Can Cutting NASA and Military Budgets Balance the U.S. Federal Budget?
To determine if eliminating NASA and cutting the military budget by 50% would balance the U.S. federal budget, we need to look at the numbers involved.
Budget Overview as of 2023
NASA Budget: NASA's budget for fiscal year 2023 was approximately 25 billion dollars.
Military Budget: The Department of Defense (DoD) budget for fiscal year 2023 was approximately 857 billion dollars.
Potential Cuts
Eliminating NASA
Savings: 25 billion dollars.
Cutting Military Budget by 50%
Savings: 428.5 billion dollars, half of 857 billion dollars.
Total Savings
Total savings from both actions: 25 billion 428.5 billion 453.5 billion
Current Budget Deficit
As of 2023, the U.S. federal budget deficit was projected to be around 1 trillion dollars.
Conclusion
Total Proposed Savings: 453.5 billion dollars
Estimated Budget Deficit: 1 trillion dollars
Final Analysis: The proposed actions would not balance the budget. Instead, you would still have a deficit of approximately 546.5 billion dollars (1 trillion deficit - 453.5 billion savings).
To balance the budget, additional cuts or revenue increases would need to be considered.
Alternative Scenarios
It is equally plausible that we might find a solid-gold asteroid and tow it home. However, if such a scenario did occur, we would have a massive surplus.
Even if we kept NASA, halving the DoD budget would still only reduce the deficit by about a quarter. FY22 Budget included 768.2 billion in National Defense spending, including 740.3 billion for the Department of Defense. Even taking the larger number, half of this amount is 384.1 billion dollars, which is only a quarter of the 1400 billion dollar FY22 deficit.
Even if NASA and the DoD were completely eliminated, the deficit reduction would be only around 57% of the total deficit.
The solution to balancing the budget isn't just about cutting spending; it also involves increasing revenue.
Introduction to the Budget Deficit
The U.S. federal budget deficit refers to the shortfall between government revenues and expenditures in a fiscal year. It is a significant economic issue as excessive deficits can lead to higher national debt, which in turn can affect the economy.
NASA and the Military: A Rounding Error?
NASA, although a significant institution, only represents just over 2% of the deficit. The organization costs less than 100 dollars per capita, demonstrating that it is a minor player in the overall budget.
Hard Choices: Cuts and Budget Balancing
The fiscal year 2023 budget included 768.2 billion in National Defense spending, including 740.3 billion for the Department of Defense. Cutting the DoD budget by half in FY22 would save approximately 384.1 billion dollars, which equates to about 27.4% of the 1400 billion dollar deficit.
Eliminating NASA and the DoD completely would reduce the deficit by only about 57% of the total deficit. This highlights the need for comprehensive budgeting strategies that include both spending cuts and revenue increases.
The Impact of Budget Cuts
Significant budget cuts can lead to winners and losers. The losers, those adversely affected by reduced funding, would likely lobby to reverse or mitigate these changes, making it difficult to maintain a balanced budget in the long term.
For example, reducing the military budget by half or eliminating NASA might provide short-term savings, but the long-term economic and social impacts could outweigh the benefits and create political and social challenges.
Conclusion: Comprehensive Solutions
Balancing the federal budget requires a holistic approach that includes both reducing unnecessary spending and finding new sources of revenue. Giant steps like eliminating NASA or halving the military budget are not enough to achieve fiscal balance.
While these initiatives may provide some relief, they are just a small part of the larger puzzle. A truly balanced budget demands a nuanced understanding of spending priorities and a willingness to consider diverse revenue strategies.