#2

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Henry Ford College *

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151

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Economics

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Feb 20, 2024

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Uploaded by ConstableOkapi929

BEC 151-98 Extra-credit activity #2 1. Title of the article : “ How is America’s distaste for government spending working out for us? ” 2. Date of the story : Updated on 20 June 2019. 3. Source of the story : minnpost.com . Eric Black. https://www.minnpost.com/eric-black-ink/2019/06/how-is-americas-distaste-for-government- spending-working-out-for-us/ 4. Summary of the story : In US political culture there is a deep bias against government spending in general. Social Security, Medicare and Medicaid are good addition to the safety net, but these programs are small compared to what others prosperous nations provide to their citizens, such as basic health care, and income to the poor and elderly. According to the OECD (Organization for Economic Cooperation and Development) USA is the number 1 among the nations members of the OCDE with the highest portion of the population living in poverty. 5. Core economic principles or concepts that relate to this story :  Government spending.  Welfare.  Safety net.  Contribution to the GDP. 6. Your commentary on the story utilizing the principles or concepts you identified in part 5 and any other economic material you deem relevant : As we have seen in Chapter 7, USA is one of the richest countries in the world. However, from the members of the OECD, US ranks number 1 with the highest portion of the population living in poverty . We have seen that in a recession, the welfare programs are an automatic stabilizer of the economy. The US government should dedicate more funds to increasing the welfare of its citizens and diminishing the funds that are invested in military defense. The OCDE consists of 36 member nations, and USA ranks number 1 in military spending. The budget for military spending in the USA is $686,074,048,000. 7. Follow up question in response to the story: Why is the USA spending so much in military spending? If the government spending is increasing the GDP, and increasing the level of life of the US citizens, why is not this wealth returned to the citizens in the form of welfare programs?

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