Ivy Tech Community College National Budget Simulation Worksheet
Question Description
Please read below. This essay is about how we would help the president in this situation. Be sure to read carefully and answer the question. PLEASE FEEL FREE TO CONTACT ME WITH ANY QUESTIONS OR CONCERNS. I WILL BE MORE THAN HAPPY TO GUIDE YOU THROUGH HELPING ME. I suggest reading what is written below before you start writing., this way you know exactly what to do. make sure to do the simulation. please use the links provided to complete whatever tasks are asked of you. Contact me with any questions. Looking forward to working with you. I attached the file that is needed to write the 250 word description below (national budget simulation worksheet.doc).
In this lesson students serve as an Economic Advisor to the President, who must increase military spending out of political necessity, but needs also to reduce spending in other programs to limit the deficit. Conflicting goals create a need for compromise and trade-offs to create a national budget, while trying to remain under deficit limits.
The new President of the United States has been elected on the promise of fiscal responsibility. He has promised the voters he will not raise taxes, and he will not reduce Social Security or Medicare. He has promised interest groups that he will not reduce Commerce Department spending. By law he cannot reduce the net interest paid on the debt. The President’s budget is projected to leave the country with a balanced budget, and he promises not to allow a deficit, unless the U.S. faces a recession or war.
Suddenly, the United States is subject to military attack a turn of events not anticipated in the current budget. At the same time, a lingering recession reduces the government’s tax revenues and forces the government to increase its spending on unemployment benefits, welfare, housing assistance, food stamps, and other need-based programs. Because of the increased spending and reduced revenues, the nation falls into a projected deficit of $1090 billion.
Then Congress passes legislation to increase military spending by 20 percent, to pay for increased security within the U.S. and to pay for a prolonged military response against the attacking country and other potential threats. The President signs this bill into law, increasing the projected deficit to more than $1225 billion.
The President is committed to keeping his campaign promises, in order to maintain support for his reelection. He must protect the programs he promised to protect, and he cannot raise taxes, so he must cut spending on other programs to stay within his new guideline to keep the deficit below $1130 billion. The President turns to you, his trusted economic advisor, for help. (Note: While some events in this scenario reflect actual events, others are hypothetical for the purposes of this exercise. Budget figures are actual White House figures of 2017, including spending and revenues of 2017 (Links to an external site.)Links to an external site (Links to an external site.)
You can launch the simulation by clicking on this link:CEE National Budget Simulation (Links to an external site.).
The above link will take you to a simulation of fiscal policy and the national budget in which you are the economic advisor to the President of the United States. Follow the link and read the instructions for the simulation.
After you complete the simulation, answer the questions from the attached worksheet in essay form 250 words.
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Attachments
20190711033227national_budget_simulation_worksheet (25 kB)
