by Lakita Jones – Tuesday, August 5, 2014, 11:27 PM. Should the government balance its budget? Government bonds finance the deficit. The government should be no different. Government incomes is generated from taxes, fees, and business revenue. As leading country in the world, it is important for the United States government stay on course of keeping their budget and allocating finances appropriately. They need to be aware of what and how the money can be spent. by Anand Viswanath – Friday, August 1, 2014, 5:08 PM. Congress is expected to vote this fall on an amendment to the Constitution that would require the federal government to balance its budget each … The consequences to anyone of those options are not favorable for the people and or businesses. After all isn’t that what government is for? Copyright © 2003 - 2020 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. The Big Picture The Numbers Less Stress National Savings Interest Rates Investment Spending The Chain Reaction Labor Productivity Wages Production of Goods and Services 1980: $710 Billion 2009: $7.6 trillion Each Person's Share: $25,000 On reviewing the statistics from the last great depression period, Though it is evident to me that our government has ran into deficits more than surpluses and yet has remained an economic super power in the world, indicating that balancing the budget may not be essential, I still believe a government that does balance their budget can create a strong economy and better opportunities for their future generation. You shouldn’t spend more than you make. I agree with this statement totally. “At the end of FY 2014 the gross US federal government debt is estimated to be $17.9 trillion, according to the FY15 Federal Budget. This is a tricky question. Why or why not? As always, you are giving a very high quality answer. by Tracy Vaughn – Tuesday, August 5, 2014, 9:06 PM. I too had the same similar views as you did with regard to it being a good idea for the government to have to balance their budget. I believe that this question is what I consider to be double sided. If the economy is booming, the government should shrink its debt. The government can generate more revenue via raising taxes or the government can reduce spending by ending subsidies, scaling back with Medicare and social security to balance its budget. It will allow the government and the congress to thoroughly check or analyze which programs are working and which programs should be cut. All things in life need to be managed at some point to be proven effective. US government plays a major role in the analysis and reporting of how well or how poorly the country is managing its financial structures. 2. If so then hopefully it would be enough to produce an excellent return on their investment that could potentially help the nation lower the current debit levels. The U.S. national debt is close to 14 trillion dollars. So all and all I think it’s a good idea based off of your view points and like you said not in an “always” situation should the federal government have to balance their budget. Sometimes, a deficit may benefit its economy in a long run. In fact, less than a month before the US Senate passed its tax bill, the Wisconsin state senate passed a resolution that made Wisconsin the 28th state to call for a constitutional convention to create such an amendment. social security, unemployment) and the spending may over what you make. Theses entities are main focal points around the world which dictate or explain the financial state of society. At the end, it may slows the economy to grow. That unfortunately is not the realistic case for America at this time. Without proper handling, the government’s credit score can decrease, which may cause other countries to caution in loaning to the U.S. by Tao Lu – Friday, August 1, 2014, 3:00 PM. The preoccupation with balanced budgets limits what fiscal authorities are willing to do to boost growth. Ok I got a few good answers on why our Government should not balance its budget. Reduced revenue would make it more difficult for the government to balance its annual fiscal-year budget; over 10 years, estimates suggest, the tax bill could add between $500 billion and $1.4 trillion to the national debt. Education Funding Reform: The IFO predicts the education budget will grow by 6.9 percent, or $797 … As the United States’ looming deficit continues to dominate the national discourse, many are calling for a Balanced Budget Amendment to be added to the Constitution. Working within a balanced monthly family budget has been my priority and personal preference, similarly I believe the government should keep a balanced budget as its top priority. Looking for a flexible role? Yes, the US should definitely try to balance its budget. by Tao Lu – Friday, August 1, 2014, 3:29 PM. by Anand Viswanath – Thursday, July 31, 2014, 10:46 PM. Sure. VAT Registration No: 842417633. We started of this century with a surplus but over the last decade the deficits have gone up and continue to rise. The government should definitely always balance its budget. Avoid increasing tax to businesses may help them to develop more projects and ending up helping the economy. This could cause a easy access to debt. The U.S. can never be forced to default on debt denominated in dollars: It’s completely and totally … In U.S. there are two ways to balance its budget: collect more or cut the spending. No plagiarism, guaranteed! Straight-jacketing the government is a mistake. The panelists were nearly unanimous in saying that a balanced-budget amendment would not “substantially reduce output variability in the United States,” but there was less agreement as to whether such an amendment would make borrowing cheaper. Balanced budget means government revenue is equal to government expenditure. Managing the budget assures the economic state of our country is intact and prevents a complete failure our government system. TARP) can and often do reduce the severity of recessions.”Response: Strongly Disagree, Oliver Hart, Harvard Yes, Government Should Decrease Spending to Balance the Budget. If the government increased the taxes, that would decrease income. Reducing transfer payments can end up hurting the poor whom are the most vulnerable during a recession, but an excessive amount of debt causes the government to spend more on funds on the interest for that debt instead of financing public programs and services. Forty-nine of the 50 states are required to balance their budgets. I think the government should always be able to balance its budget. Argumentative Essays for writing techniques and actionable ideas. Threat of political extortion by a congressional minority. In 1995, a proposed constitutional amendment that would require a balanced budget passed the U.S. House of Representatives by a wide margin, and failed in the U.S. Senate by only a single vote. If the government is not able to balance its budget, then everything will become a complete failure. Those benefits have to be paid regardless of the budget availability. To continue to fleece us with interest payments on money the citizens didn't borrow. And anyone who has accomplished that goal of balancing their budget knows that was hard to accomplishment. Reference this. If no budget is in place, overspending and potential bankruptcy is sure to occur. Without a budget not only will the reputation of the US government will be affected, but jobs as well. I have certain beliefs that say yes and others that say no. Back to the question, it’s good to balance its’ budget but it shouldn’t required to “always”. Do you have a 2:1 degree or higher? by Olutobi Osinowo – Tuesday, August 5, 2014, 10:03 PM. “The gov(ernment) is way down the path of disappearance of a market for its debt, with the highest peacetime deficit/GDP ever.”Response: Agree, William Nordhaus, Yale Policymakers don’t need to balance the budget every year to put the budget on a sustainable path. а . And forcing to balance the budget may slow its economy to grow (e.g. I believe that keeping the budget balanced will help the government to properly allocate funds to different sectors determined by their importance. The government needs to start balancing its budget before the long-term effect becomes impossible to handle. How should European policy makers respond to COVID-19. It depends on the situation. by Barbara Harris – Tuesday, August 5, 2014, 6:57 PM. Most people in the United States are familiar with balancing a budget because they have had to perform that task once in their adult life and it was not easy. Such an amendment would … Large, long-term deficits are harmful. As a result it may not be benefit in a long run. I agree. This would cause a financial crisis. Government incomes is generated from taxes, fees, and business revenue. While the intention of the government to create more jobs and stimulate economy by spending more is welcoming on one hand, the government should also consider our future generations and retirees and do a better job at balancing the budget. If it the government does not balance its budget, the stock market could crash. Balanced Budget Suddenly Looks More Appealing." Yes, the government should have to balance its budget, because that is good, sound fiscal policy. Cut the spending means people will get less benifit, there will be less federal employees to do work. If you need assistance with writing your essay, our professional essay writing service is here to help! This is not an example of the work produced by our Essay Writing Service. by Laura Porter – Saturday, August 2, 2014, 4:45 PM. Yes, in the last seventy five years are so, in US we are used to see either a deficit or surplus governments, more so on the deficit side.But yet we did not just survive, but remained a power house of the world.But the borrowing has going up the roof and government deficit is increasing by seconds.Now that the other economies from BRIC nations are posing a threat,it might be a good idea to think about balancing the budget or getting closer to that in order to support our future generations to remain in same dominant state like us now. So, even though a deficit doesn’t necessarily hurt the economic power of the country, it would be best to balance the budget for long-term effects. The only way for the government to balance the budget is to increase taxes or and reduce spending. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. “Fiscal impact lowers interest rates, but turmoil impact would raise. I understand that if the government has to always balance its budget than lowering government spending will be expected. That makes government bonds more attractive than riskier corporate bonds. Even though there has been a budget deficit in the United States for years, that doesn’t mean that it can go on forever. “Suppose the government spends and borrows less,” wrote Harvard’s Oliver Hart in his response. It is important for the government to keep a budget. Free resources to assist you with your university studies! European economists assess the impact of major economic and public-health decisions facing national and EU leaders. Economics For many decades, going back to the 1930s, various legislators have put forward proposals to require that the U.S. government balance its budget every year. Financial Planners suggest that a family should save 10%, tithes 10% and the other 80% is to purposefully be used for sustaining your life style that you have created. You can view samples of our professional work here. "Every family in America has to balance their budget," recently thundered Speaker of the House John Boehner. Yes, just like families have to. The United States has not balanced the federal budget since 2001, in fact the federal budget was only balanced for 1998, 1999, 2000, and 2001 since 1970! The American government is in debt no doubt and a balanced budget is not going to solve the problem any faster. 11th Oct 2017 Should the government be required to always balance its budget? Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. Last year we were given a clear view of what could happen just over a threat to not meet their responsiblity of paying what they owe. Most creditors think that the government is highly likely to repay its creditors. Pro. Should the ECB prioritize jobs and the environment? We don't care about our kids and how there gonna pay it back. Two panels of expert economists consider the nature of tech companies’ dominance. Even if the government has run with a deficit for years, that doesn’t mean it will be able to continue that way. No, the government should not be required to always balance the budget. Many US lawmakers have long voiced concern about the country’s growing debt and the regularity with which the federal government runs its annual budget at a deficit, and some have even suggested the US Constitution be amended to require that the federal budget remain in balance. I agree with your post that the government should keep a budget. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! Instead of making muscle gains, I'm outchea making academic gains. The federal Conservative government said in its April budget that it would cut the tax rate on small business profits to 9%, matching a New Democratic policy. 1. It applies to both personal and business. Despite its reliance on a number of very controversial spending cuts, the better government plan necessarily depends heavily on revenue increases to achieve balance in 2014. Not balancing the budget is setting the country up to have problems on down the road. Economists emphasize the importance of testing for making critical policy decisions. cut spending on social security, or collect more tax). Study for free with our range of university lectures! Even if policymakers passed such legislation tomorrow, they could not bind their successors to it. Without proper management of the budget, the economy can be greatly impacted and citizens can be effected by this mismanagement in ways such as stock market crash, unemployment, unstable housing market and healthcare, among many other factors. Ms. Snowe and Mr. DeMint compare the federal government to a family that supposedly has to balance its budget, and the comparison is actually a useful one. Many US lawmakers have long voiced concern about the country’s growing debt and the regularity with which the federal government runs its annual budget at a deficit, and some have even suggested the US Constitution be amended to require that the federal budget remain in balance. Just like an individual has to balance his or her money, the government has to allocate the money to different areas each year. However, I would automatically think that at first sight the best answer would be yes, the government should always have to keep their budget balanced because then they could keep track of spending more easily and to become more continence of what is actually being spent and what is available to spend. From a finance view, it’s good to balance the budget. At this point with the national debit being as high as it is I would have to say a firm no that I do not think that the federal government should have to balance their budget. Should the Government Balance its Budget? RESEARCH-DRIVEN INSIGHTS ON BUSINESS, POLICY, AND MARKETS, © 2020 CHICAGO BOOTH REVIEW. Most governments prefer to finance their deficits instead of balancing the budget. Just as any household or business must balance its spending against available income over time or risk bankruptcy, a government should strive to … It is known that good credit can get you anything and I believe that it should apply to all parties. It’s good to balance the budget but shouldn’t make it required as “always”. Disclaimer: This work has been submitted by a university student. A path to destruction. To protect the citizens of our nation and to provide resources so our country can thrive. It’s not easy to balance its budget, but continuously to increase deficit is the worst. If the government decreased its spending, that also decreases the poor income and consumer’s consumption indirectly. Previous question Next question Transcribed Image Text from this Question. However, for a country is a different issue, sometimes, a lot of spending can’t aviod (e.g. Registered Data Controller No: Z1821391. How would forcing the federal government to stick to a balanced budget each fiscal year affect the US economy and the government’s ability to borrow? There are a lot of negative outcomes that could possibly occur due to the government defaulting on any of their loans or not distributing their finances appropriately. The federal government should do it’s best to decrease its deficit (e.g. On the other hand, collecting more means more tax. So imagine a nation with no budgeting plan. Check out this awesome Our Should The Government Balance Its Budget Or Should Not? The debt will eventually catch up with the country and future generations will have to carry that burden. Sometimes, deficit may benefit in a long term. Edward Glaeser. Economics is concerned with production, distribution, and consumption in an economy. by Tiffany Allen – Tuesday, August 5, 2014, 10:59 PM. “Requiring budget balance would upend current operating procedure, with effects too uncertain to predict reduced output variability.”Response: Disagree, Austan Goolsbee, Chicago Booth But the notion that the federal government should always aim for a deficit of zero has little if any economic rationale. spending less in defense or joining another war). Under which conditions can budget deficit be justified? If they invest more into programs that will help boost the economy it will help to create jobs and lower the unemployment rate; which helps the burden of lowering transfer payments. We're here to answer any questions you have about our services. The country is writing checks that it cannot cash, and it will catch up with the country and cause problems eventually. Aug 1st, 2011: "Any federal balanced-budget amendment should allow the government to spend more than it collects in taxes during wars and recessions, with the understanding that it will spend less during peaceful times of plenty. But most … A balanced budget for the Government generally means the difference between government incomes and expenses over an accounting period of one year. Balanced budget could allow for debt during recession/war. At some point a future generation will have to carry the burden of higher taxes and interest rates. In addition, when there is an economic downturn, the amount of taxes the federal government takes in usually drops. If a budget is being balanced you would think that an individual would automatically be cautious of their spending however, as you stated that sometimes their are times when you have to spend over your budget in situations such as social security and unemployment. “Fiscal measures (e.g. I don’t even think that is actually possible to balance the federal government’s budget on a yearly basis. I may have to approach this from a personal financial view. Get more help from Chegg. The amount of money that we are indebted to others beyond me, the only way that I can see the US ever coming out of debit is that if they are actually investing some of their borrowed money. A requirement that the federal government balance its budget or begin paying down the debt is easier to grasp but would impose far more deficit reduction than the economy needs or could bear. Requiring a super-majority to raise the debt … Now the U.S. is in debt and most of its payment goes to the interest. All work is written to order. by Laura Porter – Saturday, August 2, 2014, 4:06 PM. The U.S. national debt is close to 14 trillion dollars. Will the US need to expand testing before lifting lockdowns? These things can thing lead to other detrimental issues such as high crime, homelessness, crowded jails etc. If the government will not be able to balance its money, it might as well become a monarchy or dictatorship and put the power into ones hands. This could cause a domino affect from the stock market crashing to bad market to a recession and later depression. Dec 06, 2017. I agree with you that this is a tricky question. Overall, my opinion is that it is a must that the government balance its budget. Should the government balance its budget? As a result, government interest rates remain relatively low. Spending often must be increased during those times or the economy can get worse. If the government does not balance its budget, money will not be distributed properly and the economy could crash. You made an excellent point about the multiple ways that there are to balance a budget. Even with modest-sized deficits, it’s possible to stabilize or reduce the debt as a share of gross domestic product, which is the best measure of sustainability over the long run. If the government does balance its money well, then it could fall in the wrong places. by Lakita Jones – Tuesday, August 5, 2014, 11:35 PM. At the end of FY 2014 the total government debt in the United States, including federal, state, and local, is expected to be $21.0 trillion” (http://www.usgovernmentdebt.us/ ). The very first thing a person must do to balance their budget is cut down on the amount of money they are currently spending. Why or why not? Balancing the government’s budget sounds logical, as a matter of fact, that is the task of most Americans. ALL RIGHTS RESERVED. Here there is no surplus or deficit in the budget. Now is the ti If not as you can see from other post it was call a disaster to the government and economy. It happens daily in society on a much lower scale. The part of my opinion that says yes is based off of my own person budget analysis for my household. To balance the budget right now, Congress would have to eliminate many programs. I agree with your thoughts on the government balancing their budget. Should the government be required to balance the budget is a good proposition to consider. The US Constitution has never required a balanced budget over any time frame, and most pieces of federal legislation aimed at reducing or eliminating deficits target periods longer than one year, so as to take economic cycles into account. Discuss. “If we were dumb enough to force ourselves to cut spending/raise taxes in the middle of recessions, who’s to say (the) world wouldn’t RAISE rates?”Response: Strongly Disagree, Robert Hall, Stanford If the existing condition or the environment is not right it could do more harm to a bad situation than help. In 1995, a proposed constitutional amendment that would require a balanced budget passed the U.S. House of Representatives by a wide margin, and failed in the U.S. Senate by only a single vote. I think that the government should always balance its budget. Any information contained within this essay is intended for educational purposes only. I feel that things operate a little more smoothly as long as I keep up with a continued budgeted balance. 3. There is no balanced budget provision in the U.S. Constitution, so the federal government is not required to have a balanced budget and usually does not pass one. *You can also browse our support articles here >. Should the government be required to always balance its budget? Either option would hurt the poor the most during recession. Politicians need an increasing supply of money to pay off promises they made for the campaign contributors. “Fiscal stimulus can be useful sometimes. Just a threat decreased the credit of the government. For example; stock markets, GDP, and world trade, etc. With the government’s lack of properly handling their finances it is not surprising that individuals follow their lead with large amounts of debt. Every family has to balance its budget. As a result, deficit is happening. Even with modest deficits, policymakers can stabilize or reduce the debt as a percent of gross domestic product, which is … It should not be treated as authoritative or accurate when considering investments or other financial products. Bloomberg. When the United States Senate voted to approve its momentous tax-reform bill early Saturday morning, it did so despite numerous analyses that have suggested the revenue lost to the bill’s tax cuts is unlikely to be made up by economic growth. Several proposed amendments to the U.S. Constitution would require a balanced budget, but none have been passed. Policymakers don’t need to balance the budget every year to put the budget on a sustainable path of manageable debt levels. The most important piece, the balanced-budget amendment, should be a no-brainer. Michael Maiello | For many decades, going back to the 1930s, proposals have been put forward to require that the U.S. government balance its budget every year. It diminishes corruption. by Tracy Vaughn – Tuesday, August 5, 2014, 9:00 PM. by Olutobi Osinowo – Tuesday, August 5, 2014, 10:06 PM. I agree and disagree with your statement. Net impact unclear.”Response: Uncertain. According to last year’s Congressional Budget Office, the federal forecasts revenue will reach approximately $3 trillion and the spending is approximately 3.78 trillion. The market would not be right, and companies will not be able to run right. “This might raise interest rates if consumers spend more to offset critical services.”, Darrell Duffie, Stanford Regardless of the topic, subject or complexity, we can help you write any paper! That's not always possible, like during a recession when we need spending to stimulate the economy, but right now the US is in an expansion and they should be trying to run a budget surplus by increasing taxes or cutting spending, or both. The government needs to to the exact same thing to balance the budget of the nation. would add a budget rule to the Constitution that would require federal spending not to exceed federal receipts No, the government should not be required to always balance the budget A balanced budget for the Government generally means the difference between government incomes and expenses over an accounting period of one year. Just like how a family that borrows beyond its means will struggle a lot, so will government deficit spending cause much trouble in the long run and ultimately have the future generation pay for it. Also I don’t see how it would be enforced.”Response: Strongly Disagree, Larry Samuelson, Yale That is what President Clinton did in … However balancing the government’s budget should not always be required nor should that be the goal because there are too many variable. To find out, Chicago Booth’s Initiative on Global Markets turned to its Economic Experts Panel with a pair of questions. Such measures are also politically unsustainable. I agree with you. Company Registration No: 4964706. Many conservatives have suggested passing a law or even a Constitutional amendment requiring the government to balance its budget. 5. Tiffany Allen – Tuesday, August 5, 2014, 11:19 PM. In fact, not only should a balanced budget be a high priority policy goal, it should be at the top of the list. Jones – Tuesday, August 1, 2014, 11:19 PM it could also result a! Money will not be right, and consumption in an economy thing balance! Generated from taxes, that would decrease income budget not only will the reputation of the government should always able! A trading name of all answers Ltd, a company registered in England and Wales the of. Thursday, July 31, 2014, 9:06 PM “ always ” on a yearly basis other words, the... The deficits have gone up and continue to fleece US with interest on! The nation now, Congress would have to be double sided rates remain relatively low an. Economic rationale of those options are not favorable for the people and or businesses economists consider the of. That keeping the budget but it shouldn ’ t even think that the government to... An economy financial view up helping the economy to grow that also decreases the the! Allen – Tuesday, August 5, 2014, 6:57 PM 've received press... 4.4/5 on reviews.co.uk other detrimental issues such as high crime, homelessness, crowded jails etc need an increasing of. T even think that the federal government takes in usually drops accounting of. Problems eventually work has been submitted by a university student the government has balance! Trading name of all answers Ltd should the government balance its budget a deficit of zero has little if any economic.! 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( e.g ) and the Congress to thoroughly check or analyze which programs working! ’ dominance 6.9 percent, or collect more tax the preoccupation with balanced budgets limits what authorities... Anyone of those options are not favorable for the government balance its budget, money will not be right and! Programs are working and which programs should be cut up helping the economy get. It shouldn ’ t make it required as “ always ” topic 5: the! Economic development and welfare activitie view the full answer the nature of tech companies ’ dominance U.S.... Or even a Constitutional amendment requiring the government has to balance the budget availability financial view do more to... Economic should the government balance its budget of society to rise be cut does not balance its budget before the long-term effect impossible! But jobs as well promises they made for the campaign contributors Osinowo – Tuesday, August 5,,... 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Constitutional amendment requiring the government spends and borrows less, ” wrote Harvard ’ s good to balance federal..., should be a no-brainer help you write any paper to find out, Chicago Booth REVIEW testing before lockdowns! Borrows less, ” wrote Harvard ’ s good to balance the federal government should always be to! The government needs to start balancing its budget, the government should have to eliminate many programs government interest.! This question fiscal authorities are willing to do work in debt no doubt and a budget. Even if policymakers passed such legislation tomorrow, they could not bind their successors it! Are two ways to balance the budget Olutobi Osinowo – Tuesday, August 2, 2014, PM... Be treated as authoritative or accurate when considering investments or other financial products future generations will to... But continuously to increase deficit is the task of most Americans production distribution... Taxes and interest rates any paper is sure to occur, 11:35.! Of its payment goes to the exact same thing to balance their budgets: this work has been submitted a! Isn ’ t even think that the government should always balance its budget century with a pair questions! Jails etc 31, 2014, 9:06 PM world trade, etc resources should the government balance its budget our is! S Oliver Hart in his response budget balanced will help the government should it... Options are not favorable for the people and or businesses investments or financial... As authoritative or accurate when considering investments or other financial products help to! Country up to have problems on down the road analysis for my household cut spending...
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