Reducing Federal Debt: An Applications Assignment to Cut the Budget by $7500-$8000 Billion and Evaluate the Challenges

ASSIGNMENT INSTRUCTIONS:

Among the biggest challenges facing the federal government is the large budget deficit that the federal government runs each year and the increasing size of the federal debt that this causes. While many politicians talk about the importance of balancing the federal budget, this is challenging to do in practice. In the assignment of this application, your task is to reduce the size of the federal budget by at least $7500 Billion but no more than $8000 Billion. This is an amount that economists suggest is necessary to reduce the size of the U.S. federal debt to 90% of U.S. GDP by 2032- a debt size that many analysts suggest is a reasonable stabilizing first fiscal step for the country.
To earn a satisfactory grade on this assignment, you must meet ALL of the following criteria:
Go to the website http://www.crfb.org/debtfixer/, read the directions, and make budget choices large enough to reduce the federal budget by at least $7500 Billion but no more than $8000 Billion. To start making budget choices, click “Next” at the bottom of the screen after reading the introduction.

Once you have achieved the budget reduction target of at least $7500 Billion but no more than $8000 Billion, click the “Done” button. On the following page, scroll to the middle of the page and click the Print icon (right below where it says “View a print-friendly summary of your choices and results”). After that, follow the instructions at the top of the screen to save your budget results as a PDF.
Write an evaluation of at least 500 words and no more than 750 words that discusses each of the following topics:
What criteria did you use to choose where to make budget cuts and where to make budget increases (if any)?
What areas of the budget were you forced to make cuts in that you found most difficult to make?
How difficult did you find it to achieve the budget reduction target?
What challenges would real-world policymakers face in making similar budget cuts?
Upload AS EITHER 2 SEPARATE FILES OR ONE SINGLE FILE the saved budget that you produced in Step 2 with the evaluation that you wrote in Step 3 to the Budget Assignment submission link on Canvas (email submissions will not be accepted)
Important: Submit your paper through the Canvas link by the deadline with the written portion of the assignment as either a Word file, pdf, or text document. JPG or other image files of the written portion of the assignment cannot be accepted. Emailed assignments will not be accepted and graded. All assignments must be submitted through this Canvas link.

HOW TO WORK ON THIS ASSIGNMENT (EXAMPLE ESSAY / DRAFT)

The federal government faces substantial issues as a result of the federal budget deficit and the rising level of the national debt. I have to use the website http://www.crfb.org/debtfixer/ to reduce the federal budget by at least $7500 billion but no more than $8000 billion for an application assignment. By 2032, the government debt must be reduced to a level that represents 90% of the country’s GDP. Making decisions on the budget that would result in the required cuts, then reviewing the procedure, were essential for the work.

I considered several factors before making any changes to the budget. First, I evaluated the budget categories with the highest levels of spending and searched for feasible cost-cutting options. Second, I gave the projects with the least negative effects on the general public top priority. Third, I evaluated the programs with alternative funding sources. I was able to preserve important programs while making cuts in areas that had little bearing on society because of this strategy.

The defense budget was where I had to make the most painful cuts. It is difficult for me to decide where to make cuts because I lack any knowledge of the defense and national security matters on an individual level. Making major cuts to defense spending is difficult since it is crucial to the security and stability of the nation. However, I curtailed spending in less important areas, like modernizing nuclear weapons, and instead allocated money to crucial programs.

Because of the enormous number of programs included in the federal budget, it was challenging to meet the budget reduction target. To meet the goal, I had to make cuts to several programs, including those for national defense, education, and healthcare. Additionally, because of their necessity, some programs were harder to cut than others.

Making comparable budget cuts would present various difficulties for real-world policymakers. First of all, it would be difficult to make major changes due to opposition from interest groups that gain from federal programs. Second, it may be challenging to determine the value of some initiatives since they may have long-term advantages that are not immediately apparent. Finally, political factors may influence the decision-making process, resulting in less successful budget cuts.

In conclusion, using the website at http://www.crfb.org/debtfixer/ made it possible to reduce the federal budget by at least $7500 billion but no more than $8000 billion. I prioritized the programs that had the least negative effects on society and evaluated programs that had alternative financing sources as some of the criteria I used to determine budget cutbacks and increases. The defense budget was the most difficult to decrease, but I did so by redirecting money to crucial initiatives. Due to the extensive number of programs included in the federal budget, it was challenging to meet the budget reduction target. Making such budget cuts in the real world would be extremely difficult due to political obstacles, interest group opposition, and program benefits over the long term.

 

 

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