On average the Federal Mint spends 1.4 cents for every penny that they create. This doesn’t seem like a big deal, but considering that there are 13 billion pennies created annually in the US the cost for creating them gets very large very fast. Making them cost more to create than their actual value. Eliminating that cost would allow the budget spent on the Federal Mint to be reduced and there would be more cash in the Federal Budget to spend on other things. One argument against the elimination of the budget is the fact that it will alter the way American citizens are able to pay for things in a negative way.
Nevertheless, this utopian image which has been painted by numerous politicians and philosophers is being challenged by economists who are concerned with the costs of such a policy. Tanner highlights the fact that in the United States alone, the implementation of a universal basic income would amount to an estimated $4.4 trillion. Even by replacing all existing welfare system, they would still be $2.5 trillion short. The lack of capital will be directly transferred onto the citizens in form of substantial tax increases. In consequence, despite the fact that a guaranteed minimum revenue si the key to solving major issues theoretically, it would not be accurate to state that it could easily be implemented in the real world.
65% for the “upper middle” bracket 19% of the U.S population. And a whopping 275% of taxes for the 1% of the U.S. These numbers undeniably show a non “equal” society but one out for the 1% and other high rollers. America isn’t protecting the people at the top nor the bottom. But again it's not fair to say the wage gap is not a problem especially with these numbers but with how taxation is heading it should be put more equally instead of pinning it on the rich.”...There is no sustainable way to make the poor richer by making the rich poorer…”-Richard A.
Poverty in 1920’s America was defined by making less than a certain amount of money each year, which was determined by the government (BBC). The masses were indifferent to the amount of people impoverished, proving the mindset of false prosperity. The preconceived notions that the U.S. economy would be unimpaired were soon disproved by the Great Depression. People who were impoverished were getting loans, and buying luxury items (Facts). This lifestyle of believing in the false prosperity and not realizing the problems during the 1920’s of America caused people to suffer more.
This is flawed because in developed countries like the U.S., the government can spend however much monet they want in practicality. Trillions of dollars of debt doesn't stop America from dumping more trillions of dollars into unecessary places like the milatary, specifically in this case fighter jets. "The F-35 project has been one of the most expensive military projects in history, and will cost upwards of $1.45 trillion by the time it’s over" (Wolff-Mann, 7 Amazing Things, Time.com). U.S. military spending dwarfs the budget of the #2 country – China. For every dollar China spends on its military, the U.S. spends $2.77 (www.nationalpriorities.org).
Furthermore, as the federal poverty line is considered to be roughly $23,050 for a family of four the population that falls below that level take up nearly twenty percent meaning that these families without aid will not have the ability to attend college. Ultimately, free education as a whole may be a great idea to bring America up in global education levels along with stopping the continuous growth in student debt however at this point in time it seems impossible. In addition free higher education in the United States would require a complete reshaping of the economy as the U.S has a national debt that is reaching near twenty trillion dollars along with the recent president elect Donald J. Trump being a member of the top 1% the consideration of the lower and middle class people will likely be overpassed for the businesses of the
In this article by Sean Mcelwee(2014) he talks about why income inequality is the toughest issue America will face in the next few decades. In the article, Why income inequality is America’s biggest (and most difficult) problem, Mcelwee(2014) believes that after the studies he has seen, the most effective way to solve the policy issue of income inequality is by higher taxes on income and wealth. However, the rich would never buy into this solution, because it would take more of their wealth, when the wealthy are trying to maximize their money returns. Mcelwee (2014) also talks about how when a family is wealthy, money tends to stay in the family for 10-15 generations, which is also true for families with lower incomes as stated here by
In today’s world money seems to be the center of gravity for many people. Unfortunately, many people have lower incomes and struggle to pay all of their taxes, while on the other hand, the rich are rumored to evade paying taxes. There are many controversial topics in the tax world including flat tax and the way the lower income people are treated with taxes. Before I discuss problems of today’s tax world, I will give a brief history of taxes in America. Our
France had already devoted 25% of its budget to the army and navy and about 50% to pay off the debt, the further expansion was inevitably deemed to worsen the economic situation. Britain was also in debt as a result of the wars but Britain’s highly advanced fiscal organizations such as the Bank of England was able to compact the implications via low interest rates unlike the debt in France which was financed at twice the rate of interest compared to that of Britain. The unreformed and old fashioned fiscal institutions in France’s couldn’t resolve the debt like the more modern state of Great Britain. The fiscal negligence was a crucial factor in the French Revolution, if it abandoned its participation in the wars that led France to accumulate a substantial amount of debt it may have been able to avoid the revolution that was to
Imagine what a person could do with one point three trillion dollars. What type of power or affect could this much money have? Sadly, there is not too much of a reason to imagine because millions of Americans are currently trapped underneath a 1.3 trillion-dollar wad of cash. Student loan debt has reached an all-time high, surpassing credit card debt as the leading cause of household debt in the United States. With a sum so large, there are very few people that are unaffected by the havoc that student debt ensues on its helpless subjects.