A little over three years in, Obama’s presidency has been a turbulent affair, and that might be the understatement of the new century. While there hasn’t been any single scandal on the same scale as Tea Pot Dome or Watergate, and Mr. Obama presumably hasn’t been getting his winky whacked in the Oval Office by any unpaid interns, Republicans (and some Democrats) would be quick to point out that under his administration the federal deficit has ballooned to its highest level in history due to reckless spending on costly stimulus packages and bailouts and quantitative easing measures; foreign governments now own a higher percentage of our debt than ever; entitlement spending, the third rail which all politicians are loathe to address due to the strong potential for political backlash, has remained untouched in all the proposed budget cuts, which should be considered tantamount to putting a bandaid on a gangrenous, diseased limb; and the worst of both parties’ major tax proposals were enacted into law, allowing the rich and middle class to accumulate more wealth while neglecting the funding for programs that benefit the lower class.

For all its aches and pains, some good has come from Mr. Obama’s time in office. For one, the intensity of political warfare has turned itself down a few notches. Republicans willfully sat next to Democrats in a rare show of bipartisanship at the State of the Union (and while this can be directly attributed to Rep. Gabrielle Giffords’ attempted assassination, rather than Mr. Obama himself, it certainly bodes well for both parties and can do nothing but help the president attain his goals). Active combat in Iraq is coming to a close, freeing up a large and controversial wedge of the federal budget pie chart for more virtuous endeavors. The framework for a universal healthcare system is now in place, even if it is far from functional or efficient in its current form, and its failure in the short term would be attributed only to the Republican opposition. A new agency has been formed to oversee the complex world of derivatives and other “new” financial instruments in an effort to prevent the unlawful and unethical packaging of toxic assets that ultimately caused the financial crisis.

Yet, despite these positive steps, a large portion of Democrats still are disappointed with their once-beloved candidate due to his failure to follow through on some of his most important campaign promises, most notably the demise of the public option and the closure of Guantanamo Bay. However, disillusioned Democrats need to understand the nature of the political beast in order to understand these failures.

First, when Obamacare was passed, millions balked at how Mr. Obama “dropped the ball” on the public option. Advocates of the option believe that a government-sponsored plan would have enough clout to lower market prices and make the system cheaper and more competitive, which, in theory, would address the ballooning cost of Medicare. Opponents believe that the government has no right to enter the marketplace as a competitor, and that the most efficient healthcare program is one that facilitates the most widespread and inclusive competition possible through interstate insurance exchanges. (Rep. Ron Paul, a strict adherent to free market economics, once sponsored a bill that would prevent the federal government from operating state-owned enterprises in direct competition with the private sector; while the bill went where all unnoticed bills go to die, this is a good illustration of the free market principles that are seen as incompatible with the public option).

The option was lost because of a compromise inside the Democratic Party. The fact of the matter is that there were many democrats who would vote down the bill if it was left in, and far fewer who would vote it down if it left out. In the end, the bill won by a margin of five votes (with one Republican, surprisingly, from Lousiana). If the bill hadn’t compromised on what the majority of Democrats saw as a superfluous mandate, it wouldn’t have passed at all.

The poster child for broken promises among fans of human rights, however, is unequivocally Guantanamo Bay. The President began the process of closing Gitmo almost immediately after he assumed office, but he soon ran into several setbacks. First, after he issued the executive order to have the prison closed within a year, it was discovered that many of the inmates didn’t have certain documents in their files essential to their defense and prosecution, and the procurement of these documents would take months. Second, the reality is that these prisoners would need to be transferred to the mainland, and while the majority of Americans support the closing of the prison, nobody wants these people anywhere near them. The governor of every prospective state to which the President has tried to transfer them has vehemently opposed the prospect of housing war criminals in their jurisdiction. Third, Congress has blocked funding several times for the transfer of any Gitmo prisoners inside American borders because it believes the prison serves an indispensable purpose–to prevent the detainees from being treated with the rights of normal citizens or war criminals, a view that has become quite contentious. The political hurdles for the President have thus far been insurmountable, but certainly it is not from any lack of effort on his part.

To blame the president for at least these unkept promises is not only unfair, but it reveals ignorance of our political system. Indeed, if the president were able to accomplish everything he wanted without a system of checks and balances from those with opposing viewpoints, we would have far more serious problems than Guantanamo Bay. In any case, it is clear that the original Obamacare bill will not remain intact; Republicans have displayed earnest perseverance when it comes to opposing “socialized” medicine (or socialized anything, for that matter), but eventually there will be some kind of middle ground reached. Social Security was passed on partisan lines, but it ascended into political sacrosanctity, and very few politicians are willing to touch the program nowadays (though it will be necessary to implement new expenditure rules in the near future; the debt ceiling bill made sure of that one). Similarly, Gitmo will see its demise in due time. Once all of the current detainees are tried we will be well on our way out of Afghanistan, if not out altogether, and there will be less of a necessity to keep so-called “enemy combatants” without a war to justify doing so.

A plan for income and expenditure over a future period which is supposed to achieve stated objectives – in a government’s case raising taxes and other revenue and spending to provide services such as defense, education or social security

What is Union Budget?

Union Budget, which is a yearly affair, is a comprehensive display of the Government’s finances. It is the most significant economic and financial event in India. The Finance Minister puts down a report that contains Government of India’s revenue and expenditure for one fiscal year. The fiscal year runs from April 01 to March 31. The Union budget is preceded by an Economic Survey which outlines the broad direction of the budget and the economic performance of the country. 

The first budget of independent India was presented by R.K Shanmukham Chetty on November 26, 1947. Morarji Desai has presented the Union Budget for the maximum number of times (8 times).

The Budget is the most extensive account of the Government’s finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget. It also contains estimates for the next fiscal year called budgeted estimates. Barring a few exceptions like elections – Finance Minister presents the annual Union Budget in the Parliament on the last working day of February. The budget has to be passed by the Lok Sabha before it can come into effect on April 01.    

he Union Budget highlights the receipts and payments of the government under three accounts:- 
Consolidated Fund: It is the main bank account of the government. 

Contingency Fund: It is the amount kept in reserve to guard against losses. 

Public Account: Accounts which have funds provided by the entities of government.  

Formulation Of Budget

The “Budget” or the annual financial statement is one of the most important documents of the government whether democratic or socialist. n It is a statement of estimated expenditure and receipts of the Government. The annual financial statement goes through a multi stage procedure where each of the players has its own significance. Before going into the detail as to how this annual statement is prepared, it would be better to take a peek at its long cherished history.  The term ‘Budget’ was derived from  the English word “Bougette” meaning “Sack or Pouch”. It was a leather bag used by the British Chancellor to keep the documents to be presented to the parliament.    

Various types of budget are prevalent across the globe.

 Line item or traditional or incremental Budgeting :- This is a system where the different items of expenditures are mentioned in separate lines.

EFFECTS OF Union Budget  Performance Budgeting :- This type of budget emphasizes on the purpose of expenditures rather than listing down the items of expenditures.

 Programme Budgeting (PPBS):- In this type of budget, the best alternative is selected out of a number of alternatives.

 Zero based Budgeting (ZBB):- Budget here starts with a zero base. The departmental demands are reviewed comprehensively and all items of expenditure are approved.    

EFFECTS OF Union Budget    

The union budget also announces policies and it tells about the government’s economic thinking. It also determines activities such as exports and foreign direct investment. The Union Budget has both short and long term effect.

Short term effect is due to the taxes levied and prices determined. The announcement of Income Tax has a big impact on the salaried people, who have fixed income. IN the long run, the main factor is inflation. If the government goes on printing notes to pay off its debts then it will assist inflation.      

Roughly
Experts warn on couple Problems That Their partners have small habits, habits That Often Mean CAN it can be the Starting point in a dispute. Long Marriages owned That last time, made ​​up of happy couples, is based on excellent communication. Of course I have Facing small tissue pairs Biological differences, But the key to solving just sit in Them Being Able to Settle and resolve, patience and tact.

Many couples therapy sessions is based on the Principle of “active listening, Providing feedback is positive Arguments That spouse. However, eventual therapy sessions not are sufficient to resolve misunderstandings Some irreconcilable Considered by the couple. It Takes patience and availability for communication. Therefore, WHERE tissue in Cases Requirements Are Not Met, Marriages owned fall apart, leaving the bitter taste of Both Partners.

In Couples Who very well get Along, There has Several Aspects That Influence the well-being. First, the small gestures.Small, But frequent! In Addition, Matters and feelings of friendship, mutual respect, trust, intuition Needs the other. the If Some Dilemmas Note: Simply CAN BE addressed, it is good to know When to yield. Learn how to identify issues on Which Both CAN thos resonance. Talk about Them and Their find answers.

A long-term relationship, happy, is all about the desire to know your partner very well, to Be a real support for Him, and to Provide a relaxed atmosphere in Two. It is good to know That for Every Thing That Makes Him negative One of the partners, Will Take Five Other positive facts on HIS side to offset. Be kind, Even if you’re nervous. It’s hard to keep your temper after missed heh Several times, But if it is not a major problem and patience taactul CAN help rebalance the relationship.

A happy marriage is mutual respect
Showed That the inquiries we’re happy couples, the People Involved is much more glib, more communicative and easier Interactions ESTABLISHED Have a SUCCESSFUL business. The key to success nunui happy marriage consists of a positive approach to issues of conflict. Most times There is That Fights Never Fails to find consensus, so it is best to accept and to always Be open and optimistic.

Another aspect That is good to know That is unhappily married men is less Willing to communicate and talk about thos Than Their Problems Involved in Relationships happy. They leave the room in Which Often Takes like discussion, and is reluctant to partner confesses. This problem of communication Must be resolved as they keep off their feelings of helplessness and frustration inside, Which Amplify Nothing But does the state of nervousness.

What kind of couple tailor?
Myers-Briggs test is a Useful Tool When it Comes fioarte diagnosis typology about the couple’s relationship. Thus, couples of can determine if they have sentimental or pragmatic Penetrating or open, or flexible. tissue facts once ESTABLISHED CAN Provide a comprehensive overview on the relationship and how best to approach conflict. Another critical aspect in achieving happiness of the couple is looking into the future. Trying to see things through the eyes of your partner can do wonders. Also, Another type of Serious That May Find Their resolve conflict is to Discuss misunderstanding over the telephone. Thus, to all non-verbal cues Avoid That Might indicated disgust, excessive nervousness or unavailable in the Dialogue. Thus see Him She or Will Not Staring at the ceiling, and HE Will see Various grimaces of her note.

Step by step troubleshooting
Conflict is normal, and a Dose of eventual conflict is beneficial from time to time. Therefore, What is important in a marriage is the way you find solutions, not how they end strife, or how to Establish Guilt. Need to stay calm, so That misunderstanding is not resolved Note: When anxiety exceeds permissible Limits. It’s good for partners to wait a while and THEN resume discussion, matching things in a different perspective.

How to resolve Conflicts?
1) To initiate discussion Without threatening look! Be nice! Note address you Directly, Using insulting words or appellations!

2) HIS points to Certain Aspects of Behavior, and Do Not reproach Defining Certain traits! the If the Claim WAS wrong, reminding Him What HAS upset you and What you want to change the attitude of the partner.

3) Your Opinion formulated in a neutral Manner Without resort to the shortcomings of Behavior That signal! Do Not accu, But rather expose off their complaints.

4) Keep your cool! Studies That shows how you feel calmer with, the more you’ll Be Taken Seriously by your partner more. Not intimidating, Even if you know you’re right! Clock Can be the solution to achieving happiness in the marriage.

5) When you feel angry too much, take a few minutes to break! Not unreasonably extend much time for your partner Will Feel Excluded, and has views HIS That Will feel unimportant.

6) Do Not raise questions in the evening or night! People is tired, and feel the Need to relax, not to find solutions to disagreements. Also, note year argument does Before Handing Over Any project at work. Sudden quarrel can affect you much , as Possible incomodand work.

7) You and Remembering HIS Opinion, if you want to go Smoothly Everything!

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 In a country where many are unemployed and majority cannot feed properly, this is what those voted into political offices have to offer very fat allowances.

 Nigerians became aware of this fundamental greed last month by the Central Bank Governor (CBN). This has made many Nigerian asking questions about the seriousness of the legislators.

Funnily enough it was estimated that between 25% of the country expenditure is being consumed by our legislators. Hmm a whopping 25%, the irony is that these legislators are the same set of people that are supposed to pass laws checking reckless financial spending no wonder our domestic debt has risen astronomically.

When the legislators are consuming so much of the country revenue then the nation has a problem. The first being insincerity on the part of our political officers, it shows that all present National Assembly members are hell bent on milking the coffers dry before their tenure ends next year.

No wonder over the years the country has witnessed so many assembly fights where the respected house has been turned into a boxing ring. Displaying the wrong side of the nation, thereby; adding to an already corrupted template.

Financial and political experts have already called for a down sizing of the greed , they nation has been told that we as a country can no longer continue like this as it will lead to an economic comatose. That’s if we are not in it already.

It’s also in this vain that calls have been made for their expenditure to be cut, it’s now let wait and see if they truly love the country by agreeing to this. It has to be cut so as not to stall growth and development of the country’s economy.

Nigerians would not be surprised if the CBN governor is hackled by the legislators, they appear to be a bunch known for cutting anybody that dares them on the cash. The CBN governor is just another voice lets not forget the INEC Chairman who was told that he talks too much.

The obscene remunerations members of the national assembly as at last year is as follows; a senator earned 240million Naira in salaries and allowances while  a house of representative member 203,760 Naira ,i.e. a senator earned $1.7million and a house of representative $1.45million.  All these in struggling economy where the citizens are being asked to sacrifice more. It seems as if only the poor has what he/she must sacrifice while the politicians have to live in opulence, at the expense of the majority.

When their salaries are compared to those of a United States of America and a British parliamentarian it only goes to point out how greedy a Nigerian politician really is.  An American senators earns 174,000Naira while his British counterparts $64,000 annually.

Even Obama’s annual salary is $400,000 a year and our own senators are on $170, 000 yearly British Prime Minister is on 190,000 pounds yearly.

The nation is saying enough is enough , it’s time the greedy are thought a lesson to act as a precedent for new ones that want the coveted office.  The country is facing dire financial straits and the political leaders cannot even sacrifice 10% of what they earn.

I’m sure all Nigerians including the legislators know that basic amenities are still lacking across the nation. Senators and House of Representatives member please show your patriotism by caring.

Odyoba@gmail.com

According to the  financial services firm, more than half (57 per cent) of adults state that they are set to reduce their expenditure this Christmas.It was also shown that 38 per cent of people are looking to spend less than 500 pounds this Christmas, with 36 per cent looking to splash out somewhere between 500 and 1,000 pounds.

One in ten, meanwhile, stated that they are to curb spending money on Christmas decorations, with 16 per cent looking to avoid going to festive parties to help save money. The building society also revealed that just under of half of people are to buy less food or reduce the number of meals out they go for.

As the ” Financial Services Review” advised the people to cutoff the expenditure by some really healthy measures like Avoid using credit cards & Reduce spending on presents

So,Its better to give away some charity rather than spending it only on one-self’s happiness…. says “better budgeting.com”

How does a government regulate (up to eliminate) unemployment and reduce (up to control) inflation?  Economists would suggest a fiscal stimulus, namely:

1. Increase (level up) government spending;
2. Induce (implement) tax cuts; and
3. Upgrade (increase) income transfers.

A fourth (4th) minimal factor is to maintain private spending (expenditure) level.  They all act simulateneously to affect unemployment.  On the other hand, the use (imposition) of fiscal restraint, namely:

1. Impair (lessen) government spending;
2. Deregulation on tax hikes; and
3. Decrease (reduce) income transfers – would positively affect inflation.

The fourth (4th) factor is to increase according to percentage level of taxes the private expenditure (to counteract inflationary effects).

Have these two (2) giant banks considered full employment equilibrium? Such that case render – all other leakages (extra spending) and injections (extra income) in balance effect appropriately to achieve (or maintain) a balanced budget.  Bear in mind, when government spending (outlays) top-up (exceed) receipts (revenues), deficits in budget arise (occur without notice) while when government receipts overlay against spending, a surplus in budget prevails (exist without exageration).  Obviously, America’s spending became too exorbitant.  But where did it go? You guess.

One needs to plan well always, control expenditure through regular budgeting, have a tendency to save, and look for opportunity to make money through honest ways. One also should be contented and not greedy. What we see is certain people at the helm of affairs and authority try to make money in all possible ways by hook or crook and in several unscrupulous ways just to leave enough wealth/assets to their kith and kin for generations to come. Take it for granted that such persons will not have good sleep and always will be dying every day. The reason is that they are not contented. Similarly, some squander money to enjoy life without providing for old age or their later years. Money is very much necessary but it is not everything. Try to have that much money or assets that keep you contented to lead a happy life till your end. Do not bother to leave back enough wealth. Instead provide good education to secure good jobs to your nears and dears and that too through your lawful earnings.

What I did after leaving my job was to plan my future. I had to shift my family to a place where my cost of living was less but where good education facilities were available for my sons. After providing for this essential expenditure, I had to provide for my recurring monthly expenditure. I had taken a house on rent near the school of my children so that I could curtail expenditure on their transport. The house was a small one but comfortable with affordable rent. I had invested part of my resources in a savings scheme that yielded regular monthly interest to take care of the rent, school fees, milk, groceries, newspaper, electricity charges, telephone bill etc. I provided 80 % of my interest for these, 10% for any untoward expenditure and 10% as savings. I used to either save 20% in case there were no untoward expenses during the month or used to spend the amount ear marked for saving if the expenditure was unexpected. The remaining part of my resources were allotted as follows – a part of it was deposited in fixed deposit fund earning cumulative interest so that it matured at appropriate time with the amount needed for the higher education of my sons. A part of it was spent on premia on insurance in such a way that I could get a lump sum every year after the 16th year. It is advisable to take several policies for smaller amount on maturity with monthly premia instead of insuring for a heavy amount with a lump sum as premium. In the longer run this is economical and useful. It provides you regular income every year. It may be spent for higher education of your children or for their marriage. The remaining part, I invested in mutual funds and equities so that I could try my luck. Fortunately, the yield was better. Further this way you can not only make money honestly but also a good amount if you are shrewd enough. In short, you should plan for savings on shorter as well as longer terms.

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If I ask you to reduce the length of a straight line without touching it, you may ridicule me. But determined people will certainly do so by drawing a bigger line over it. Thus, you should always consider your problems trivia so that you need not get upset but trample over them. What is needed is a strong mind to surmount anything that impedes our progress or future and a positive attitude. When I talk about this, I remember a power point show that narrates the list of prominent personalities whom you can adopt as your role model as they had faced plenty of challenges but had overcome all those shortcomings and achieved success, name and fame. They are:

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Besides there are persons like Prof Stephen Hawkins. By reading the lives of at least a few of these, one can understand how one’s sufferings are nothing compared to what they had endured and come over.

Let me conclude with the famous saying of Lord Budhdha: “Desire is the root cause of all sufferings.” Try to have less desire, be contented and have clean habits. Then the life will appear to be enjoyable.

Concluded

An income is in equilibrium where aggregate expenditure equals the output. If the aggregate expenditure is greater then output firms will have to use more factors of production to meet the conditions. This would result in an increase in GDP.

If aggregate expenditure is less then the output, firms will reduce production and use of factors of production would reduce. This would decrease the GDP and the employment of resources.

Aggregate

Expenditure 45 Degree C+ I + G + (X-M)

Expenditure = Income

Money GDP

The 45 degree diagram above is a often referred to as the Keynesians 45 degree diagram, the diagram measures money GDP on the horizontal axis and the aggregate expenditure on the vertical axis. The intersection between the 45 degree line and the

C + I + G + (X-M) line show the point at which aggregate expenditure equals national income (GDP). It determines the level of output to be produced in an economy.

Aggregate 45 Q1

Expenditure

Q

Q2

Money GDP

In the graph above the movement from line Q to Q1 may be due to and increase in consumption and investment, this may be due to consumer and entrepreneur’s decision about being optimistic about future conditions for example boom/growth. Aggregate expenditure would rise and output would increase, resulting in an increase in GDP.

The downward movement of Q to Q2 might be due to an expectation of recession or a slump in the economy the expenditure would fall thus output will also fall.

These movements in the C + I + G + (X-M) line might also be influenced by business optimism, expansionary and contractionary policies, interest rates, changes in technology and capital costs, changes in consumer demands, tax rates, decrease in domestic prices for goods, availability of credit, increase or decrease in the buying power and government subsidies.

C= Consumer Spending

I= Investment

G= Government Spending

X= Exports

M= Imports

Q = C+ I + G + (X-M)

Q1= C+ I + G + (X-M) 1

Q2 = C+ I + G + (X-M) 2

In modern times public finance includes four major divisions: public revenue, public expenditure, public debt, and certain problems of the fiscal system as a whole, such as fiscal administration and fiscal policy.

Public finance, like economics, generally deals with people, and this means that many of its problems depend on human behaviour which is the subject matter of psychology. For example, taxation requires a study of human motivation.

Should a government’s budget present a balance sheet of assets and liabilities as well as an operating statement of current income and outgo? In arriving at the net income of a firm for tax purposes, it is customary and logical to allow a deduction for depreciation on the capital used by the firm. The concept of income, playing a major role in public finance literature, is an accouting concept.

Public finance also involves may legal problems. There are many cases where public finance and law overlap.

Economics deals with the administration of scarce resources to satisfy human wants. Since, it is the function of the state to satisfy the wants of its citizens, the issues involved in taxation are a part of economics.