1. Balancing the national budget is always a debate among politicians and citize
ID: 1177313 • Letter: 1
Question
1. Balancing the national budget is always a debate among politicians and citizens. Do you feel Congress should be forced to balance the budget? Why or why not?
To help you with your answer consider the following:
To finance deficits and debt, the U.S. Treasury sells securities (bills, notes, and bonds) that pay interest to the holders of the Treasury debt. Given the significant level of national debt, each year the federal government pays a substantial amount as interest payments on the debt. If there were no national debt, this would free a large amount of money that the federal government could use for other domestic programs such as education.
http://www.publicdebt.treas.gov
2. Today many of the transactions we enter in to are completed electronically. We can use debit cards at the store and use the internet for banking transactions including bill paying and transfering funds. Do you think we will eventually become a society which does not use paper currency and coins to complete transactions. Will coin and currency go away all together? If so, will this change the way we complete transactions or do business in any way?
Explanation / Answer
1)To have what we consider a balanced budget, the total amount of gov revenues must be equal to or greater than the total amount of expenditures. To make more than what is spent is known as a surplus, and less is knon as a deficit. A historical accumulation of deficits is called national debt.
Here are some of the points I can think off of the top of my head:
Deficits can sometimes be investments yielding greater returns in the future. If the US could manage a surplus by eliminating financial aid expidentures to college students, then many of them would be forced to drop out and we would we would have less higher paying jobs to earn tax revenues from.
Sometimes eliminating some of your largest deficits can be rather suicidal. If congress cut off spending from the troops in Iraq, then they would have no supplies to fight with and would be forced to abandon it (which is far different than a withdrawal). If the President decided to limit funding to social security retirees (which I believe Soc. Sec. is the largest of all deficits), then over one fifth of the elderly would be in poverty.
Unless spending and debt is out of controll, there really is no urgent need to balance the budget. Unless spending were to be expanded onto squanderous levels to fund things such as a Woodstock museum or missiles in space, then therer really isn't a need to forgo other opportunities. If the interest on the national debt were costing us a fortune, then maybe we would have a bigger problem.
Ok why our Government should not balance its budget.
1. To continue to fleece us with interest payments on money the citizens didn't borrow.
2. We don't care about our kids and how there gonna pay it back.
3. Politicians need an increasing supply of money to pay off promises they made for the campaign contributors.
4. The federal reserve bank (who isn't affiliated with our government) needs the money more than the hard working citizens of our country.
5. How else will the rich continue to get richer and the poor continue to get poorer.
6. Its a basic economic principal and way over most of our representive's heads.
2)YES WE ARE WORKING OUR WAY THERE NOW-----THE CREDIT CARD ----THE DEBIT CARD ---DIRECT DEPOSITS---AUTOMATIC PAYMENTS -----ARE ALL THINGS NEEDED TO PUSH US INTO A CASHLESS SOCIETY ------IN THE 50'S & 60'S WE HAD A $ 1000. BILL NOW THAT INFLATION HAS TURNED A DOLLAR INTO A FEW PENNYS WE ONLY HAVE A $ 100. BILL AS THE LARGEST ---------WHEN WE WIND UP CASHLESS ---WE WILL BE UNDER THE IRON FIST OF BIG BROTHER GOVERNMENT-----A OPPRESSIVE SOLICITS TO COMMIE DICTATOR STYLE -----ALL THE FORCED PROGRAMS OBAMA IS PUSHING FOR NOW WILL IN THE END NEED A CASHLESS SOCIETY TO CRAM IT ALL DOWN YOUR THROAT -----BRUSH UP ON YOUR BARTER SKILLS
The technology exists already - implanted RFID chip to replace the credit card (they use those instead of nametags for pets already), plus wireless internet connection instead of current dial-up terminals. The barriers are legal and psychological (e.g. criminals will hold on to cash forever)
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