Assignments:
1. Write an essay on America's Budget Deficit or a summary of two out of the three video clips. The first two clips are from Obma administration's viewpoint. The third one is from a critic's perspective.
2. List words that you think are worth learning [optional]
1. Obama Budget Sees Soaring Deficit
2. Geithner Foresees "Very Hard Choices" In Controlling Deficit
3. Inside Look - 2010 Budget Deficit
Other references:
Youtube:http://www.youtube.com/watch?v=poyHtxCGGsE
Youtube:http://www.youtube.com/watch?v=wbAM3DkOXVY
Wikipedia - United States Public Debt http://en.wikipedia.org/wiki/United_States_public_debt
Reuters - The US Budge Deficit Is Even Worse Than You Think http://blogs.reuters.com/james-pethokou ... you-think/
ISG 1004 Dealing With America's Budget Deficit
Re: ISG 1004 Dealing With America's Budget Deficit
Dear ISG members,
If you are running out of time, just pick one video clip and write a summary of it.
If you are running out of time, just pick one video clip and write a summary of it.
Re: ISG 1004 Dealing With America's Budget Deficit
Here is my summary.
To bring American federal budget deficit back on track, the Obama government’s first priority is to pull the country out of recession. A deficit occurs when there’re not enough tax revenues paying for expenses. Tax revenues are closely linked to economic state; when economy is in good shape and businesses are flourishing, both employees and employers have more money in their pockets and so are tax incomes. Tax increases are on the table as well; the government is now considering ending tax cuts on the wealthiest 5% Americans, which were enacted during Bush’s administration; Imposing tax on industries that produce large amounts of greenhouse gas is also expected to be chosen as one of the government’s major strategies to counteract excessive carbon dioxide emission. It seems to kill two birds with one stone as tax revenues will increase as well.
Given the history that federal expenses have been growing at such an uncontrolled rate over the past decades, there is no doubt that all the policies targeting to increase tax revenues will be dismissed as merely half measures if the federal government don’t strictly discipline themself on spending. So far, when it comes to expense cut, Obama government mainly count on health care reform and troop withdrawal from Iraq; nevertheless, both of them are facing bleak outlooks. The agenda of withdrawal has been put off until Aug of 2010. What makes it worse is Obama still plan to have 15,000 soldiers in Iraq after the so-called withdrawal. Health care reform has sparked a bitter backlash all over the country. Whether it is going to win the support of congress is still open to question.
To bring American federal budget deficit back on track, the Obama government’s first priority is to pull the country out of recession. A deficit occurs when there’re not enough tax revenues paying for expenses. Tax revenues are closely linked to economic state; when economy is in good shape and businesses are flourishing, both employees and employers have more money in their pockets and so are tax incomes. Tax increases are on the table as well; the government is now considering ending tax cuts on the wealthiest 5% Americans, which were enacted during Bush’s administration; Imposing tax on industries that produce large amounts of greenhouse gas is also expected to be chosen as one of the government’s major strategies to counteract excessive carbon dioxide emission. It seems to kill two birds with one stone as tax revenues will increase as well.
Given the history that federal expenses have been growing at such an uncontrolled rate over the past decades, there is no doubt that all the policies targeting to increase tax revenues will be dismissed as merely half measures if the federal government don’t strictly discipline themself on spending. So far, when it comes to expense cut, Obama government mainly count on health care reform and troop withdrawal from Iraq; nevertheless, both of them are facing bleak outlooks. The agenda of withdrawal has been put off until Aug of 2010. What makes it worse is Obama still plan to have 15,000 soldiers in Iraq after the so-called withdrawal. Health care reform has sparked a bitter backlash all over the country. Whether it is going to win the support of congress is still open to question.
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Sherry Liao
- YOYO member
- 文章: 1486
- 註冊時間: 週五 12月 07, 2007 12:15 pm
Re: ISG 1004 Dealing With America's Budget Deficit
My summary of the first clip:
After what have been done during the eight years of Bush's presidency, the Obama administration is trying to reverse and shift the financial policies to new ones which have been described as a Robin Hood budget – as it takes money from the wealthy to the ordinary people who have lost their purchasing power in the past years. The first one is to bring more money to the federal budget by repelling the Bush's tax cuts that were given to the wealthiest 5% of American who make more than USD250,000 a year. Another example is to create new tax on industries which make green house gas emission. Also, ending the war in Iraq – Obama is going to announce a withdraw plan - will bring more money for the federal government as well.
The second:
According to the report, the US government budgets will hit 9 trillion to the national debt over the next decade, a very high level that has not been seen since World War Two. Treasury Secretary Timothy Geithner tried to explain the government's policy that, in order to get the economy back on track and make sure the finance is repaired, to get the deficit under control and to get the country live within their means again, it requires some very hard choices.
Geithner carefully said that they would not add it unfairly to the burden the average Americans have already faced. But actually it's a dilemma. At the end of the clip Geithner emphasized that the America people should realize that, to make the economy grow in the future and to make the deficit down, there is something need to be taken, and the government will make a judgment on what is going to be taken.
After what have been done during the eight years of Bush's presidency, the Obama administration is trying to reverse and shift the financial policies to new ones which have been described as a Robin Hood budget – as it takes money from the wealthy to the ordinary people who have lost their purchasing power in the past years. The first one is to bring more money to the federal budget by repelling the Bush's tax cuts that were given to the wealthiest 5% of American who make more than USD250,000 a year. Another example is to create new tax on industries which make green house gas emission. Also, ending the war in Iraq – Obama is going to announce a withdraw plan - will bring more money for the federal government as well.
The second:
According to the report, the US government budgets will hit 9 trillion to the national debt over the next decade, a very high level that has not been seen since World War Two. Treasury Secretary Timothy Geithner tried to explain the government's policy that, in order to get the economy back on track and make sure the finance is repaired, to get the deficit under control and to get the country live within their means again, it requires some very hard choices.
Geithner carefully said that they would not add it unfairly to the burden the average Americans have already faced. But actually it's a dilemma. At the end of the clip Geithner emphasized that the America people should realize that, to make the economy grow in the future and to make the deficit down, there is something need to be taken, and the government will make a judgment on what is going to be taken.
Re: ISG 1004 Dealing With America's Budget Deficit
Summary for the first clip:
Obama tries to shift the balance of wealth back to the middle class and help more poor people in America. He is going to do this by imposing a law called "Robin Hood budget" which is also known as the new Greenhouse admission tax. The cooperations which emit the CO2 due to the industrial work and pollute the environment will have to pay the tax. This will not only reverse the Bush's 5% tax cut for people who earn more than 250 thousand a year but also bring more money back to the federal government.
Obama will also try to resolve the budget deficit by ending the war of Iraq. He plan to end the war in 16 or 19 months. However, 15,000 troops will still stay underground to make sure the terrorists won't come back again.
Obama tries to shift the balance of wealth back to the middle class and help more poor people in America. He is going to do this by imposing a law called "Robin Hood budget" which is also known as the new Greenhouse admission tax. The cooperations which emit the CO2 due to the industrial work and pollute the environment will have to pay the tax. This will not only reverse the Bush's 5% tax cut for people who earn more than 250 thousand a year but also bring more money back to the federal government.
Obama will also try to resolve the budget deficit by ending the war of Iraq. He plan to end the war in 16 or 19 months. However, 15,000 troops will still stay underground to make sure the terrorists won't come back again.
Re: ISG 1004 Dealing With America's Budget Deficit
The first clip:
Obama plans to change the policies over the past 8 years during Bush’s term. In order to shift the wealth from the rich to poor class, he adopts several ways to carry out his ambitions. First, he cancels the tax cut with giving rich people 5% preference which leads to make them earn more USD250,000. The second new tax policy aims at curbing greenhouse gas emission for those industries must to pay the price for creating the pollution. Another way to bring more money is to end the Iraq war. He claims to launch a withdraw plan that have troops leaving Iraq by Aug, 2010. However, even the troops are gone, Obama still plans to deploy 50,000 soliders underground to prevent terrorism coming back. A lot of Democratic politicians doubt there will be more troops in Iraq.
Phrases
take someone or something at face value
to accept someone or something just as it appears; to believe that the way things appear is the way they really are
cap and trade system
http://www.greenpeace.org/china/ch/pres ... 379/554388
Obama plans to change the policies over the past 8 years during Bush’s term. In order to shift the wealth from the rich to poor class, he adopts several ways to carry out his ambitions. First, he cancels the tax cut with giving rich people 5% preference which leads to make them earn more USD250,000. The second new tax policy aims at curbing greenhouse gas emission for those industries must to pay the price for creating the pollution. Another way to bring more money is to end the Iraq war. He claims to launch a withdraw plan that have troops leaving Iraq by Aug, 2010. However, even the troops are gone, Obama still plans to deploy 50,000 soliders underground to prevent terrorism coming back. A lot of Democratic politicians doubt there will be more troops in Iraq.
Phrases
take someone or something at face value
to accept someone or something just as it appears; to believe that the way things appear is the way they really are
cap and trade system
http://www.greenpeace.org/china/ch/pres ... 379/554388
Re: ISG 1004 Dealing With America's Budget Deficit
Obama's budget would dramatically increase taxes on the wealthy, while cutting payments and subsidies to insurance companies, pharmaceutical companies, agribusiness and defense contractors -- and mandating a system to charge polluters for their carbon emissions.
It would, in short, reverse the redistribution of wealth that took place during the Bush era. This time, the rich will be subsidizing the poor, not the other way around.
The revenue increases -- supplemented by staggering deficit spending -- would pay for tax cuts for non-wealthy Americans and hugely ambitious plans in the areas of energy, health and education that, as Obama insisted on Tuesday night are necessary to assure the country's long-term prosperity. ...
Quoted from The Robin Hood Budget http://voices.washingtonpost.com/white- ... udget.html
It would, in short, reverse the redistribution of wealth that took place during the Bush era. This time, the rich will be subsidizing the poor, not the other way around.
The revenue increases -- supplemented by staggering deficit spending -- would pay for tax cuts for non-wealthy Americans and hugely ambitious plans in the areas of energy, health and education that, as Obama insisted on Tuesday night are necessary to assure the country's long-term prosperity. ...
Quoted from The Robin Hood Budget http://voices.washingtonpost.com/white- ... udget.html