The level of deficit spending by the federal government Personal Statement

The level of deficit spending by the federal government - Personal Statement Example I think the government should cut its spending for this to be achieved in a manner that everyone will be satisfied. In respecct of raising taxes, the wealthy have come out strongly in opposition. They argue that they already are overtaxed. According to Porter (12), it is true that the high income earners in the States pay a lot of tax. They are said to be account for the biggest share of the tax burden. It is noted that the deficit in the federal government has been an extraordinarily contentious issue in the political scene over the last few years. It is stated that the current deficit stands at about $15 trillion dollars. It is expected that if every thing holds constant; the figure will rise significantly in the next couple of years (Jeffrey par 2). Some politicians and economists argue that the national income levels are not on the dangerous levels yet. They say that the government should increase its expenses in order to avoid another downturn. The current deficit is said to be a result of high spending on soldiers, grants to support the public schools, road construction, infrastructural projects, and Medicare for seniors (Hubpages par 4). Another factor that has also brought about the deficit relates to government revenue as previously indicated. Revenue is the amount of money collected by the government. They are generally gotten from tax, custom duties, and sale of government property among other sources (Porter 12). For the government to be able to reduce the deficit, it should first be able to reduce the amount of money that it spends on government-sponsored programs or increase the amount of money it takes from tax. Jeffrey (par 2) suggests that, not only does the government raise more revenue when it raises tax paid by the rich Americans but it could achieve this without slowing down economic growth of the country. Porter (12) states that