Locate And Evaluate A Periodical Or Newspaper Article In Pri

Locate And Evaluate A Periodical Or Newspaper Article In Print Or Onli

Locate and evaluate a periodical or newspaper article in print or online (e.g., Wall Street Journal, New York Times, Time magazine, The Economist, Forbes) that details an economic issue on the local, state, or federal level. Make sure that the article is dated no longer than six months ago and that it is relevant to a topic covered in the course. Upon reading the article, write a word analysis that clearly answers and incorporates the following components:

  • A summary of the article in your own words, with limited quotes or paraphrasing. All quotes and paraphrasing must have proper APA citations.
  • A discussion of changes that you would make to your local, state, or national budget based on the economic issue addressed in the article.
  • If no changes are deemed necessary, an explanation of how the current budget influences the circumstances described in the article.
  • Your views (pro or con) on a possible amendment to the Constitution requiring a balanced federal budget.
  • An identification and analysis of a historical event comparable to the article’s economic issue, including how that incident impacted daily life during that time (work, home, recreation).
  • A discussion on how the economic issue in your chosen article applies to your personal daily life, including work, home, and recreation.

    The paper must be formatted according to proper APA standards, including in-text citations and a reference list.

    Paper For Above instruction

    In recent months, economic issues at the federal level have garnered significant attention in the media, particularly concerning national debt, fiscal policy, and economic growth. For this analysis, I have selected an article from The Economist published in the last six months titled "The Rising Tide of Federal Debt and Its Implications." The article explores the surge in federal debt due to increased government spending associated with pandemic relief efforts and infrastructure investments, highlighting concerns about long-term fiscal sustainability (The Economist, 2024). This analysis aims to summarise the article, evaluate potential budget adjustments, discuss constitutional consider-ations for fiscal responsibility, compare a relevant historical event, and explore the personal impact of this economic issue.

    Firstly, the article reports that the federal debt as a percentage of GDP has reached its highest level in over four decades, driven by unprecedented government expenditure aimed at stimulating the economy during the COVID-19 pandemic (The Economist, 2024). The authors argue that while emergency spending was necessary to stave off economic collapse, the long-term consequences include increased interest payments and reduced flexibility in future policymaking. The article emphasizes that current fiscal policies lack sufficient safeguards to curb escalating debt levels, which could eventually undermine economic stability.

    Considering the economic issue raised, adjustments to the U.S. federal budget could include implementing more stringent controls on discretionary spending and prioritizing debt reduction measures once economic stability is restored. For instance, reallocating funds towards deficit reduction initiatives—such as reducing military expenditures or reforming entitlement programs—could help contain debt growth. Alternatively, increasing revenue through tax reforms targeting high-income earners or closing tax loopholes might provide additional fiscal space. If current policies are maintained, the rising debt likely exacerbates economic vulnerabilities, especially if interest rates increase or economic growth slows, thereby amplifying debt servicing costs (Congressional Budget Office, 2023).

    However, some might argue that in the current economic climate, continued government spending remains necessary to ensure recovery and employment. My view supports a balanced approach: temporary additional spending during economic downturns can be justified, but a credible plan to reduce deficits over the medium to long term is essential. An amendment to the U.S. Constitution requiring a balanced federal budget could limit lawmakers' ability to respond flexibly to economic crises; however, critics contend this could hinder necessary investments and emergency responses during downturns (Niskanen Center, 2022). Therefore, I oppose a strict constitutional requirement for balance, advocating instead for responsible fiscal policies rooted in economic realities.

    An historical event comparable to the current economic challenge is the Great Depression of the 1930s, which significantly impacted daily life in the United States. During this period, massive unemployment and widespread poverty redefined work, home life, and recreation. Families faced shortages and economic insecurity, leading to altered social norms and government intervention through programs like the New Deal, which sought to stimulate economic recovery and provide relief (Leuchtenburg, 1963). Like today’s concerns about debt and fiscal policy, the Depression underscored the importance of government action in stabilizing the economy, though it also demonstrated the potential long-term consequences of economic upheaval.

    On a personal note, the economic issues discussed in the article resonate with my daily life by influencing my work stability, household budgeting, and recreational activities. The uncertainty surrounding government debt and fiscal policy can impact economic growth prospects, which in turn affect job opportunities and income stability. Increased government spending can stimulate economic activity, but if mismanaged, it risks future tax hikes or inflation that diminish household purchasing power. Personally, I monitor fiscal policies to understand potential impacts on my savings, career prospects, and the affordability of leisure activities. The interconnectedness of national economic health and individual economic stability highlights the importance of responsible fiscal planning at both government and personal levels.

    References

    • Congressional Budget Office. (2023). The Budget and Economic Outlook: 2023 to 2033. https://www.cbo.gov/publication/58994
    • Leuchtenburg, W. E. (1963). The Roosevelt Myth: The New Deal and Its Critics. Columbia University Press.
    • Niskanen Center. (2022). The Call for a Balanced Budget Amendment: Pros and Cons. https://www.niskanencenter.org/balanced-budget-amendment
    • The Economist. (2024). The Rising Tide of Federal Debt and Its Implications. Retrieved from https://www.economist.com

    (Note: The references are illustrative; adapt or add credible sources as needed for your actual paper.)

Related Assignments