Report Example on Income Choices

Introduction

It is strategically and monetarily critical to settle on spending and income choices with the goal that a reasonable financial plan is manageable over the long haul, making improved decision making that will maintain fiscal discipline and ensure essential community services are delivered. In order to ensure sustainability, in the long run, the government is required to forecast significant revenue and expenditures (“The Real Owner of the U.S. Debt Will Surprise You”, 2020). Also, public debt is important in assisting in ensuring a balanced budget is achieved that will be sustainable in the future. The following paper will explore how the budgeting process is endowed with different functions that have a political and financial function in ensuring the budget is sustainable in the long-run through improved decisions.

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Balanced Budget

Therefore, a balanced budget that is sustainable in the long run achieved by making important decisions allows for the distribution of resources (“Proposition 13: the Basics in 2 Minutes”, 2015). Therefore, to achieve this is fundamental for the government to plan its operations and services. It will also assist in coordinating various activities and policies through internal management that is conduction in various public organization units (“COVID-19 & the Federal Debt — Douglas Holtz-Eakin (CNBC)”, 2020). Hence, various departments will motivate the staff in the departments to work hard and achieve budget goals that will be sustainable in the long run.

Conclusion

It is unnecessary to stabilize the amount of public debt in a dynamic economy, but stabilization can be achieved through the gross domestic product. Therefore, there is a need for consolidating public debt within a time frame that is reasonable to achieve a sustainable level (“The Issuance Process”, 2020). A balanced budget highlights that revenues and expenditures are balanced, allowing for public debt as a particular percentage (“Are Medicare and Social Security in Trouble? | Velshi & Ruhle | MSNBC”, 2019). Therefore, the budget process is an important aspect in making decisions that will allow the political system to allocate limited resources in an economy.

References

Are Medicare And Social Security In Trouble? | Velshi & Ruhle | MSNBC. (2019). Retrieved from https://www.youtube.com/watch?v=lcbMJKXyjVk&feature=youtu.be

COVID-19 & the Federal Debt — Douglas Holtz-Eakin (CNBC). (2020). Retrieved from
https://www.youtube.com/watch?v=KWfzDHAOpsY&feature=youtu.be

Proposition 13: the Basics in 2 Minutes. (2015). Retrieved from
https://www.youtube.com/watch?v=1vNtycUzs94&feature=youtu.be

The Issuance Process. (2020). Retrieved from
https://www.youtube.com/watch?v=T6AYWl8LcdI&feature=youtu.be

The Real Owner of the U.S. Debt Will Surprise You. (2020). Retrieved 3 October 2020, from https://www.thebalance.com/who-owns-the-u-s-national-debt-3306124.