The Budget Of The Fiscal Year Essay

1255 Words Nov 30th, 2015 null Page
Since January 2001, education, finance, Medicare, social security, and as well as foreign affairs have been a series of problems. In addition, we have to consider that at the end of the fiscal year in 2001 we were “$5 trillion” in debt. It is 2015 and we tripled our national debt to “$18 trillion.” The rate we are going we are estimated to increase that number to about “$22 trillion in 2020.” (Office of Management and Budget ) (US Debt Clork) As taxpayers, business owners, and state and local government employees of the United Sates, we need to understand a bit about the fiscal health of our country. For instance, it is likely that your state will need to raise taxes in the future to pay its bills. Will there be enough cash for these types of rainy days? Where funds spent on improving education, social security, or health care? “Illinois, Connecticut, and Kentucky are the top three states that mishandle their finance.” (Alton) Identifying the problem is the first step in solving it.
The average taxpayer deserves to know whether their state brings a good representative of their tax dollars. Which decisions may affect that the local economy goes through from the tough budget choices. Meaning, if your state has a higher cost of borrowing, there will be a higher tax rate in the future. “The American’s government‘s debt is increasing at $57,852 per person and the $156,144 per taxpayer.” (US Debt Clock) Looking at those numbers, the average – income will lose their…

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