What Is The Current Budget Summary

As our economy continues to grow, as does the world that we live in. With this more and more people are continuing to travel and immigrate across borders. With over 175 million people accounting for 3% of the world’s population (Kerr, Kerr 2011) living permanently overseas, the landscape of global business and economics is continuing to grow. This shift in demographic can leads to many changes and adjustments for countries, some of which can reap benefits others may cause financial harm. Major impacts of immigration can be observed in several forms of a countries economic system such as employment opportunities for both immigrated workers as well as current citizens along with unemployment rates, wages, profit margins, the ability of local and international business’ to grow and the overall GDP of the specific country. For this paper specifically the developed country that will be analysed will be Australia. Considered to be one of the worlds “major immigration nations” (together with New Zealand, Canada and the United States of America) (Phillips, Simon-Davies 2016) Australia is fast becoming a go-to country for those looking for a fresh start. Entering through either the “Migration Program” or “Humanitarian Program” depending on the specific level of expertise Australia is quick to start the process of entering these immigrants to the workforce. With a high percentage of Australians that have been born overseas (7.2 million) Australia needs to prepare and plan

“The federal budget is the yearly plan for how the US government will spend the money it takes from taxes and borrowing.” After thoroughly analyzing the federal budget from 2012, it is unquestionably evident that a majority of the money is being put into a few major categories, leaving room for the rest of the smaller categories to be financially neglected. Is this fair? It seems that the money could be more fairly distributed, and that there is room for cuts in some of the larger categories, to improve the littler ones. In each of the three budget clusters, the US Government should make adjustments in the way it is distributing money; changes involving the big five, the middle

Fifty years ago, Lyndon B. Johnson signed the Medicare program into law. “It has been a reliable guarantor of the health and welfare of older and disabled Americans by paying their medical bills, ensuring their access to needed health care services, and protecting them from potentially crushing health expenses.” (Hamel, Blumenthal, Davis, & Guterman, 2015, p. 479). With the encouragement of George W. Bush, congress passed the Medicare Modernization Act of 2003 (MMA). The MMA extended Medicare to include prescription-drug coverage, known as Medicare Part D. In 2013, Medicare covered the health care expenses for 52.3 million Americans, costing $583 billon. Originally, Medicare had difficulty controlling costs; physicians and hospitals were

Due to some of these reforms, the Medicare spending growth rate has decreased. From 2010-2015 the average annual growth rate in Medicare spending was 4.4 percent, which was a decrease from the 2000-2010 spending growth rate of 9 percent (Cubanski & Neuman, 2016). The average annual growth rate of healthcare expenditures on beneficiaries, also, decreased from 7.4 percent in 2000-2010 to 1.4 percent in 2010-2015 (Cubanski & Neuman,

Medicare is the Federal government’s largest program and provides health care benefits to individuals that are 65 years old or old (Elmendorf, 2013). This program covers over 50 million Americans, including over 8 million disabled Americans (Raising Medicare's Eligibility Age: A Costly Benefit Cut for Senior, 2014). With the baby-boomer generation coming to the age of Medicare eligibility there is an estimated drastic increase in the number of individuals participating in Medicare for their health insurance (Elmendorf, 2013). With this being said some, including the Congressional Budget Office (CBO), believe that increasing the minimum age of eligibility will save the Federal government money (Meyerson,

Medicare, which was first enacted by Congress in 1965, is a popular, yet failing, program because of a rapidly increasing population of retirees and their increasing costs; despite program’s flaws, Medicare is difficult to change because of the political influence of the elderly, who approve of the benefits they receive from the program. Medicare provides health benefits to citizens who are eligible for social security benefits(Fiorina, Peterson, Johnson & Mayer 2009). The program is embraced by the public, but Medicare’s increasing cost makes it difficult to sustain. Due to its popularity, the program is also very difficult to change, but without limitations the program will continue to decline in the future.

Medicare are getting people more improved and secured benefits every year, and Medicare’s long-term sustainability is stronger as a result of performances, new tools, resources to lessens waste and fraudulence, and a decrease growth in Medicare costs. These significant changes will produce savings for the taxpayers and help to prolong the life of the Medicare Hospital Insurance Trust Fund. These changes will also assist people with Medicare by keeping their premiums and cost sharing lesser than under the law before. , Medicare beneficiaries under the Affordable Care Act will enjoy improved quality care, better access to care, and a more innovative care delivery system that will improve outcomes and reduce

In 2003, President George W. Bush signed a bill called the “Medicare Prescription Drug Improvement and Modernization Act” which provided an optional prescription drug benefit plan. Prescription drugs have come a long way since 1965, meaning that they are much more effective today than ever before and provide greater life-enhancing benefits than ever before. The Medicare program therefore had to be reformed as a result of this additional legislation to allow for access to needed medications while trying to minimize the risk of high expenditures for those affected individuals. The program was reformed once more in 2010, with the aim of attempting to keep the costs low while also increasing the revenue earned by Medicare.

The remaining balance of 74.5 percent for the cost is funded by Medicare. Once more, higher-income beneficiaries will pay a larger share of the cost of regular drug coverage.

Medicare covers over 47 million Medicare Beneficiaries. This includes 39 million seniors and 8 million people under 65 receiving social services disability insurance (SSDI) payments due to permanent disabilities (Kaiser Family Foundation 2010). Medicare accounts for 12% of federal spending, 23% of national health spending, and is critical part of policy discussions related to the federal budget and the 2010 Health Reform Law (Kaiser Family Foundation 2010). Medicare’s financial problems affect the entire budget, and are largely responsible for projected increases in federal deficits (Peter G. Peterson Foundation 2010).

The new health reform law will reduce the amount that enrollees will have to pay for prescriptions after they reach a coverage gap. The law will reduce the out-of-pocket expenses for enrollees who are considered to have catastrophic coverage. The law will be reducing the federal payments to the program and this will reduce what Medicare pays for beneficiaries. The law will reduce the amount of annual updates that Medicare pays to different facilities and will adjust payments based on productivity. There will also be new policies to reduce costs while also improving the quality that enrollees receive. Facilities will no longer be reimbursed for unnecessary tests and procedures, longer hospital visits and hospital-acquired infections. The law will also consider recommending programs and policies to help reduce spending after it has reached its target growth level. (Carroll L. Estes, 2013)

Medicare is a valuable part of health insurance in the United States. Although it is a popular program, it will face a number of financial issues and challenges in the future.

While oil represents about 7 percent of Louisiana 's revenue, its budget structure is more complex than other oil-producing states -- and probably most similar to Kansas in its budget woes, according to Leachman. Edwards 's fiscal 2017 budget proposal includes dramatic cuts to virtually every part of state government: higher education, healthcare, the attorney general 's office, and youth services. Some budget experts trace the start of Louisiana 's revenue problems to the repeal of income tax increases under what has been termed the Stelly Plan, a restructuring of state revenue that also called for lowering the sales tax. The repeal came as Louisiana was awash in one-time revenue, including federal funding to the state to aid recovery

Due to the upcoming presidential election, the two major political parties, and their candidates, have been focusing on the primary problems that the nation will face. Chief among those problems is the future of Medicare, the national health-insurance plan. Medicare was enacted in 1965, under the administration of Lyndon B. Johnson, in order to provide health insurance for retired citizens and the disabled (Ryan). The Medicare program covers most people aged 65 or older, as well as handicapped people who enroll in the program, and consists of two health plans: a hospital insurance plan (part A) and a medical insurance plan (part B) (Marmor 22). Before Medicare, many Americans didn't have health

The growing concern regarding the financial security of Medicare is one of particular interest to the nearly 72 million baby boomers that become eligible for this government-assisted, and tax-payer bolstered, program over the next two decades. According to the U.S. Census Bureau (2010), there will be a rapid increase in baby-boomers between 2010 and 2030, as the entire baby boomer population move into the 65 years and over category (p.3). Political and financial revisions must be made to ensure the security of Medicare as the numbers of individuals paying into this program are soon to be surpassed by the number of individuals drawing-off this program (U.S. Census Bureau, 2010). The elderly are also at a disadvantage with transportation to health care visits, picking up prescriptions, and rehabilitation services. There needs to be an establishment of access not only to primary care providers, hospitals, and rehabilitation services, but access to other aspects of the health care system for the elderly population.