Read/review the following resources for this activity:
- Textbook: Chapter 10
- Minimum of 1 scholarly source (in addition to the textbook)
Initial 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. Submit your recommendations and your reasoning for such recommendations using these guidelines:
– Use evidence (cite sources) to support your recommendations from assigned readings or online lessons, and at least one outside scholarly source.
– Use the format provided below to present your numbers and totals followed by an explanation below the chart.
– Please note that these are not true US budget numbers, but are reasonable hypothetical numbers to help us consider the budget processes complexities.
|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||$_________________|
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. Are the budget changes offered by your peers’ sound? Why or why not? Minimum of 1 scholarly source, which can include your textbook or assigned readings or may be from your additional scholarly research.
The imperative role of budgeting is regarded in governance cannot be overlooked. This is according to Whitman Cobb (2020), who has added that budgeting as one of the primary components of successful governance. On this basis, as a presidential advisor, I would consider cutting on the following components;
$17 billion- Cut some foreign aid to African countries. Despite the fact that foreign aid to African countries is one of the greatest initiatives of the country, cutting on these expenses is good for the interest of the country. …Click link below to purchase full tutorial at $5