Public Budget and Finance
Question 1
The fiscal cliff is an amalgamation of across-the-board federal expenditure cuts and expiring tax cuts that were planned to be active on 31 December 2012. The increased federal budget deficit sparked the enactment of the policy to reduce the ceiling debts. The Act proposed a decrease in the national expenditure in the public departments. Also, increased tax rates would be experienced by citizens due to the expiry of Bush Tax Cuts (Policy et al., 2013). This would lead to reduced consumer spending because of reduced disposable income. As a result, the consumer’s purchasing power would be shaken. Consequently, reduced consumption would be inevitable, translating to poor living standards. Besides, the poor would be affected by the Act as the federal’s sending cuts would be reduced in social security and health care programs.
The Act increased rates of unemployment through reduced investments due to economic instabilities. The estimated number of Americans who would lose their jobs was3.4 Million. Inflation rates would be evidenced due to the tax increase(Policy et al., 2013). On the contrary, the government anticipated a significant reduction in the federal deficit. This is because the increased taxes and tax base would fund the debt. The short-term effects of the cliff were catastrophic as a severe recession would be evidenced. However, reduced liability and better economic growth prospects would be foreseen in the future.
The Act sparked different reactions from democrats and republicans. Democrats suggested increased tax rates on the rich people in the state. In essence, taxing the rich would ensure that middle and low-income earners do not experience the effects of the fiscal cliff. However, the rich controlled the means of production, which depicted reduced investments in the economy. This is because the tax burden would be transferred to the low-income earners implying that they would be indirectly affected by the Act. The adverse effects of the Act would not be felt by the poor as they would if the Act reduced federal expenditure. Hence, democrats believed that the fiscal cliff could be avoided by excluding spending cuts.
Contrarily, republicans asserted that spending cuts would be the ideal solution to avoid the fiscal cliff. Spending cuts would affect the healthcare sector and social security agencies. Republicans believed that spending cuts would lead to temporary unemployment in the state. Ideally, the two parties agreed on the need to compromise economic policies to bridge the widening federal taxes. As a result, fruitful discussions were held to establish consensus(Policy et al., 2013). The senate settled on averting the fiscal cliff by imposing tax policies on the wealthy and business enterprises.
Question 2
Sequestration followed after the implementation of the bill at the beginning of January. The budget committee resolved to slate $54.6 billion of military expenses in the quest to reduce the state deficits. The accounting department estimated the cuts to a 5.7% reduction. The cuts were reduced further by over $ 20 billion to $ 34 billion. The effects of sequestration on the government are immense, as it has led to decreasing debts in the state. However, the Defense Secretary asserts that sequestration has weakened the military arena. He compares their readiness to win in a battle in case of external attacks. The global situation endangers the ability of the nation to protect its citizens. For instance, Russia has allocated significant funds to its defense sector to equip them in the pursuit of challenging international order fully. Besides, China is building its military base while North Korea is evolving nuclear weapons.The secretary concluded that America would have to reinstate its resources to the military sector to enhance the efficiency of the officers.
Ideally, spending cuts on the healthcare sector would reduce efficiency in inpatient care. This is because the National Institutes of Health would limit their research studies. The institute is the largest globally hence relied on providing solutions to human predicaments. On 2013 March, a mandatory requirement of a 5% reduction in healthcare spending was initiated by the senate. This depicted that the research field would be affected (LaMonica, 2013). Besides, several attempts were made by republicans to reduce healthcare expenditure. For instance, at the beginning of August 2013, congress members were in a dilemma on whether to discontinue funding Obamacare. Consequently, republicans passed a spending bill stripping the financing of the Obamacare program. This facilitated the holding of a procedural vote in the senate. Democrats did not well receive the law, thus not voted in. To date, Obamacare has been abolished due to sequestration.
Question 3
The federal budget deficit reduced by 37% by September 2013 despite economic depression experienced. The increase in payroll taxes and income facilitated the significant decline of the federal deficit. Besides, the government resolved to shut down the payroll tax holiday, which upsurged the income of Americans. Tax increases on the wealthy residents contributed to a significant debt decline. The government resolved to maintain the spending cuts and tax cuts in the long run to clear the debts. Initially, the congress members wanted to create a temporary recession to reduce the deficits. However, the newly implemented policies are in place to date.
References
POLICY, G. S., & CORNERSTONES, A. P. (2013). Basic Framework. Fondo Monetario Internacional.
LaMonica, M. (2013). R&D faces its own fiscal cliff.
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