1. If a large corporation were to go out of business, I think that the government should subsidize them. A large corporation such as Nike were to go out of business all of a sudden, the number of employees all across the nation that would lose their jobs and only source of income is unimaginable. Coming from a moral standpoint, I cannot see how the government could simply sit back and watch all those people become unemployed, and do nothing. It would look so bad on the government if they did not do anything. Also, the economy would greatly suffer. A huge corporation all of a sudden going out of a business would mess up many different markets.The government should subsidize a corporation if it were to go out of business, in order to save thousands of workers from unemployment and to not mess with the market and economy.
2.After reviewing over the revenues and expenditures for the Fiscal Year 2011, I have noticed that most federal spending as well as taxes goes to Social Security and Medicare. Both Social Security and Medicare are very important to everyone'es personal lives. Without Social Security, the retirement age would rise once again, to an unhealthy age to still be working. Moreover, I also noticed that the Defense Department was also a large area that the United States spends a lot of our money on. I think that during these current times, it is not necessary to spend so much money in that department, simply because a lot of countries around the world, including the United States, would rather talk something over and come to an agreement rather than dropping bombs or going to war.
The tax receipts for the Fiscal Year 2011 were not surprising to me. Most of our taxes were collected from individual income, which is how our current taxation system works. I agree that that is where most of our tax dollars should come from, except not in the fashion of which the United States does taxes. We should adopt the Flat Tax system in order to keep all taxing fair by using the same percentage of tax for all incomes. That way, the wealthier still pay more by default, but it is only fair.
3. After looking over the charts for the Fiscal Year 2011 and watching the in-class movie "IOUSA," I have become more educated on the National debt crisis that we all face. Although our nation has made the debt many, many times worse in the past couple of years (since the Bush Administration), it is true that the United States has been in debt since the signing of the Declaration of Independence. It is inevidable that such a large nation has to spend money in order to keep its economy running and its people prosperous. However, learning about the amounts that we are in debt was extremely shocking. Although I am just lightly educated on the issue, I do have some ideas that could theoretically help save our nation from debt.
For instance, I think that the government should not spend so much on medicare and medicade. Althought numerous people cannot afford proper medical care without it, I think that spending on that should be cut, and it should be dealt with in individual states. Also, I think that we should switch to Flat Taxation, and raise the percentage at which all incomes are taxed temporarily, so that everyone is contributin equally to the government, and not just the wealthy. There are many more middle and lower class families and individuals in America than there are wealthy. If everyone contributed more and payed more taxes, it would give the government so much more money to help bail them out. I do not think that only the wealthy should be responsible for paying for the United State's debt.
