U.S. Deficit and Surplus and How It Affects Taxpayers and Future Social Secrurity Essay

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Taxpayers
The United States’ deficit, surplus, and debt effect taxpayers greatly. The deficit affects taxpayers because when the country is running a deficit it means that the supply of money is low. The taxpayers are called upon to alleviate the low supply of money that the government uses to run. A surplus affects taxpayers because even though the country may be running a surplus and taxes decrease, they are still there. The citizens of the country will still be required to pay taxes even if there is a surplus. The country’s debt affects taxpayers the most because it is the tax revenue that is used to pay off the debt that the country has gotten itself into.
  * Future Social Security and Medicare users

The United States Federal deficit is the result of government spending greater than revenue received for that year. Each year, the deficit is added to the debt gets bigger because it adds the money that the federal government loans to itself every year.   One of these loans is the money that comes from the social security trust funds, which is took in the form of government account securities.   These types of loan do not affect the government deficit because they are within the government; however, it could affect Baby Boomers as they retire.   When people retire they claim their retirement benefits decreasing the social security funds.
The disability insurance and social security funds are not part of the government budget and definitely not counted as revenue. These funds are under a separate account handled by the department of treasury, which help to track income in and out of the trust funds account. In addition to tracking incomes, the trust fund “provides automatic spending authority to pay monthly benefits to retired-worker (old-age) beneficiaries, their spouses and children, and to survivors of deceased insured workers” (social security, 2011).
  Taking into consideration the damage of the economy and the high level of unemployment, it will be more...

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U.S. Deficit and Surplus and How It Affects Taxpayers and Future Social Secrurity. Anti Essays. Retrieved November 24, 2014, from the World Wide Web: http://www.antiessays.com/free-essays/U-s-Deficit-And-Surplus-And-How-400317.html