According to the Concord Coalition, real wages peaked in 1973 and have gone down ever since. If the economy grew as fast as it did in 1950, without a debt, the median family income would be $50,000, compared to the present median of $35,000 (Rau M-1). As of current fiscal year's budget, the United States government spends $1.64 trillion yearly. $500 billion of that, or 1/3 of the total, is for discretionary spending (Rau M-1). This discretionary spending is the target for most cuts, and seems to be the easiest to make cuts in. Overall, the difference between the two parties budget plans is only $400 billion. This could easily be trimmed by eliminating tax cuts and adjusting the consumer price index to reality. Democrats say the GOP plan is too lopsided, and Republicans criticize the Democrat plan for being unrealistic. A study by the Urban Institute shows GOP cuts will be felt mainly by the bottom 1/5 of U.S. population. This should be more equally spread out across income brackets (Hosansky 1449). .
The GOP plan: .
By fulfilling campaign promises made by freshman Republican Congressmen to cut government spending, the GOP managed to pass a $1.6 trillion budget resolution by a party-line vote, in both houses of Congress (Hosansky 1450). This budget called for major cuts in education, environmental programs, discretionary spending, and the largest of all: entitlements. 70% of the money to balance the budget under the GOP plan would have come from entitlements. This is because entitlement programs currently take up $301 billion a year. Such cuts had already been partially implemented with the GOP cutting overall spending by 9.1% in 1996 alone. .
First, in an attempt to stop the projected bankruptcy of Medicare in 2002, Republicans cut $270 billion overall from the program, with hospital reimbursement cuts being the deepest (Hager 1283). Although stabilizing the fund is only expected to cost $130-$150 billion over 7 years, the GOP budget would reform the program to run better, and cheaper, by allowing it to grow at 6% yearly, instead of the current 10%.
" To Spend or Not To Spend " In my life, I have formed close relationships involving three different outlooks on money. The first of the three is with a friend that rarely spends money. ... He will never spend unnecessary money unless it is very important. ... She is willing to spend money as long as it does not interfere with money that is saved. ... They are willing to spend money insensibly without care. ...
When I had no money to spend on Sunday, I thought that I would have a miserable day since I could not do my favorite activity v/s shopping. ... First of all, without money to spend on Sunday, I had more time for my personal interests. ... After having these experiences, without money to spend in Macau was not as miserable as I had believed. ... Now, I have saved a lot of money in my deposit account because I do not like shopping as much. ...
This amount of spending will lead us into deficit spending for the first time in four years. ... Clearly all of this money will come from taxing the hardworking citizens of this country, who in the past few years have finally been able to earn and spend enough money to get the country out of deficit spending. ... Without the government spending money on the department of defense we wouldn't have many of the conveniences that we have today. ... If military spending is cut, that may continue to be the case. ... It seems that military spending is taking money away from those who need it...
We are currently spending borrowed money at a greater rate than we can make it. ... The world experiences a "boom" where tons of money is present, and starts spending and spending, and then the money runs out, and all of these investors and creditors run because they are at major risk. ... I just think that the U.S. needs to cut back on its spending and realize that globalization is a cycle, and control our spending. Overall, I agree with Pettis" argument that we as a nation and world need to watch out based on the history of these economy "booms", and if at all possible, not spend all of t...
He goes into detail on how we as Americans view Money and its uses, and how our impulses can affect the way we value our money. Also our dreams of winning big and our greed cloud the way we spend money and blur our concept of the consequences gambling can have. ... Primarily their objective is to make you feel all that money you just dropped in the slots wasn't really money at all. ... Inside the Casino they will give you free beverages if you spend a good amount of money. ... I spend five, ten, fifteen, twenty dollars on playing ridiculous games of luck trying to get as many tickets as p...
One can create a budget is by allowing oneself a certain amount of money a week to spend. One way of doing this is by setting aside a specific amount of money out of your income for spending and save the rest. Specify the amount of money one will need to spend monthly and try not to go over your specified budget. One also should decide how much money one want to spend on certain things. ... This way one can be sure that they are spending their money wisely. ...
It was a decent amount of money and he could be easily spending it on food and entertainment. Instead he saves his money and don't even wants to waist money on circus. ... Huck never the less refuses to pay money for the entrance to the circus, "I ain't opposed to spending money on circuses when there ain't no other way, but there ain't no use in wasting it on them." Any child at his age would be more then glad to spend insignificant price for a ticket especially when you have 20 gold pieces. ... Money is a very important subject to him as it would be to the most of adults,...
Money isessential and it's what keeps the world going. ... My parents kept the house and expensesvery stable and at times my siblings and I often don't get what we want becausewe wouldn't want to lose money or spend it on insignificant things. ... At times, money can beimportant to my family and me. ... Money can buy thingsfor your use and your needs. ... Maybe I willinvest money in stocks, but not all my money because you cannot rely on stocksat times because they can fail also, but saving money is one thing I determineunquestionably to accomplish. ...