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India, Economy, Modi, Budget, Reforms, Growth
This article analyzes the Indian economy and its prospects in the light of recent developments. Finds out how much the current government is in line with its election promises of opening up Indian markets. While it is very clear that government is not taking big bang reformation steps, yet, the movement could very well be in right direction. Sheds light on general political and economic environment in past and at present.
Chained CPI, Entitlements, Budget Deficits, Reforms
This article analyses the issues related to federal budgeting, deficits and debt. Diggs deep into the real causes and their perpetuation. Explores, how money, politics, corruption, dishonesty, human psychology and propaganda are involved. Finds out the real solutions. Stresses on the fact that a complete overhaul in political, financial and fiscal system is needed. Points out that it also requires a major change in the way we get information and use it to vote.
Obama, Budget Deficits, Taxes, Spending, CBO
This article analyzes the current U.S. budget and debt crisis, in the light of two party duopoly on our political system. Points out the fact that people are flip flopping from one party to another, in the false hope of getting something better out of other party. Unfortunately, every time we switch over to the other party, the outcome we get is even worse than before. The reason for that is because both parties are now totally corrupt, and work for same corporations and their lobbies. The only way out of this mess is a third party controlling White House.
Gary Johnson For President 2012, Part 8
This article is eighth, in a series, analyzing the candidacy of Libertarian Party candidate for president of United States, Gary Johnson, in 2012 elections. Focuses on the budget crisis and wars. Points out, why it is critically important to stop the wars, bring troops home and balance the budget, right now. Unfolds the hype about national security and terrorism. Also discusses the continuously worsening situation of constitutional violations and civil rights. Discusses, how all of our current major issues are intertwined with each other and have the one root cause, two party duopoly in our political system.
Barack Obama For President 2012, Part 8
This article analyzes the president Barack Obama’s budget proposal for 2013, in the light of 2012 presidential election campaigns, in United States. Discusses the criticism on president economic and reform policies. Brings into focus the our legislative process and hurdles in the implementation of president’s agenda.
Applying Fairness in a Modern Democracy
With the discussions continuing to rage concerning budget reductions and the correct policy of taxation in the US, the issue of fairness within a democracy is coming under an increasing focus. It is something that is entirely subjective to each individual and their own circumstances, and yet is often cited as reasoning when debates ensue about democratic policy and government rule. The issue of subjectivity is something that is difficult to incorporate when attempting to enforce a policy or law within a democracy, and can lead to complication in terms of the decision making process.
Taxation is a case in point, especially in the light of the suggestion that the US government will increase the tax liability of the rich in order to relieve the burden on lower income individuals and households. Backed by Barack Obama, it has instantly won the approval of an estimated 72 percent of the US society, who are in favor of focusing on the top two percent of earners in the country to reduce the vast national deficit. This is where the issue of fairness becomes important, and influences the thinking of voters and government officials alike.
The Processes of a Democracy
Democracy affords each individual member of a society a voice and opinion on any prevalent social issue, which can influence a government in imposing legislation and policy. However, a government cannot satisfy the requirements of each independent voter, and so must therefore make a decision that best suits the opinions and interests of the vast majority of it citizens. This is a slight anomaly that can complicate the process of a democratic regime, as some individuals can unreasonably expect that a democratic government should cater their their specific wants and needs.
Taxing the Rich to Aid Recovery in the US
It is a known and accepted fact that Barack Obama’s preferred policy with regards to tax is to increase the liability of the wealthy, while easing that which rests upon the shoulders of low and middle income households. This is a measure that is apparently well supported within the US government, with a vast majority of Republicans, Democrats and Independent representatives all in agreement that individuals or households who earn more than $250,000 per year should bare the brunt of plans to reduce the national deficit.
Not only this, but US citizens also seem to agree that this is the most positive step that their government can take with regards to taxation. The New York Times recently revealed in a poll that an estimated 72 percent of adults approve of increasing federal taxes on households earning $250,000 per year or more, which is a significant portion of the voting demographic in the US. Though this suggests that the government and its subjects are in accordance, there are economic and ethical issues concerning such a practice within a free and democratic land.
A Thriving Economy
From a purely practical standpoint, there are two significant reasons why increasing the tax liability of the rich would be either inconsequential or potentially detrimental to the economy. Firstly, given the effects of the global recession and subsequent recovery, there are a paucity of individuals and households who earn more than $250,000 in the US. This means that by targeting this demographic as opposed to imposing a 1 percent increase on each level of household income, the government will acquire far less reveneue over the next decade than they have the potential to.
Investing in Education Rather than Correction
Once the US emerges from its current financial circumstances, and strives once more for economic prosperity, the hope remains that its government can carry with them the lessons learned from their experiences. As negotiations continue to stall and fail reach a budget resolution for 2012, the law makers and politicians of the country must resolve to never let such a state of affairs develop again, and create an expenditure plan that is both considered and reflects the best interests of society.
Interestingly, there are certain factors of government who are looking to do this at present, by attempting to reduce the funding for prison and correctional facilities and reinvesting this capital into the nations education. As California governor Jerry Brown this week signed a bill to transfer thousands of non violent felons from state prisons to more relaxed county jails, so too a significant step was made to close certain correctional facilities and redirect government funding into educational programs and schools.
A Time for Change
The spending statistics are damning indeed. In the 2 decades between 1990 and 2010, the US prison population has soared by over 1 million individuals, and prompted even more funding to be invested in building and expanding correctional facilities to handle the increasing capacity. Within this period, state spending on prisons climbed by nearly 130 percent, which is an astonishing and troubling six times higher than the total rate of expenditure committed to education.
The US Government Facing Federal Shutdown Part 2
Yesterday we discussed the current stalemate facing the US government, and the potential for a federal shutdown that would have a discernible impact nationwide. However, while opposing factions of government and personal persuasion are having a stalling effect on the negotiations, it is interesting to consider exactly what the consequences would be should a resolution fail to be reached by midnight on this coming Friday.
Of course he concept of a federal government shutdown, whether it be partial or more widespread, is one that causes great concern for citizens. However, it is a rather vague and ill defined notion, and one that gives little indication as to the exact implications for society at large. So, what would be the immediate or long term consequences of enforced government inactivity, both in terms of the nations financial performance and the welfare of its workers and citizens?
The Financial Implications for a Nation
Financially, the partial closure of government institutions would be especially troublesome, and would create specific issue with regards to tax assessments and the funding of public sector ventures and small business enterprises. In a depressed fiscal climate, the forced inactivity of public sector bodies and their workers will only serve to slow the processes of economic recovery, and create an unhealthy cycle of increasing unemployment and subsequent closure of small and independent businesses.
Making Considered and Time Effective Budget Cuts
As the US continues to battle various economic and social issues, there are growing concerns that its leader are falling out of touch with the needs and demands of their people. They undoubtedly have a sizeable amount to deal with currently, especially as they seek to finalise spending plans for 2011 with a financial budget for 2012 required in less than a months time. This lack of cohesion and measured planning is leading to several decisions that may well be considered as rash, all conceived with a view to cutting a vast national deficit.
With the US budget shortfall scheduled to rise to an unprecedented $1.5 trillion throughout 2011, the federal government are faced with the increasingly difficult task of reducing public spending by an amount lowers this deficit without significantly effecting the standard of life for US citizens. This balance is made even more difficult to obtain by a basic rule of economy, whereby a countries prosperity is only as effective as the capital that is invested into it, and governments who reduce spending too drastically will serve to undermine their economy even further.
Timing and Effective Budgeting
Part of budgeting is undoubtedly timing, and preparing a society as effectively as possible for any consequence of spending cuts. This serves the dual purpose of ensuring that any cuts are measured and can be absorbed by citizens without significant impact, while also keeping individuals informed and aware of how budget cuts will effect them directly. While even this is not a policy guaranteed to keep everyone within society satisfied, it does at least mean that the government is doing its best to serve its people and act in a well thought out and transparent manner.
