Essay Sample on Presidential Advisor

Introduction

There has been a rise in the spending of the Federal Government which has led to chronic deficits, and accumulation of debts which are getting to dangerous levels (Magstadt, 2017). The increasing spending and debts are undermining the economic growth that may end up pushing the nation into financial crises in the coming years (Magstadt, 2017). The solution to this problem is to cut down on the most harmful and demanding programs. The purpose of this article is to assume that one is an advisor to the president tasked with trying to cut the government spending with about 300 billion from the budget. The paper will highlight the small cut lines categories that will be recommended to the president. The cuts range from domestic programs and foreign aid, military spending, healthcare costs, existing taxes and introduction of new taxes.

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Cut Lines

The federal government needs to cut the expenditures in domestic programs and foreign aid so as to minimize the amount of money used for these expenditures. The government needs to cut some of the foreign aid to Africa especially those that are not beneficial to the USA or the recipient African countries (Hauptmeier, Heipertz & Schuknecht, 2017). Elimination of farm subsidies, cutting the pay of civilian federal workers, reduction of the workforce by 10% and cutting aid to the states by 5% will all reduce government spending. There are various military expenditures that also need to be reduced such as eliminating invaluable war funding, reducing troops to Asia, Europe and Iraq while delaying weapons programs.

Healthcare is a very delicate field hence reducing the funding should be made with great care such as increasing malpractice fees, increase the Medicare eligibility age to 68, and increasing the Social Security retirement to the age of 68. The government should raise the existing taxes so as to increase its revenue by returning the estate tax to the Clinton-era levels. The taxes for people earning large sums of money should be raised so that the government can collect more funds. Introduction of new taxes will also help collect more funds such as a national 5% sales tax, tax on carbon emissions, tax on banks and the institution of a Millionaire's tax on income above 1 million dollars. The above tax cuts will have a gap of 708 billion USD to the budget.

Conclusion

The government needs to cut on the expenditure on the less significant activities as well as increase the amount of revenue that is collected through the implementation of new taxes and increasing the existing taxes (Jackson, 2015).

References

Hauptmeier, S., Heipertz, M., & Schuknecht, L, (2017). Expenditure Reform in Industrialized Countries: A CaseStudy Approach. Fiscal Studies, 28(3), 293-342.

Jackson, P. M. (2015). The public expenditure cuts: rationale and consequences. Fiscal Studies, 1(2), 66-82.

Magstadt, T. M. (2017). Understanding Politics: Ideas, Institutions, and Issues. Australia Cengage Learning.