Real World Budget

Complete the simulation and keep a copy to work off of. Then, write an essay answering the questions below in a Microsoft Word (.doc or .docx) compatible file. The essay portion of the assignment is to be formatted according to the American Psychological Association (APA) style. Papers not formatted properly or with grammar and spelling mistakes will lose points. Students should use Times New Roman or Arial 12 point as the paper’s font, double space the text, and create one inch margins on all four sides of the page. Assignments must be in a Microsoft Word (.doc or .docx) format. 

1. List all the items that you chose to cut and explain why you chose to cut each of them.

2. Were there any areas that you chose to reduce revenue by either spending more or instituting tax cuts? Where there any areas that you chose to increase revenue by raising taxes? Why did you choose to do this?

3. What was your final number and % of GDP? Do you think yours is reasonable as a real world budget? If you were the President and you advocated these budget changes, who do you think would support you? Who do you think would oppose you? Why? (Tip: Look at each item you cut. What segment of the population does it affect? Does it affect them positively or negatively?)

4. Should the U.S. pass a law or constitutional amendment requiring a balanced budget every year? Why? What are possible pros and cons of doing so?

5. What does the textbook say about deficits? Can they ever be good? If so, under what conditions?

6. Did this project give you any new perspectives on the U.S. budget process or deficit?

(Tip: While there is no required maximum or minimum length for the paper, a good one will almost have to be more than a couple pages long.)

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