Fiscal Ship Discussion paper

Fiscal Ship Discussion paper

Introduction

In the Fiscal Ship Post (Links to an external site.)Links to an external site. (30 Points) you are challenged to choose strategies to keep the federal debt in check. The Fiscal Ship is a game in which your mission is to decide on taxes, spending options, and policy values to set the budget. To win the game, you need to find a combination of government policies that puts the federal budget–and The Fiscal Ship–on a sustainable course. Your Fiscal Ship Post (30 points) is due by Sunday, July 22 on the Blackboard Discussion Board. No replies are necessary for this post.

The Fiscal Ship (Links to an external site.)Links to an external site. challenges students to put the federal budget on a sustainable course and grapple with the complexity of federal budget choices. The creators of the game provide the following context for the game:

Measured as a share of gross domestic product, the federal debt is higher than at any time since the end of World War II and projected to climb to unprecedented levels. America is looking at a permanent, growing mismatch between revenues and spending, and policymakers are faced with difficult decisions about how to reconcile important government priorities—including retirement and health benefits promised to the increasing number of elderly people—with the tax revenues that the current tax code will yield. Today’s tax code won’t yield enough revenue to pay for basic services of government plus the retirement and health benefits promised to the growing number of old folks. So your mission is to pick from a menu of tax and spending options to reduce the debt from projected levels over the next 25 years. Small changes to spending and taxes won’t suffice. The choices are difficult, but the goal is achievable.
But budget decisions aren’t only about fiscal sustainability. They also shape the kind of country we live in. To win the game, you need to find a combination of policies that match your values and priorities AND set the budget on a sustainable course.
I would strongly encourage you toplay the game (Links to an external site.)Links to an external site. several times over several days so that you become familiar with the logistics of playing and the policy options that are available. The Fiscal Ship website also includes helpful About (Links to an external site.)Links to an external site. and Frequently Asked Questions (Links to an external site.)Links to an external site.
Preparing to play The Fiscal Ship: https://fiscalship.org/ (Links to an external site.)Links to an external site.

Read Chapter 17 on Government Budgets and Fiscal Policy (Links to an external site.)Links to an external site. and Chapter 18 on the Impacts of Government Borrowing (Links to an external site.)Links to an external site..
“What you need to know to play The Fiscal Ship game”: Brookings Institution Senior Fellow Louise Sheiner introduces you to the Fiscal Ship, an award-winning game that challenges you to pick from a menu of tax and spending options to reduce the debt:
What you need to know to play The Fiscal Ship game (Links to an external site.)Links to an external site.
What you need to know to play The Fiscal Ship game

The Fiscal Ship –
video teaser (Links to an external site.)Links to an external site.

The Fiscal Ship –About the game (Links to an external site.)Links to an external site.
The Fiscal Ship –Frequently Asked Questions (Links to an external site.)Links to an external site.
U, S. Debt Clock: http://www.usdebtclock.org/ (Links to an external site.)Links to an external site.
Playing the Fiscal Ship: https://fiscalship.org/ (Links to an external site.)Links to an external site.

While playing the Fiscal Ship you need to captain the U.S.S. Federal Budget to avoid the stormy seas of debt. Your mission is to pick from a menu of tax and spending options to reduce the debt from projected levels over the next 25 years and keep the debt level no higher than it is today. To win the game, you need to find a combination of policies that match your values and priorities AND set the budget on a sustainable course.

Before you begin the game, you’ll select your governing goals. The goals are your aspirations and values – the ones that shape the kind of country we live in. You can pick up to three. I suggest that you pick two goals if you want to keep the debt level relative to GDP no higher than it is today. You can find a convenient list of the governing goals at the end of this document.

Making your Fiscal Ship Post

After choosing your goals and playing the Fiscal Ship you are ready to complete your Fiscal Ship post. In your post address the following questions:

Questions to answer in your post thread. Please number your responses to the questions below:

Which governing goals did you choose? Why did you choose these goals?
How difficult was it to pursue your goals while also hitting the debt target? Which of your goals were most difficult to achieve? Why?
How many policy choices did you play? Did you achieve the target debt level? Which of your policy choices had the largest impact on your fiscal target? Which of your policy choices had the biggest effect on revenue? Which of your policy choices had the biggest effect on spending? Which barely moved the line? Were you surprised by the magnitude of any policy choices?
What do you think the political obstacles would be to hitting the debt target? Discuss.
Did the game make you reevaluate your initial governing goals? Explain.
How should the federal government set the budget on a sustainable course in the next 25 years? Utilizing economic reasoning explain how you would “fix” the Federal Budget, and discuss your views regarding future budget tradeoffs. Where would you make major cuts and why? For example: Should additional tax revenue be used to reduce federal borrowing? Should the federal government invest more in research and development? How should we secure Social Security and Medicare for future generations? Should we increase or decrease national security funding in the years ahead?
Attach a summary/screenshot of your results (My Plan) from the Fiscal Ship to your post. See the example at the end of this document. You can take cell phone pics of your results, and collect them in a Word or PDF file if you like. Make sure to check to see that your post is viewable within a thread. Your results can be attached as a reply. You are responsible for checking to make sure that your post is visible on Canvas. You are responsible for double checking to make sure that your post is visible to all within a thread and that your results are posted.

Grading Rubric: 1) Clarity and conciseness of writing; 2) Correct application of course concepts; 3) Critical thinking – did you back up your normative views with economic reasoning.

Late submission of Discussion Board posts will be penalized by at least a ten percent point reduction for each day that the post is late.

Cite Your Sources: Cite any and all outside sources, including blogs and websites, so that they can be found easily by other readers. The APA (Links to an external site.)Links to an external site. style of citation is recommended although the MLA & Chicago styles are acceptable also. Include a references (works cited) list for all of your sources. Provide a hyperlink for all information from the internet so that the reader can find the article/post quickly on the web.

The Fiscal Ship Governing Goals

Governing goals represent your priorities for government. What’s important to you? In order to play the game, you will need to pick up to three governing goals from the list below.

Reduce Inequality: The disparity between Americans who have the most and the least income is growing, mirrored by disparities in education, health, and family structure. You want to narrow the widening gaps in incomes and well-being at the top and the bottom.
Strengthen National Defense: Projections of current policies show defense spending, measured as a share of the economy, falling over the next decade and then plateauing. You’d bolster the U.S. military by providing it with more personnel and more arms. (To reach fiscal sustainability, you’ll have to pay for these somehow.)
Fight Climate Change: You want to use government policies to promote a cleaner, healthier environment, reduce greenhouse gas emissions and avoid the damage that could be caused by global climate change.
Strengthen Social Safety Net: You believe it’s important for the federal government to give a hand up to those in poverty and protect those at risk of falling down the income ladder when times are tough. You want to expand and protect programs that protect the vulnerable.
Tax Cutter: You believe lower taxes will boost economic growth and want to allow Americans to keep more of what they earn. Your goal is to substantially reduce federal tax revenues as a share of the economy. (To reach fiscal sustainability, you’ll have to cut spending, too.)
Shrink Government: You believe that we’re better off with a leaner federal government, shifting responsibilities to the private, non-profit and state and local sectors. Spending on general government operations and federal programs (other than health and retirement benefits) is projected under current policy to decline over the next decade. You’d reduce it more.
Shield the Elderly: Under current policy, about 60% of the increase in federal spending over the next decade will go to Social Security, Medicare, Medicaid and other major health programs, much of that for the growing number of people who will be over age 65. You want to protect benefits for senior citizens.
Invest in the Future: You believe in planting seeds today that will be harvested in years to come. You want policies to increase, above what’s currently projected, government and private investment in children and young adults and in education, infrastructure and research that will pay off in the future. (To reach fiscal sustainability, you’ll have to pay for these somehow.)
Fiscal Hawk: You’re not satisfied with restraining the projected increase in the federal debt so that in 25 years it’s roughly where it is today, measured as a share of the overall economy. To put the government and the economy on a sounder footing, you want to reduce it substantially below today’s levels.
Rein in Entitlements: Spending on retirement, health and other government benefits, much of that for the elderly, account for two-thirds of non-interest spending today and threaten to squeeze out spending on everything else—from equipping soldiers with modern gear to repairing old bridges to pursuing cures for cancer. You want to restrain this spending to make room for other priorities.
President Trump’s Priorities:The President has ideas to stimulate the American economy and protect its interests at home and abroad. You want to see the policies he talked about on his campaign brought to fruition.
Here is an example of My Plan:

Fiscal Ship My Plan.png

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