PPt-19 AG Defense Budget - Defense Budget Economy &...

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Defense Budget
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Economy & Security Intertwined Perceptions of others about future of US Of America’s future mil strength Of America’s Ability to protect/advance its interests Of America’s preparedness & ability to support others Of America’s overall importance in the world
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Economy & Security Intertwined Perceptions of Ourselves Our confidence in dealing w/other nations Our ability to see beyond domestic econ issues Our willingness to become involved Our sense of options available to act & our actual ability to act
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US National Debt > $15T (15 + 12 zeros) (As of Dec 1, 11) Now slightly more than US GDP – $15T Budget Deficit - $1.3T (down from $1.4+T: 4-21-10) US takes in about $2.2T/yr in taxes, we’re spending About $3.5-7T/yr As % of GDP, hasn’t this high since
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To Cover National Debt (as of Dec 1. 11) ~ $4.7T borrowed from all Trust Funds (Fed Ins Contrib Act (FICA); Hiway Trust funds, etc, including >$2.7T from Soc Sec Trust Fund > $10.3T Public Debt ~$4.8T foreign owned China: 7.6+ % of Total Debt; 24% of foreign owned Japan: ~ 6% Japan of total; 19% of foreign owned
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Only 3 real ways to fix the deficit/debt problem 1. Increase revenues – this can be done in several ways Increase taxes Grow economy so more taxes are collected at current rate 2. Devalue dollar 3. Cut Spending
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Problems 1. Increase Revenues: Problem #1: Congressional resistance: Late Senator Russel Long of Louisiana said it best: “don’t tax you, don’t tax me, tax the man behind the tree” and may have also said “don’t cut my program, cut the one hiding over there.” Problem #2: Raising Taxes during
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This note was uploaded on 12/09/2011 for the course ACCT 2101 taught by Professor Turner during the Spring '08 term at Georgia Institute of Technology.

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PPt-19 AG Defense Budget - Defense Budget Economy &...

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