Government Expenditures the 2012 Election Term Paper

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Solutions for the Future

Even a quick look at budget documents for the next few decades indicate a system burdened with exploding costs of Social Security, Medicaid, and Medicare; the latter the powder keg of the debt explosion. A reform of Medicare in which there is "only $1 in Medicare taxes for every $3 in benefits likely to be received in retirement" (Appelbaum & Gebeloff 6) must be a Congressional and Presidential priority. Returning the program to a role of insurance rather than a direct coverage program would be a start; Paul Ryan's proposal of premium support is a working model. Social Security must also be strengthened with common sense adjustments in payroll tax collection and age eligibility.

Those are the entitlement reforms however; these changes also forego the numerous tax expenditures which increase the government tab. The earned income tax credit, home mortgage deduction, and education credits are tax code distortions which increase the national debt. It is time to completely rework the tax code and eliminate these carve outs to streamline the system, lower rates, and pave the way for a massive expansion of economic growth along with increased revenue flow to the federal government.

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Conclusion

Yes, the middle class is hurting however; the solution is not more government expenditures to provide support. The nation is facing a fiscal crisis of massive proportions; entitlements will bankrupt the country and the tax code is a mess of political favors. Restoring economic growth is the only way that prosperity will return for all Americans, from the middle class to the poor to the wealthy. Entitlement reform and a complete revision of the tax code will reduce government expenditures and free individuals to produce. Over time the economy will grow its way out of the debt burden and America will continue to lead the world......

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"Government Expenditures The 2012 Election" (2012, February 14) Retrieved May 22, 2025, from
https://www.aceyourpaper.com/essays/government-expenditures-2012-election-54253

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"Government Expenditures The 2012 Election" 14 February 2012. Web.22 May. 2025. <
https://www.aceyourpaper.com/essays/government-expenditures-2012-election-54253>

Latest Chicago Format (16th edition)

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"Government Expenditures The 2012 Election", 14 February 2012, Accessed.22 May. 2025,
https://www.aceyourpaper.com/essays/government-expenditures-2012-election-54253
   

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