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Posted: January 28th, 2022
Instructions
During the Great Recession, like any other economic downturns, as unemployment rises, aggregate income declines causing a major decline in tax collections. On the other hand, with the rise in unemployment, spending on safety net programs rise. So, to stabilize the national economy, government appears to have only two options (neither good) either to put in place severe austerity measures (cut spending) or increase borrowing. Of course, it is very difficult to defend cuts in the federal government programs and especially the programs geared to sustain the minimum of the standard of living for the “poor.” But increase in borrowing has major adverse impacts on the national economy.
Write an essay analyzing
· Different theoretical views on national debt,
· Long-run costs of high national debt,
· Costs of eliminating the budget deficit solely through (1) personal tax increases, and/or (2) through spending cut by decreasing in transfer payments (i.e., Social Security, Medicare and Medicaid) and in discretionary spending (such as defense and education budgets).
Complete this essay in a Microsoft Word document, APA formatted. Please note that a minimum of 720 words is required.
Instructions
As unemployment grows during the Great Recession, as it does during prior economic downturns, aggregate income falls, resulting in a significant drop in tax receipts. On the other hand, as unemployment rises, so does spending on safety net services. To stabilize the economy, the government appears to have just two options (neither of which are good): impose harsh austerity (reduce spending) or raise borrowing. Of course, defending cuts to federal government programs, particularly those aimed at maintaining the bare minimum of living standards for the “poor,” is difficult. However, increased borrowing has a significant negative impact on the national economy.
Write an essay analyzing various theoretical perspectives on national debt, long-run costs of high national debt, and costs of eliminating the budget deficit solely through (1) personal tax increases, and/or (2) spending cuts by reducing transfer payments (i.e., Social Security, Medicare, and Medicaid) and discretionary spending (such as defense and education budgets).
Complete this essay in an APA-formatted Microsoft Word document. Please keep in mind that a word count of at least 720 words is essential.
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