Motivation on Federal Budget

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Presentation transcript:

Motivation on Federal Budget “Nothing is so well calculated to produce a death-like torpor in the country as an extended system of taxation and a great national debt.” William Cobbett

Motivation What are different types of taxes?

Federal Spending / Appropriations What are areas that the government spends money? What is the difference between entitlement programs and discretionary?

Entitlement Programs like social security, veteran pensions, civil servants pensions, and Medicare. Very popular among the beneficiaries. Makes up the largest portion of the federal budget.

Budget Deficit vs. Budget Surplus Revenue and Spending Read about the Gramm-Rudman- Hollings Act of 1985 and 1987. What was the goal? Why did it fail? In the last few years, why is the concept gaining support?

Social Security Structure Problems Solutions