1. Was covering the hypothetical budget gap more or less difficult than you expected?

1. Was covering the hypothetical budget gap more or less difficult than you expected?

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2 . Did you have trouble deciding where to make cuts because you needed more information about particular programs? If so, which programs? (The teacher might make a list of these on the board and use them for future discussion and inquiry.)

3. The least popular choice among New York Times readers was allowing Bush tax cuts to expire for those with income below $250,000 a year. (http://www.nytimes.com/2010/11/21/weekinreview/21leonhardt.html) Did your group choose this option? What were items that were not popular with the class?

4. The most popular choice among New York Times readers was reducing the military to less than its size before the Iraq war. Was this a popular choice in your group? Was it popular among the class as a whole?

5. As young people, do you think you have a different attitude toward increasing the eligibility ages of Social Security and Medicare than might older people?

6. Did doing this exercise change your feelings about the budget debate in Washington? If so, how? ATTACHMENT PREVIEW Download attachmentOver the past many years, there has been ongoing debate raging in Washington, D.C. regardingthe U.S. federal budget. As the U.S. deficit increases, some argue that cutting governmentspending should be a key priority of our lawmakers. Others favor more gradual decreases, suchas raising taxes or implementing a proposed freeze on discretionary spending. Either way, as aneconomic adviser to the President, you have been tasked with presenting a proposal thataddresses how to fix a current budget gap of $300 billion dollars in an effort to appease bothsides of this debate.Using the budget below, decide what options you will suggest cutting or implementingfor your presentation to the president. Remember that these actions must cover a budgetgap of $300 billion.Please keep in mind that these changes could seriously affect citizens’ daily lives. Alsokeep in mind people may be so angered by the changes that they will take action toprevent the president’s reelection, thus putting you out of a job.DOMESTICPROGRAMSAND FOREIGNAIDCut foreign aid in half$17 billionEliminate farm subsidies:Opponents believe subsidies help large businesses atthe expense of small farms. Supporters believesubsidies protect American agriculture.$14 billionCut pay of civilian federal workers by 5 percent$14 billionReduce the federal workforce by 10%:This would eliminate approximately 200,000 federaljobs.$12 billionOther cuts to the federal government: This includesreduced funds for the Smithsonian and the NationalPark Service, and closing the Office of Safe andDrug-Free Schools.$30 billionCut aid to states by 5%: This pressure states to cutfunding for schools, police, and other services.$29 billionMILITARYReduce nuclear arsenal and space spending: Thiswould cut the number of nuclear warheads and endthe “Star Wars” missile defense program.$19 billionReduce military to pre–Iraq War size and furtherreduce troops in Asia and Europe$25 billionCancel or delay some weapons programs: This$19 billion

View the Answerwould cancel some expensive purchases identifiedby the Sustainable Defense Task Force as possiblecuts.HEALTHCAREEnact medical malpractice reform: This optionwould begin to reduce the chances of largemalpractice verdicts, which supporters believewould also check rising medical costs. Opponentssay it could reduce doctors’ incentives to avoiderrors.$ 8 billionIncrease the Medicare eligibility age to 68$ 8 billionRaise the Social Security retirement age to 68: Thiswould rise from the currently planned 67,encouraging people to work longer.$ 13 billionEXISTINGTAXESReturn the estate tax to Clinton-era levels: Thosepassing on an estate worth more than $1 million totheir heirs would have portions of those estatestaxed.$ 50 billionEnd Bush tax cuts for income above $250,000 ayear$ 54 billionEnd Bush tax cuts for income below $250,000 ayear$ 172 billionPayroll tax increase for high earners: Those makingover the current ceiling of $106,000 would have tocontribute more to Social Security and Medicare.$ 50 billionNEW TAXESMillionaire’s tax on income above $1 million$ 50 billionNational sales tax: This would add a tax of 5 centson every dollar for most purchases.$ 41 billionCarbon tax: This option would tax carbonemissions, which scientists believe contribute toglobal warming.$ 40 billionBank tax: This would tax banks based on their sizesand the amount of risk they take.$ 73 billionTotal gapcovered by yourbudget plan$_________________When you have reached your target, save your results—you will need to refer back tothem during your assessment.Complete the assessment.

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