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Review several of your peer’s posts. In each response post of at least 100 words, respond to at least three of your peers’ posts
in a substantive manner. Provide information that they may have missed or may not have considered about the 2018 President’s Budget. Do you agree with your peers’ findings? Why or why not?
Marcus Hi class,
It has been 9 times since 1950 that the budget has shown a surplus using the data in the Total column, “Surplus or Defect”. It has been 59 times it has shown a deficit using the data in the Total column, “Surplus or Defect” from years 1950-2016. 2017 and onwards were estimates for the 2018 Fiscal Year. I do note a TQ which had a total deficit between 1976 and 1977 which I counted. The three years with the highest deficits are 2009, 2010, and 2011. The highest surplus as a percentage of GDP belongs to the year 2000. The surplus percentage of GDP for 2000 is 2.3%. The deficit percentage of GDP for 2009, 2010, and 2011 are -9.8%, -8.7%, and -8.5% respectively.
The highest deficits incurred in 2009, 2010, and 2011 were paid with both revenues and borrowed funds. However in all three years, borrowed funds were higher than tax revenues. The government gets money by tax revenues known as receipts or borrowed funds known as outlays. The governments spends money on all government programs and government services to the American public.
Discretionary spending refers to areas that Congress has decided is worth spending part of the fiscal year budget on through the appropriations process. Major discretionary budget eliminations are eliminations of discretionary items which are not considered mandatory. It is important that government budgets accurately estimate future revenues during economic downturns so that the budget is strong enough to continue government programs and services despite less receipts.
Government Information. (2018). Introduction To the Historical Tables Structure, Coverage, And Concepts. https://www.govinfo.gov/content/pkg/BUDGET-2018-TAB/pdf/BUDGET-2018-TAB.pdf
Asia Determine how many times since 1950 the budget has shown a surplus and how many times it has shown a deficit using the data in the Total column, “Surplus or Deficit.” Also, identify the 3 years with the highest deficits, and the year with the highest surplus as a as a percentage of GDP. What were the surplus and deficit percentages for these years?
After reviewing the data in tables 1.1 and 1.2 respectively, I can firmly say that the government does not spend more than it earns. My research shows that from 1950 to 2018, we had a deficit in 59 years and a surplus in nine. In addition, 2009 had a deficit of -9.8%, 2010 had a deficit of -8.7%, 2011 had a deficit of -8.5%, while the biggest surplus was in the year 2000 at 2.3 percent.
Identify whether the highest deficits incurred in the identified years from Table 1.2 were paid with tax revenues (receipts) or borrowed funds (outlays). Discuss how the government gets money and where the government spends money on.
According to these statistics, the years 2009, 2010, and 2011 were financed with money that was borrowed. Ninety-nine per cent of all federal expenditures are made up of required and discretionary spending. This money supports all of the government services and programs we depend on (U.S. Government Publishing Office, 2022). Interest on debt refers to the sum of money that is paid by the government toward the repayment of existing obligations.
Discuss major discretionary budget eliminations. Why is it important that government budgets accurately estimate future revenues during economic downturns?
Planning is an important part of any organization and helps to make sure things go as planned. In particular, planning helps to conduct an in-depth analysis of the objective to determine whether or not it is achievable. It makes making decisions easier and makes it possible to define a time frame by allowing you to forecast when the organization can achieve its goal. In addition to this, it specifies how performance will be measured in comparison to the goals that have been established as well as who will be responsible for doing so. I believe there are a lot of places where our government could cut spending because we have so much debt. Simply put, as a country, we should not borrow more than we can afford to pay back. Instead, we should make a good budget so we do not keep getting deeper and deeper in debt.
U.S. Government Publishing Office. (2022). Govinfo. govinfo.gov | U.S. Government Publishing Office. https://www.govinfo.gov/app/collection/BUDGET/Links to an external site.
Nicholas Hey Class,
According to the U.S government budget of 2018, there have been a surplus 9 times since 1950. When it comes to deficits since 1950 there have been 59 deficits with 65 projected for the upcoming years 2017 to 2022. These are alarming numbers thinking that 94% of the years there is a deficit in the budget. The years with the largest surplus were 1951, 1999, and 2000 with 9%, 3%, and 3% respectively. The largest deficits come from the years 2009, 2010, and 2011 with -9.8%, -8.7%, and -8.5% respectively (2018). The government paid for these massive debts through their normal means of income, taxes. All of their discretionary spendings is done through government programs such as food stamps, college grants, housing relief, and unemployment. Accurate planning is important to control inflation and allocate resources to the correct department. It is the natural business dilemma when it comes to surpluses. Sectors will spend unnecessary amounts to maintain their budget so accurate measurements of how much a department such as homeland security, education, and military defense is essential. Being in the military myself, I know how bad it is when the fiscal year is ending. Everyone is scrambling to spend all the money in the budget so we don’t get it cut the following year. This is where the beyond budget from the previous discussion could come into play.
Budget of the U. S. Government a new foundation for … – govinfo.gov. (n.d.). Retrieved July 14, 2022, from https://www.govinfo.gov/content/pkg/BUDGET-2018-BUD/pdf/BUDGET-2018-BUD.pdf