Ten Trillion & Counting

By Sky Gervais

Introduction

I'm going to introduce three concepts from the "Ten Trillion and Counting" video we watched in class. The three concepts I will be focusing on throughout this presentation are Bush's Tax Cuts; The War on Terror and the role it played in causing debt; How a costly healthcare policy will effect the economy. I hope these concepts will influence your future decisions by keeping you informed on how seemingly good choices could destroy the economy.

How Bush Caused Debt with Tax Cuts

  • Cutting taxes, was just the first step that sent the U.S spiraling into a sea of debt. This made it impossible for the government to afford big programs like medicare, forcing the U.S to borrow even more money then it already had. The first source I chose was an article from the center on budget and policy priorities. This article was chosen simply because of its reliability, and its overwhelming amount of good information on my first concept. This source also relates to the following concepts I will discuss later in this presentation. It helped contribute to a little bit of everything on here. My second source was Wikipedia over the Economic policy of the George W. Bush administration. I liked this source because it gave facts the video did not cover, such as Richard Gephardt House Minority Leader’s statement on the tax cuts. This statement simply stated how the middle class won’t benefit enough and the wealthy will unfairly reap great benefits from these tax cuts.


Why the new Healthcare proposition will be costly.

The two articles The New York Review on Books and UC Berkeley news I am referencing here relate to this topic in a way such as to show how the proposed medicare plan would throw the U.S farther into debt then ever before. It stated with the tax cuts and when the Heath care and Medicare where established It was like driving a nail, the tax cuts being the nail and the hammer falling down on them being the two programs, this combination really drove the U.S into debt. Because not only could we not afford these programs but we also could not afford the tax cuts when they where implemented this caused the U.S to need to borrow more and more money to pay for the things we couldn't afford at the time for our selves.

How the War on Terror caused the US to spiral into Debt

With Tax cuts on top of tax cuts along with the cost of the wars in Iraq and Afghanistan they alone will account for over five billion dollars of the national debt, this gives you an idea of how costly these wars where and how financially unprepared we where for them. My article for this concept is from the Washington post and a PDF file from strategic studies institute, I chose theses sources because they are reliable and have lots of beneficial information. I'm going to sum up, quite simply, in my own words what they covered. Back to the beginning again with the tax cuts, they really are the root cause of this debt, and I feel the debt would be much less if the tax cuts where handled in a much different and more fair way than how they where actually carried out. Now, any war you under go is going to be costly for any country, but the tax cuts are what made the Iraq and Afghanistan wars so costly to the U.S.

Citation

"Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits." Center on Budget and Policy Priorities. Accessed May 06, 2016. http://www.cbpp.org/research/economic-downturn-and-legacy-of-bush-policies-continue-to-drive-large-deficits.


"FRONTLINE." PBS. Accessed May 06, 2016. http://www.pbs.org/wgbh/frontline/film/tentrillion/.


"Health Policy Expert Helen Halpin Decries Bush's Medicare Proposal." Health Policy Expert Helen Halpin Decries Bush's Medicare Proposal. Accessed May 06, 2016. http://www.berkeley.edu/news/media/releases/2003/03/07_medicare.shtml.


"The Health Care Crisis and What to Do About It." The New York Review of Books. Accessed May 06, 2016. http://www.nybooks.com/articles/2006/03/23/the-health-care-crisis-and-what-to-do-about-it/.


http://strategicstudiesinstitute.army.mil/pubs/parameters/Articles/08autumn/sharp.pdf


"The Cost of War, Unnoticed." Washington Post. 2007. Accessed May 06, 2016. http://www.washingtonpost.com/wp-dyn/content/article/2007/05/07/AR2007050701582.html.