I Dont Know The Topic Yet Example

I Don't Know The Topic Yet Example I Don't Know The Topic Yet â€" Essay Example > Budget of the United States of AmericaPolitics is the main culprit, with regard to the budgetary problems being experienced in the US at present. The following discussion proves this contention. As per Paul Harris in New York Reports, the condition of the US is quite depressing. It is undergoing a strengthening deficit, unemployment levels are at 9%, the economy is on the decline and China is steadily but surely increasing in strength. Even these dire straits have failed to unite the endlessly squabbling politicians. The Democrats consider Barack Obama to be an overwhelming failure (Harris, 2011, p. 38). Similarly, the Republicans have selected Mitt Romney as their candidate for the 2012 elections; and this is not to the liking of the conservatives. As such, the Republicans have fielded candidates who are grossly substandard (Harris, 2011, p. 38). In comparison with China the economy of the US is declining. This is the result of having voted an incompetent and ineffective Presiden t to power, as stated in this study. The general perception is that the system of governance in the US is ill equipped to address various problems being faced by the nation. The various checks and balances in the system seem to have crippled the entire framework. This inadequacy has been recognized at the international level, as evinced in the Standard Poor’s downgrading of the US rating. This rating agency categorically stated that there had been a significant weakening in policymaking and the political institutions of the US (Harris, 2011, p. 38). Elections in the US are influenced by money to a great extent. This has been coupled with a permanent campaign way of thinking. Thus, a considerable amount of money has to be spent by an election candidate. Industry has emerged as the most convenient source of such funding in the US (Harris, 2011, p. 38). In return for funding industry demands several favors and this has proved detrimental to the economy. The scale of the money invo lved can be estimated from the fact that in the year 2010, lobbyists incurred an expenditure of $3.5 billion, during the course of their activities. The corresponding amount in the year 1998 was just $1.4 billion (Harris, 2011, p. 38). This gross increase in expenditure reveals the despicable role played by politics. As such, politics was instrumental in generating the economic downtrend of the US. According to a news article by Kevin Carmichael, Obama made a proposal to contain the enhancement of taxes, by withdrawing troops from Iran and Afghanistan, and thereby reducing expenditure. Profits from business attract a tax rate of 35%, which is one of the highest in the world. In comparison, Germany imposes a tax of 16% and Canada 17% on business (Carmichael, 2011, p. A1). The Obama regime is not in favor of reducing this exorbitant rate of taxation. In fact he had proposed a $2 decrease in expenditure for every $1 increase in taxes. In order to lend credence to this claim, his admi nistration has included the $1 trillion that it expects to save by withdrawing from Iraq and Afghanistan (Carmichael, 2011, p. A1). Decreasing the budgetary allocation to the army will not provide relief from the enormous rate of taxes. As such, political will has caused untold damage to the US economy.