General Clark – Economics Essay (200 Level Course)
General Clarks article on plans to help America recover makes a lot of sense and it is a responsible and well thought out plan. On job creation, the article mentions that tax credits will be given to businesses or small businesses that start creating jobs or hire more employees. These credits will be eventually recovered by the government
since individuals who work also pay federal taxes, at the same time the government revenue will increase with this increase in its tax base.
An increase in Homeland Security budget will mean that law enforcement agencies will be more likely to hire more key individuals and personnel to meet an ever increased need for law enforcement due to terrorism. States will also benefit since he plans to give states grants that will increase their education spending. The tax cuts that were instituted last year will be trimmed back since they have not really helped the economy recover and only a few wealthy individuals benefited from them.
Fiscal discipline is required by all governments if they are to be successful. A balanced budget like the ones America used to have in the 90’s is required if we are to decrease federal government reliance on borrowing. It will be a good idea for congress to require every federal budget be a balanced one just like what the states are required to have.
Increased savings on the government side will help in times of need or economic slowdown. Also wasteful spending and lowering the expenses the government is currently incurring in Iraq by sharing the costs with other countries will help the government control spending and bring about a transparent and balanced budget.
Overall General Clark hits the nail on what is needed at the moment since government spending and huge deficits are what we are currently experiencing.