Soppose you are given the job of eliminating the federal debt in ten years. Provide an...

Soppose you are given the job of eliminating the federal debt in ten years. Provide an organized outline of the measures you will take to acomplish this. ( brief answers )

Expert Solution

There are several steps I will take to decrease the Federal Debt.

Decrease the Deficit: The higher the deficit the more the debt the government has. TO decrease the debt we have to increase the generation of more debt. This is possible only after reducing the deficit.
Adopt austerity measures: Government expenditure on functioning and welfare have to decrease, we need to give less cash out for retirement plans, unemployment compensation etc. Austerity measure will further decrease the debt the government has. Any unnecessary expenditure by the government has to go.
Increase the Trade: This might include depreciating the currency and promoting the trade with the outside world. The more we trade the better it is for the economy as we are earning more revenue from it which will help us reduce the debt.
Increase the Tax recovery: Government function on taxes, the more taxes we have the lesser the government need to borrow and lessen the debt. Start recovering the taxes to reduce the debt.

Rahul Sunny answered 1 year ago

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