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Government monetary and fiscal policies change all the time These policies are installed or fixed for the betterment of trade inflation unemployment the budget or many other economic factors In my opinion it seems like two people have the majority of the control when it comes to forming these policies The first person who influences these policies is President Bill Clinton who proposes tax cuts to balance the budget Clintons budget proposal should be given to congress soon minimum wage increases or other legislation to improve the economy The second person who influences policy is the Federal Reserve Board Chairman Alan Greenspan who can truly destroy our economy by a slight miscalculation Greenspan is so influential that the mere speculation of his making a move can cause panic buying or selling in the open markets Alan Greenspan has the power to increase or decrease the money supply by changing reserve requirements by changing the discount rate or by buying or selling US Securities over the open market The major governmental problem is trying to balance the budget The United States government is currently in debt 5262697717000 as of February 7 This number grows about 10000 per secondsee charts 23and 7 President Clinton Chairman Greenspan and Congress are all working towards a balanced budget by the year 2002 As many economists explain the need is for legislation to keep the budget balanced for years to come and not look for a quick fix to balance the budget for only a few months to quiet critics The government takes steps constantly to balance the budget economists say that the chances of inking a deal this year are better than ever President Clinton has currently proposed an offer of 100 billion in tax cuts through 2002 These cuts are aimed at giving relief to middle class citizens A few of his other proposals include 50000 child tax credit tax deduction for post high school education increasing
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