The U.S. President, Barack Obama, repeated his attempt to introduce the extension of the Bush Tax cuts for the citizens of the middle class on July 9. This measure will not concern 2% of families earning over $250,000. Mr. Obama believes that it is about time to cancel the tax cuts for the most prosperous citizens of the USA. According to numerous surveys, the American population agrees with him on the idea to levy bigger taxes on the upper class of the country.
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White House budget documents have been dappled with the names of award-winning French economists Emmanuel Saez and Thomas Piketty, whose work caused upheaval in economic sphere. Their study was unique, as they calculated the income inequality with an account to history, conducting vast archive research for as long ago as 1913. The conclusion was that the income inequality has reached Great Depression levels, and the tax rate applied by President Roosevelt was 91 percent.
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The monthly budget deficit narrowed to $27.4 billion in Jan from $49.8 billion same month a year earlier, partly because some benefit payments normally made in Jan were shifted to December, as per the treasury department’s statement. About $16 billion of military active duty pay, veteran’s benefits and Medicare payments were accelerated to December, 30th, as it was Sunday on 1st of January, hence effectively reducing government outlays in this month.
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President Obama have introduced a wide-ranging expense cutting on Medicare and Medicaid for the grant of 250 and 65 billion United States Dollars for the next decade. These offers will be effective for next financial year’s budget i.e., year 2013. This offer consists of cost cutting incentives for Medicare facilities and it also reveals that people will get more flexible prices in order to get medical facilities. Federal expenditure plan which was intended for the prosperity of senior citizens has been decided to postpone for up coming three year and then it will be implemented. This proposal provides that the finance ministry is intending to cover up the budget deficit which is being faced on lifting drifts by some previous years.
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President Obama seems to have received quite a boost following a drop in the unemployment rate. The rate fell down to 8.3 percent, which was the lowest in the month of February as compared to the rate of 8.5 in December. The Labor Department has claimed a 243,000 jump in payrolls as the factory jobs keep increasing.
The economic recovery seems to be getting more hard-wearing as there has been an increase in the employment in the manufacturing sector, construction sector and even the retail business.
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