Over the years, government spending has accumulated, forcing the government into debt. Americans believe that the amount of money the federal government collects each year in taxes from citizens is abstruse. However, the government cannot repay its entire debt even after implementing such high tax rates. You could say the federal government is bankrupt. Yet they are never required to file for bankruptcy since they can borrow money in the form of bond sales. To get a better perspective on the U.S. national debt, it is essential to compare money owed and money owed. Currently, the "national debt held by the public (because of the bonds they have purchased) is approximately 40 percent of our gross domestic product" (Wilson 492). The quantities of goods and services produced in 1964 absorbed the same amount of the national debt as in 2004. Although considered the most powerful person in the country, the president is still advised by others when crafting policy. economic policy. Typically, economic policymaking is fragmented and not entirely under the president's control. These individuals or groups have certain powers that the president does not possess. Above all, the small group called “Troika” is of particular importance for policy-making. The Troika is composed of the chairman of the Council of Economic Advisers, the director of the Office of Management and Budget, and the Secretary of the Treasury. The CEA is responsible for determining and analyzing economic trends or issues. Essentially, they prepare a financial report on the economy each year that the president presents to Congress. On the other hand, the OMB estimates the amount the current will spend in a fiscal year and cr...... middle of paper ......nomy. Additionally, with tax cuts, more jobs are obviously created. Indeed, fewer taxes provide more incentive to work. People will want to work and earn an income because they know taxes will be fair. Likewise, those earning more than $1 million a year will have to pay even higher taxes than the middle class. This is logical and fair, because those who earn a substantial amount of money are perfectly capable of living off it in a given year. “No household earning more than $1 million a year should pay a lower share of their total income in taxes than middle-class families (Taxes 1). The White House. The White House, nd Web. April 23, 2014. .Wilson, James Q. and John J. DiIulio. American government: institutions and policies. Boston: Houghton Mifflin, 2006. Print.