BA Discussion

The budget year begins on 1st of october and runs through September 30th, but the actual planning begins in February of each year, when the President submits a budget proposal to Congress for approval. "This proposal is based on the President's priorities and what he/she believes will pass in Congress. Once the plan is made public, many interests will scrutinize this proposal to see where spending will take place" (Week 6 Lesson, 2021).

According to the Foundation for Economic Education, "the most dangerous domestic problem facing America's federal government is the rapid growth of its budget deficit and national debt (2019). My biggest cut is perhaps the from the military budget. Budget for military in the US is huge and larger than all US allies combined and are mostly for remnants of World War II, Korea, and Cold War. These countries include Japan, Korea, and Western Europe, as well as many of the world's largest economies, who are capable of protecting their own interest (Washington Post, n.d.). This will continue to increase economic distress, as the government will either have to impose higher taxes or reduce future spending, as raising taxes further contributes to slowing down of economic growth (FEE, 2019). For Social Security, congress should raise the retirement age, convert federal aid to grants on Medicaid and Medicare, in order to cut federal spending and encourage state innovation, and reduction in cost. Congress should cut subsidies for other spending by cutting food subsidies, farm subsidies, energy and housing subsidies, and others like rural, development, K-12, college, welfare, disaster, security, community, developer, water, grazing, unemployment, training, highway, transit, airport, rail, worker, foreign aid, business, flood, power subsidies, and more (FEE, 2019). Not that these things aren't important, but there's little oversight which lets corruption go unnoticed. For department of defense for instance, contractors are aware that there's a lot of money, which makes them overcharge on supplies, materials, workforce, administrative overhead, unreasonable other expenses (Washington Post. n.d.).