Written Assignment
Overview
Complete the following Written Assignment for this unit by the stated due date on the Schedule.
Instructions
The assignment for this unit will evaluate federal government spending and taxation. A quick way to keep up with the federal government's spending and taxation is by examining federal budget data at the White House Internet address.
1. Use http://www.whitehouse.gov/omb/ to visit the Office of Management and Budget.
2. Scroll down and Click on Historical Tables in the middle column under The President's Budget.
3. Prepare a brief summary by performing the following items and answering those questions posed:
A) Consider Revenue Sources. Go to Table 2.2, "Percentage Composition of Receipts by Source."
1. What are the main sources of revenues for the federal government?
2. Before World War II, what was the key source of revenues of the federal government?
3. What has been the key revenue sources since World War II?
B) Consider Spending. Examine Table 3.1, "Outlays by Superfunction and Function."
a. In a paragraph or two, summarize recent and long-term trends in government spending for the following four functions: National Defense, Health, Income Security and Social Security.
b. Explain your reasoning for why these trends have been occurring in these areas
C) Select one other function from Table 3.1 besides those four considered in part 2a.
a. Explain your chosen function, its importance in the economy and whether it has been capturing growing shares of government spending or has been declining in recent years and why you feel that is the case.
Make sure you use correct spelling, grammar, etc.