The U. S. Government has spent the most money on transfer payments and fees paid to people. Expenses for Social Security and Grants in Aids come next as the most spent upon by the U. S. government. The budget of the Bush administration allots fees for the both defence and non-defence consumptions of the nation, the country’s Medicare program, provisions for retirees and other citizens belonging to the aged population, and for the Medicaid program. The least of expenses are for foreigners and paid net interests and subsidies.
In the recent years, budget deficit of gross domestic product are high in percentage amounting to a -1. 4% up to a -2. 4%. However, for the past ten years, until today, the U. S. government has lessened its percentage, and reached its highest amounting to a-. 9%. (Infoplease, 2007) The government of U. K. implements annual spending reviews wherein the revenues and the expenditures of the nation are studied and analyzed to guide the present administration in its leadership and influence on the economy of the country.
Spending reviews in the recent years have improved the prioritization of the U. K. government of certain plans and agreements that would provide for the needs and the demands of the British population. The country’s educational system, health care program, transportation means and ways, and fairness and justice to lower crime rates. Spending plans and agreements for public service were are being made after the spending review to provide for the most pressing needs and the priority of the government of U. K.
(HM Treasury, 2007) Living Standards Besides the good presentation of the U. S. government in their statements and claims, others have seen the decline of the standards of living in the country during the previous years. The increase in sales prices, the stationary condition of salaries, and high amounts of debt encircle this idea as people continue to claim the failure of the government to provide for high standards of living in the country for the American population. (Spencer, 2006) On the other hand, the U.
K. has been popularly known to overshadow the living standards in the U. S. due to the increase in the amount of GDP for the British population. It is said to overshoot the GDP of the U. S. The U. K. has also set their priorities as a nation that looks after its citizens by making possible longer holidays and free healthcare for all. The salary of the average Briton is also said to have increased compared to their salary in the past. Moreover, the pound has been showing its strength against the dollar recently.
Therefore, the economic status of the country is proven to have gone over that of the U. S. (Smith, 2008)
References Answers. com. (2007). Taxation in the United States. Retrieved January 19, 2008, from Answers. com. Website: http://www. answers. com/topic/taxation-in-the-united-states Brown, Gordon. (2001). Transcript of Budget Statement 2007. Retrieved January 19, 2008, from Directgov Public Services all in one place. Website: http://www. direct. gov. uk/en/Nl1/Newsroom/DG_067074