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What's in the Obama budget

What's in the Obama budget | Ananna Slips On A Banana | Scoop.it
President Obama will unveil his $3.77 trillion budget proposal for 2014. It would cut deficits by another $1.8 trillion over a decade, impose some new taxes aimed primarily at the wealthy, and make changes to Social Security and Medicare.
Ananna Anu's insight:

Summary:

This article summarizes Obama's proposal for the 2014 budget, which would hopefully help reduce the deficit by a little over $1 trillion over 10+ years; the plan includes measures to increase taxes on the wealthy (Buffett Rule), and to enact reform to Social Security and Medicare, with more funding for both of those programs. Obama also focuses on early childhood educational system development, and helping promote nondefence research (science, etc). Improvement of infrustructure is included to help improve and build the US. In addition, Obama took further action in tobacco tax, raising it in order to help fund for more pre-Kindergarten education. The proposed plan's goal is to target wasteful spending in order to reduce inflation.

 

Reaction:

I like pretty much all of the proposal - everything I agree with, especially things like raising taxes on tobacco, funding early childhood education, and promoting nondefense research. Increase spending on infrastructure would definitely help, since a lot of America's infrastructure is starting to get old. All in all, I like it, and I also hope that the $1.8 trillion reduction in the deficit actually happens!

 

Vocabulary:

deficit - An excess of expenditure or liabilities over income or assets in a given year

debt - An accumulation of all excess expenditures or liabilities over income or assets

budget proposal - A request presented by the executive to the legislature or legislating executive council for spending authority 

Social Security - A federal insurance program that provides benefits to retired persons, the unemployed, and the disabled

infrastructure - The basic physical and organizational structures and facilities needed for the operation of cities/states/countries

inflation - A general increase in prices and fall in the purchasing value of money

 

 

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I.M.F. Sees Economic Growth Faltering Worldwide

I.M.F. Sees Economic Growth Faltering Worldwide | Ananna Slips On A Banana | Scoop.it
Among the large industrialized countries, only Japan and the United States are forecast to grow more than 2 percent this year, and even then just barely.
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Supreme Court OKs Texas' Redistricting Plan

Supreme Court OKs Texas' Redistricting Plan | Ananna Slips On A Banana | Scoop.it

Summary: The Surpeme Court decided that it is going to allow Texas to use the congressional districts that were drawn up by a lower federal court, even though LULAC keep insisting that those districts are discriminatory against Latin Americans.

 

Analysis: Okaaaaaay. That's not cool, but I guess there's nothing we can really do about it now, right?

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Last Quarter’s Growth Is Revised Down Sharply

Last Quarter’s Growth Is Revised Down Sharply | Ananna Slips On A Banana | Scoop.it
The United States government said the gross domestic product grew at an annual rate of 1.3 percent in the spring, down from its previous estimate of 1.7 percent.
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Upward Revision in G.D.P. Hides Weakness in Economy

Upward Revision in G.D.P. Hides Weakness in Economy | Ananna Slips On A Banana | Scoop.it
The Commerce Department increased its estimate of third-quarter economic growth from a 2 percent annual rate, but economists do not see that level continuing.
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Libertarian Gary Johnson says he'll be on presidential ballot in every state, by far outpacing any other third-party nominee

Libertarian Gary Johnson says he'll be on presidential ballot in every state, by far outpacing any other third-party nominee | Ananna Slips On A Banana | Scoop.it

Summary: Third party candidate Gary Johnson (Libertarian) has his name on the presidential ballot in all 50 states, which could take a good chunk of votes from the major party candidates. Gary Johnson's 50 states is a considerable lead on other third party candidates, who all have considerable less than Johnson.

 

Analysis: Considering the growing support of the Libertarian party, I can't say that I'm surprised by this news. I do say that if the support of the Libertarian party keeps growing, and that come November, there is a sizeable chunk of votes for Johnson, the party might even become a major party in the future. Maybe.

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