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Example research essay topic: Washington D C U S Economy - 1,289 words

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... areas will help to restore these incentives for economic growths. Rapid technological change is resulting in serious employment dislocations, which deny us the full stimulus to growth which advancing technology makes possible. Labor and industry have demonstrated cooperative initiative in working out solutions in specific plants and industries. Government action is also necessary not only to maintain an environment favorable to economic growth, but also to deal with special problem in communities and industries suffering from economic dislocations and to help those who through unemployment are bearing an unfair share of the technological change.

Government can further help by encouraging labor and management to find ways to smooth the adjustment to technological change and thus to maintain and reinforce the favorable attitude toward economic progress that characterizes American business and labor alike. The economy was performing poorly when Kennedy took office. Just how poorly was a matter of dispute which often followed party lines. Within a matter of days in January 1961, former President Eisenhower and President gave Congress widely differing views of the state of the economy, the former cautiously optimistic, the latter pessimistic.

It was clear by the end of 1961 that the economy was picking up, although unemployment persisted near 7 % until November and the continuing balance of payments deficit and gold loss caused concern. Despite the pick up, debate continued throughout the year about several important long-term problems affecting the U. S. economy. A relatively slow rate of economic growth compared with many other Western nations, the precarious state of price stability, the persistent problem of the U. S.

international balance of payments and the continuing high rate of unemployment characterized by the tendency for unemployment to level off at a higher rate after each recession than before. An additional problem was the widespread existence of pockets of especially heavy unemployment to which the 1961 Area Redevelopment Act had been addressed, caused in some cases by the decline of an industry, in others by decreased use of manpower as a result of technological innovation, in still others by the general economic underdevelopment of a region... Kennedy in his first economic report told Congress that the American economy in 1961 regained its momentum and the recovery should carry the economy further toward full employment and full production in 1962. He used this report to amplify the economic philosophy that the Federal Government has a responsibility to play an active role in fostering and sustaining the nation's economic growth. The U. S.

economy rebounded in 1961 not fron one recession but from two. Throughout the year the federal budget had played its proper role as a powerful instrument for promoting economic recovery. Tax proposals were presented as a first step in reforming the U. S. tax system. The major uncertainty in the revenue picture was predicting how the nation's GNP would perform over a period ending 18 months from the time the budget was submitted.

Since corporate income in particular was extremely sensitive to GNP fluctuations, the assumption that the nation's output in goods and services would perform over a period ending 18 months from the time the budget was submitted. Since corporate income in particular was extremely sensitive to GNP fluctuations, the assumptions that the nation output in goods abd services would increase at least 8 percent during fiscal 1963 was generally regarded as the most likely threat to the President's precarious budget balance. Congress in 1963 was unable to complete action on an $ 11. 1 billion omnibus tax reduction and reform bill, but passage appeared assuredly by summer 1964 or so. Tax revision was Kennedy's top priority legislative request in January, and shared that position with civil rights after mid-year. The President's tax program called for across the board reductions in personal and corporate income taxes and a variety of other reforms in the tax structure that would have reduced Government revenues by 10. 3 billion annually.

Kennedy initially urged enactment by summer so that the tax cuts would be made effective beginning July 1. The impossibility of meeting this schedule became evident as the House Ways and Means Committee's hearings on the proposals stretched from February to March. Weeks of executive sessions followed before the Committee began to make decisions on specific proposals. The Committee did not finish drafting the bill until September. It was reported three days later and passed by the House by a roll call vote. Congress in 1963 failed to complete action an Administration backed bill establishing two programs to provide employment for youths aged 16 through 21.

Although passed by the Senate and reported by the House Education and Labor Committee, the bill was blocked from reaching the House floor in 1963 by the House Rules Committee's failure to grant it a rule for floor debate. A similar Administration bill had suffered the same fate in 1962 in the House Rules Committee. The literature in economics during 1963 reflected policy questions of the day. Kennedy proposed tax cuts of $ 11, 000, 000, 000 stimulated discussions concerning fiscal theory, and continuing deficits in the U. S. balance of payments focused attention on international liquidity.

The notion that a tax cut is an effective weapon for raising the level of employment and economic growth stems from the fiscal theory that originated in the 1930 's as part of the macroeconomic analysis of J. M. Keynes. Starting from the principle that employment and national income depend on total demand, which in turn depends on the sum of private and public spending, Keynes advocated increases in public expenditure to fill the gap left by private spending. In contrast with the Keynesian emphasis on increased public expenditure, the 1963 fiscal programs were signed to encourage private spending. Reduced personal income tax rates raise personal disposable income and enable individuals to use more for consumption; reductions in corporate income tax rates increase after tax profit rates and provide an incentive, for business to invest in planned equipment.

Deficit spending generates income and employment reduces the gap between potential and actual cost of national production. In both formulations deficits are viewed as temporary since the rise in national income is expected to bring an increased yield which will eventually balance the government budget. In 1963 the President's Council of Economic Advisors pointed out that recoveries from World War II had been characterized by progressively higher unemployment rates at the peak of successful expansions. Kennedy's speech in 1962 put forth the basic arguments for his still secret tax program that he and Administration spokesman were to repeat throughout 1963.

The central problem in the economy was that our tax system then exerts too heavy a drag on growth. Slow economic growth and unused productive capacity since 1957 was proof of this excess in public expenditures. I think that Kennedy was an exceptional President and the economic contributions he made to our country are still appreciated today. I think that for the minority population he stated an upward trend as it relates to more jobs, more minority appointments and the opportunity for black owned businesses. In spite of the resistance he encountered, he still persevered. Making structural changes in the tax system was a major complication in the administration's tax program.

Kennedy stressed the tax reform would be an important part of his program. When the economy remained sluggish there were some feelings that the administration might be willing to trade reform for early enactment of an economy stimulating tax cut. Congressional Quarterly Alamanc-Henrietta and nelson Poynter-Copyright 1961 by Congressional Quarterly, Inc. Washington, D. C. Congressional Quarterly Alamanc-Henrietta and nelson Poynter-Copyright 1962 by Congressional Quarterly, Inc.

Washington, D. C. Congressional Quarterly Alamanc-Henrietta and nelson Poynter-Copyright 1963 by Congressional Quarterly, Inc. Washington, D.

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