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Essay sample - Macro economics
Pages 8 (2008 words)
They would present various statistics that document the need for the program. They would argue that non-governmental action were inadequate or impractical to…
Underemployment and unemployment has had very damaging effects to the social and economic fabric of Europ. Underemployment is an immense social evil and a colossal economic waste. Unederemployment leads to an enormous degree of personal hardship and misery. It also destroys familial relationships, breeds racism and sexism and paves the way to social disintegration. Undermployment is the primordial factor for the alarming growth of inequality and poverty.
The aggregate expenditure of the United States in the 1980s were focused on pension provision, education public works, defense spending and healthcare. Education expenditure in most developed countries constitutes 6% of GDP. Private expenditure in education adds two/thirds of a percentage point. United States private spending in education equals 1.6% of GDP. Higher levels of education expenditure reflect the importance attached to education at the policy level and also at the individual levels. Education is helpful for economic and social progress. Between 1970 and 1988 real spending in education had increased by 50% in the US.
Numerous public works projects show a favorable benefit-cost ratio. Lifestyle improvements in transportation and communications help citizens enjoy a better lifestyle. Defense expenditures help protect democracy in America and around the world. A portion of the aggregate expenditure also goes to the payment of interest on the national debt. As a result, consumption outlays usually dominate the Federal budget and state budgets.
The table indicates that, as a component of total state spending, state education and health/hospital spending have experienced a slight relative increase over time, while highway spending has declined dramatically, and public welfare spending has experienced a large relative increase. For local governments, the shifts have been toward health and hospital spending and away from education, highway and public welfare ...
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