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Explain what spending cuts and/or tax increases ought to be
undertaken to reduce the government budget deficit sufficiently to
reduce the U.S. debt-to-GDP ratio to a desirable size. Use economic
analysis to support your recommendations, and provide numerical
specifics in your answer.

Question: Explain what spending cuts and/or tax increases ought to beundertaken to reduce the government b...

Question: Explain what spending cuts and/or tax increases ought to beundertaken to reduce the government b...

Show transcribed image text Table 1. 2016 U.S. Government Spending and Revenue as a Share of U.S. GDP Total Spending 20.9 Total Revenue Mandatory 13.2 ndividual and Payroll Taxes Social Security 4.9 Corporate Income Taxes Health Care Programs 5.5 Other Taxes 1.6 Deficit Income Security Programs Retirement & Veterans Programs 1.1 Other 1.4 Offsetting Receipts Discretionary Defense 3.2 3.2 Non defense Interest Figures may not sum due to independent rounding. 16.8 13.7 1.5 1.6

Table 1. 2016 U.S. Government Spending and Revenue as a Share of U.S. GDP Total Spending 20.9 Total Revenue Mandatory 13.2 ndividual and Payroll Taxes Social Security 4.9 Corporate Income Taxes Health Care Programs 5.5 Other Taxes 1.6 Deficit Income Security Programs Retirement & Veterans Programs 1.1 Other 1.4 Offsetting Receipts Discretionary Defense 3.2 3.2 Non defense Interest Figures may not sum due to independent rounding. 16.8 13.7 1.5 1.6