Unites States Current Account Deficit Essay Example | Topics and Well Written Essays - 3000 words

Unites States Current Account Deficit - Essay Example Other government funded interests such as education, military and infrastructure will suffer greatly as well. Why these statements are valid along with imparting a general overview of the national debt so as to illuminate the crisis is this paper’s purpose. If Congress does not control its overspending through measures such as passing a balanced budget amendment to the Constitution and adhering to it, the country’s economic future is in deep peril. The President submits a proposed budget to Congress in early February for the coming fiscal year that runs from October 1 to September 30 (Executive Office, 2002). The President’s budget request to Congress accomplishes two main objectives. First, it relays the President’s opinion of how much should be taken in via taxation and how much should be spent. Second, it prioritizes the President’s present and future federal funding desires. â€Å"The budget typically sketches out fiscal policy and budget priorities not only for the coming year but for the next five years or more† (Coven & Kogan, 2006). When Congress receives the President’s budget, it usually conducts hearings to discuss many of the requests before developing a budget resolution. This is the budgetary parameters that Congress will work within when making their determinations regarding taxes and spending. The budget resolution, drafted by both Senate and House Budget Committees includes b oth mandatory and discretionary spending goals (Executive Office, 2002). Following committee approval, the resolution is submitted for a vote and possible amendments by the entire membership of the Senate and House. Afterwards, a joint House-Senate committee is convened to resolve any disparities in the resolution of the two versions passed by each house of congress. The resulting joint report is sent back to

Evolution of Global Consumer Trends by Datamonitor Essay

Evolution of Global Consumer Trends by Datamonitor - Essay Example As a consequence of the remarkable expansion of luxury markets over the recent decade, the literature in marketing has currently witnessed considerable enthusiasm in the investigation of prestige brands, particularly in the fashion industry. However, scarce is known about the effective process of marketing and observing prestige brands. Research carried out in the UK by Applied Futures, a market research company predicted significant social changes at the advent of the 21st century. Their investigation determined that individual’s needs for appearances and materialism were escalating. Specifically, they identified an elevating demand for flamboyant and status fashion products (M2 Presswire, 2008). For instance, current market reports in Australia appear to provide evidence to this assertion. The Sunday Telegraph revealed an exceptional increase in Australia’s luxury products, such as amplified demand for mink furs, and very expensive jewelleries such as diamonds. This i s, which is important to note, occurred prior to the economic slowdown which started in 1997 (ibid). The perspective for Europe’s textile and fashion industry in 1996 is, primarily, not good. Recent reports on market conditions in Italy, Germany, France and the UK are revealed. Germany’s primary suppliers and retailers of clothes for women predict no or zero growth. Several analysts predict sales of apparel in Italy to remain slow-moving, yet others anticipate significant growth (Weisman et al., 1996). Regardless of a number of encouraging reports everywhere, the UK luxury fashion at the advent of the 21st century is far from pretty. Women in UK remain the primary users and buyers of products within the cosmetics and toiletries department, with roughly eight in ten women admitting that they purchase the bulk or cosmetic and toiletry products in their homes.