Budget cut suggestions in USA

Post Instructions

You are an advisor to the President tasked with cutting at least $300 billion from the budget. The president wants your recommendations to cut lines, not large categories. Explain why you chose those cuts.

Note: These are not true US budget numbers.

DOMESTIC PROGRAMS AND FOREIGN AID

Cut some foreign aid to African countries

$17 billion

Eliminate farm subsidies

$14 billion

Cut pay of civilian federal workers by 5 percent

$14 billion

Reduce the overall federal workforce by 10%

$12 billion

Cut aid to states by 5%

$29 billion

MILITARY

Cut the number of nuclear warheads, and end the “Star Wars” missile defense program

$19 billion

Reduce military to pre-Iraq War size and further reduce troops in Asia and Europe

$25 billion

Cancel or delay some weapons programs

$19 billion

HEALTHCARE

Enact medical malpractice reform by reducing the chances of large malpractice verdicts

$ 8 billion

Increase the Medicare eligibility age to 68

$ 8 billion

Raise the Social Security retirement age to 68.

$ 13 billion

EXISTING TAXES

Return the estate tax to Clinton-era levels, passing on an estate worth more than $1 million to their heirs would have portions of those estates taxed.

$ 50 billion

End tax cuts for income above $250,000 a year

$ 54 billion

End tax cuts for income below $250,000 a year

$ 172 billion

Payroll tax increase for people making over $106,000 annually contributing more to Social Security and Medicare.

$ 50 billion

NEW TAXES

Institute a Millionaire’s tax on income above $1 million

$ 50 billion

Add a national 5% sales tax

$ 41 billion

Add a tax on carbon emissions

$ 40 billion

Tax banks based on their sizes and the amount of risk they take.

$ 73 billion

Total gap covered by your budget plan

$_________________

Use evidence (cite sources) to support your response from assigned readings or online lessons, and at least one outside scholarly source.

Follow-Up Post Instructions
Respond to at least two peers or one peer and the instructor. Further the dialogue by providing more information and clarification. Minimum of 1 scholarly source, which can include your textbook or assigned readings or may be from your additional scholarly research.