POLS 100 Lecture Notes - Lecture 16: Negative Income Tax, Temporary Assistance For Needy Families, Medigap
Document Summary
There are exceptions in time of recession or emergency: nebraska: Democrats usually refuse to cut spending: spending, a fiscal year (fy) is an accounting year. For most people it is a calendar year. The national government starts october 1: entitlement spending (mandatory spending) A program that sets eligibility requirements and then must provide to however many people are eligible: social security, medicare, some veterans benefits, discretionary spending. A program for which spending can be controlled or adjusted from year to year: roads, science, housing, energy, defense, a major chunk of spending is through entitlement spending. 85% of spending is in 4 areas, leaving 15% for all others. By 2032, all tax revenue will go toward health care, social security, and net interest by 2032: massive increase in defense but no cuts to entitlements, trump"s budget. Only way to do this without raising taxes is massive cuts in nondefense discretionary spending: social security.
