BUS 305 Module 5 Case Assignment

BUS 305 Module 5 Case Assignment - The Federal Government...

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The Federal Government and Fiscal Policy Robert J. Blair Trident University International BUS 305 Module 5 Case Assignment Dr. Babb 13 Jun 2011 The Federal Government and Fiscal Policy 1. Summarize the United States Budget. What is the largest source of revenue for the U.S. government? What is the largest expenditure for the U.S.? Do you think these budget priorities are correct? The budget of a country is a reflection of the direction in which the country is trying to push its economy in an effort to achieve a higher standard of living. Simply put, a budget gives us information on the manner in which the countries revenue is to be spent. At the same time it develops a projection and methodology for generating further resources to meet future requirements. The US budget is such a document, highlighting the expenditures of the government and the resources generated via different forms of revenue collection. The US budget has been reinventing itself with time as more and more The largest form of revenue generation that the US economy has been able to achieve is in the sector of tax collection from the individual income tax collections. It has been the highest provider of the resources for the economy in the past many years.(GPO Access, n.d.) The largest spending in the budget has been in the defense sector where it has a general spending of around 20% of its total expenditure. The country has been doing this since it started to become a hot spot on the world map. It became much needed after the inception of the Cold War with USSR.(Center Of Budget And Policy Priorities, 2011) Collecting revenue through taxes is the most reasonable way for the country to earn revenue; any other method either leaves us in debt or takes opportunities from the citizens. Defense spending is a must. As the leaders of the free world our country has a large target on its back. Without spending in this sector we would lose our rights and freedoms to another nation and become subject to whatever economical process they use. 2. Use Chart 1-2 from the Citizen's Guide to respond to the following: In 1998, or the last year charted, which of the industrialized nations allocated the smallest share of its GDP to government spending
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(federal, state, and local combined)? Which industrialized nation allocated the highest percentage of GDP to government spending? In accordance to Chart 1-2, in 1998 the industrialized state which allocated the least or the smallest
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BUS 305 Module 5 Case Assignment - The Federal Government...

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