Web Oct Tanersley, Jim. ?Romney's Secret Recipe for Economic Recovery.? National Journal 19 Apr. 2012: 1. [...]


[...] Lastly, he proposes for a more efficient and therefore more effective federal government that wastes less. By accomplishing these tasks and giving large tax cuts to businesses, Romney thinks that he can cut spending and get the United States closer to a balanced budget bringing federal spending to less than twenty percent of GDP by the end of his first term (Issues). Romney is not the only nominee that insists that his plan will cut the budget in the recent years to come. [...]

Similar documents you may be interested in reading.

Why, Since 1995, The French Growth Is Stronger Than That Of Germany?

 Economics & finance   |  Economics   |  Term papers   |  11/29/2010   |   .doc   |   10 pages

Commercial exchanges between France and Germany

 Economics & finance   |  Economics   |  Term papers   |  01/10/2011   |   .doc   |   21 pages

Top sold for educational studies

Legalization of Marijuana

 Social studies   |  Educational studies   |  Case study   |  12/10/2013   |   .doc   |   2 pages

Motivation and empowerment paper

 Social studies   |  Educational studies   |  Case study   |  09/05/2013   |   .doc   |   2 pages