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.
Solution:
Week 6 Discussion 1: Presidential Advisor
The significance of effetive budgetting cannot be underestimated when it comes to an effective government. This is according to Magstadt (2017), who articulates that it is extremely crucial for the government to allocate resources wisely. It has been established that a well planned budget is findamental for any governmenr owing to the fact that it enhances economic stabilty as well as growth. Taking this into consideration, as a presidential advisor, I would consider cutting on the following components;
$17 billion– Cut some foreign aid to African countries. Although many analysts and scholars have asserted that foreign aid to African countries is a significant move, I think that cutting on these expenses is good for the bigger interest of the country. Please click the icon below to purchase full solution at $5