Dear future President:
I think that this country should have a much better economy than it does now. One way to do this would be to cut taxes by a sizeable amount but not too large, as this would cause more money for people to spend to consume more goods and/or services. Higher consumption results in more money being put into circulation, which should improve the economy greatly. Also, with more money to be had, we can slowly start to pay off our debt, but it would still take a long time, possibly more than 10 years. Another way to build our economy is to invest in finding more natural resources (but not too much investment), so we could sell more goods and produce goods and services in higher quantity and quality. Doing this would increase our gross domestic product and create more well-paying jobs.
To explain tax cuts more, I would like personal and corporate taxes to go down, because when these are lowered, then people will have more money to spend, as well as businesses being able to invest in goods to keep the business alive. Also, small businesses as well as large ones would use that money to hire more people and create many more jobs. However, income tax cuts wouldn’t be as effective as payroll tax cuts, because people save extra money, where payroll tax cuts would cause corporations to hire more people without increasing their payroll budget. Income tax cuts aren’t as effective because most people save the extra money, instead of that money going into the economy. Tax cuts in general can be good or bad, but it’s just how people use the tax cuts to their advantage, but to help them do it the way that is best, try to cut the right type of taxes.
When consumption is raised in amounts that are fairly large, then shopping taxes would give the government more money to function. Also, when businesses have more money to afford goods and services, then they can try and advance the quality of old products, as well as develop new ones. When this happens, then those products would be released at a high price, and the shopping taxes would be a certain percentage of that price. The government would receive more money, however, to boost the economy, the government would also have to put money into circulation. Consumption can and sometimes is a very crazy and undeterminable factor, but it should be crazy and undeterminable in high amounts.
Natural resources are one of the most important things that keeps our economy running. This is because that natural resources are easily found, but they are expensive because some of our technology isn’t advanced enough for us to find the best way to use these natural resources. However, if we were to invest in finding natural resources, and we found some, then we could sell them and increase our GDP by as much as possibly 6%. Our country would also be able to sell those resources to other countries, and then we could start to pay off our debt. Resources can be rare, common, or they can even seem like they are completely exhausted in some areas, but, no matter what, they will always be there in any shape or form.
In conclusion, I have presented my ideas on how to boost the economy, both in small and large ways. Most likely, these ideas also have bad sides to them. This is because: cutting taxes by amounts that are fair-sized, putting more money into circulation, and investing into finding natural resources (but not investing too much). They are all reasons that are alike and different, but they all are supposed to achieve the goal of boosting the economy. If these reasons are applied, then boosting the economy should be much easier, and should help the economy greatly if applied.