Essay Examples on Mount Wachusett Community College

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Medicare and Tax cuts add onto the National Debt

Americas Buy now pay later attitude has caused the United States to fumble a great total amount borrowed from investors to finance the government's deficit spending Clayton G E 2016 also known as National debt The debt is a continuous accumulation of federal Budget Deficit a negative balance after expenditures are subtracted from revenues Clayton G E 2016 that is about six hundred seventy two billion dollars a year As well as Budget surplus that are a positive balance after expenditures are subtracted from revenues Clayton G E 2016 New programs such as social security Medicare and tax cuts add onto the national debt The United States government spends more than what is being brought in this deficit gets added onto the national debt each year Causing the United States to stay in a negative balance that results when expenditures exceed revenue with the amount of money the government spends and the way these costs are divided up Clayton 2016 Also known as a Budget deficit Government Spending A way to reduce the national debt is to cut the funding that the government spends on Social Security Social security is a proportional tax which implies that it is the same percentage rate of taxation on everyone regardless of his or her income Clayton 2016 Social Security has been one of the largest federal spending programs since 1993 the United States spends over eight hundred forty five billion dollars each year to fund social security Boccia 2014 The current tax rate for social security as a whole is 12 6 the employer is required to pay 6 2 in taxes and the employee pays the remaining 6 2 Investopedia 2017 This percentage of money is taken from citizens and is paid to the government to cover monthly payments for the retired and disabled Americans

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