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Us national debt essay
Us national debt essay
Us national debt essay
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Recommended: Us national debt essay
Jacob Sheely
Rhetoric and Research
Dr Palacios
February 15, 2017
The National Debt And What Should Be Done About It.
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Per usgovermentdebt.us the national debt is over nineteen trillion dollars. This extremely high amount could be America’s down fall, and how it should be lowered, is a widely debated issue. So how should this be done? There are many steps to lowering the national debt, the first and the most important, is to lower taxes. This is a majorly debated issue and the Democrats believe you should leave taxes the way they are, except they want to raise taxes on the rich, asking them to pay more, the problem with this is the rich are the ones who own
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Businesses will have more money, and any smart business will aim to increase their profits. The best way to do this, is to expand the business which gives them the need to higher more employees, ultimately creating more jobs. This lowers the unemployment rate, all those people who were not working, and not paying taxes are now working and paying taxes, which will be a
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help to lowering the national debt. Lower unemployment rate mean less people on welfare, which is an expense the government has, which brings us to the second step to lowering the national debt.
Cutting spending, is the second step to lowering the national debt. The government spends way too much money by funding businesses, and giving money to unnecessary research. While presidential candidate Ted Cruz, was running for president, he gave a list of twenty-five things the government should cut out of the budget.
1. Appalachian Regional Commission
2. Climate Ready Water Utilities
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Other things include turning health care over to companies, and letting them put their own plan together, which allows for some healthy competition, which in turn creates more jobs and
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keeps the government from spending more money on a health care plan. The only thing the government needs to increase spending on is military. Construction on roads, and government property, should be left up to the states and not be an expense of the government.
The last things I’m going to list is sanctuary cities and welfare. Thankfully, President Trump is defunding sanctuary cities, so I won’t spend time on this, however the amount of people on welfare is way too high. While creating more jobs should decrease the amount of people on welfare, this is still not enough. This is not politically correct to say, but there are a lot of lazy people in this country who don’t want to work, and who just want to live on welfare. There are two things that can help stop this, one is everyone most take a drug test every month before they are approved for welfare, and two is that you must show that you have an applied for a least six to eight jobs every month. There are a few other things that could be done, but these are two very simple
This deficit has to do with having responsible leader who are willing to increase awareness and make beneficial changes in the nation. In my opinion, the federal debt is a serious threat to the US that must be politically address whenever possible. I believe that the candidates of the 2016 presidential election should make this issue one of the top priorities to discuss and to dictate a considerable amount of work to fix it. That is because the worse the federal debt is, the worse the future would be to the nation. Also, voters must be well educated about this issue in order to shape their decision in voting for the candidate that seems most powerful and confident about this problem. Solving this problem may be difficult and would take time and so much effort. Therefore, the changes and solution must be on both a national and individual levels as
When you get to the point where debt becomes too much you begin to search for a way out. There are many different options to get rid of their debt; one option is the debt snowball. This debt relief option sounds more unusual than it really is.
we have is in three basic steps to cut $10 billion from the federal deficit
As of today America’s national debt is 18 trillion dollars and approximately 5 trillion of that is held by foreign countries including China and Japan. In the last few years we seem to hear more about balancing the country’s budget and politicians raising the debt ceiling so we can pay on this debt. How have we gotten into such an overwhelming and complicated problem with our nation’s money? Ironically the same can be said for our individual household debt as well as making the same mistakes and trying to find creative ways to be accountable to our financial responsibilities. Teaching the basics of personal finance n our schools can culturally change our financial practices, leading to a more financially literate public and a stronger, more stable, America. If the younger generations can become more financially savvy, then there is an opportunity for our nation as a whole to become less dependent on debt to survive.
However the interest we pay on our nation 's debt is very small compared to the overall budget. According to the Center on Budget and Policy Priorities only 7% of the total budget is spent on interest which is relatively low compared to things like social security which took up 24% of the budget in 2014 (Policy Basics). As long as the United States can continue to keep the interest rates low the debt will continue to be a begin threat. If the creditors of the U.S. were to spike their interest rates, America would be in trouble, however America has fairly good credit, and it should remain that way unless there is another scare like the government shutdown in 2011 (Riley). Overall the threat of the nation debt is a very minute problem in the grand scheme of things. According to The Richest, only five nations in the entire world are completely debt free, which is astounding when you consider that there are about 195 countries in the entire world (Mathers; How Many). These figures show how extremely difficult it is for a country to run without having a certain amount of debt, and America having debt should not be a concern. America is not even in the top ten countries whose debt make up the majority of their GDP (Country List). Which means that at the moment American’s should not be overly
Every day in New York City, hundreds of people walk past a huge digital billboard with giant numbers across its face. Each person who walks past this billboard sees a slightly different arrangement of numbers, growing larger every second. This board is the National Debt Clock, representing the over 14 trillion dollars currently owed by the United States. While some people claim that the national debt is caused by the falling economy, most maintain that the debt itself causes the poor economy (Budget Deficits 2007). Rising debt leads to higher interest and investment rates, and cuts into our national savings. Ignoring the national debt leaves the major burden of paying it off to later generations, while meanwhile allowing our country’s economy to further drop and our dependency on other nations to rise.
The national debt surfaced after the revolution when the United States government had to borrow funds from the French government and from the Dutch bankers. By 1790, the U.S. government accumulated millions in debt, but no one knew precisely how much. The Constitution mandated that the new government take over the debts of the old government under the Articles of Confederation.
falling behind. A minimum wage increase would help to stimulate the economy, and stop the
The U.S budget deficit over the years has been a problem but lately the deficit has shrunk. However, what made the U.S budget deficit get to where it is today and what will it be like in the years to come. Throughout the past the U.S has operated under a deficit. This means that the U.S Spent more money than it was taking in. The cause of the excess in spending was different depending on which year. Some of the causes were war, increase in spending , and economic downturns. There were different acts passed to try and control the deficit problem. The deficit at the present time is declining. This decline is due to the improving economy, sequester, and a tax increase on high-income households. The big factor that went into the decline in the deficit for 2013 was the payment that Fannie Mae and Freddie Mac made. The deficit decline in the present time may make some think the U.S could get out of debt but it has been projected that the U.S deficit will start to increase once again.
What is the impact of this program on price stability, full employment, and economic growth?
The United States economy is racing ahead at dangerous speeds, and it may be too late to prevent the return of widespread inflation. Ideally the economy should move ahead gradually and grow at a steady manageable rate. Mae West once stated “Too much of a good thing can be wonderful” and it seems the U.S. Treasury Secretary agrees. The Secretary announced that due to our increasing surplus and booming economy, instead of having an outsized tax cut, we should use the surplus to further pay down the national debt. A tax cut, though most Americans would favor it initially, would prove counter productive. Cutting taxes would over stimulate an already raging economy, and enhance the possibilities of an increase in the rate of inflation. Paying off the national debt would actually help lower interest rates and boost investments, and therefore further increase the wealth of the population, while keeping inflation at bay.
...people to get off their lazy bums and work. If the people on government assistance had more supervision our welfare program would excel.
The President needs to get citizens without jobs working again. He could set up work programs for citizens to plant trees, build parks, assemble playgrounds, grow gardens, paint murals or even put on live performances. All of these things would not only give people jobs, but it would bring people together and allow families to bond. That is one o...
...lity and pensions for old age, which wasn’t there before and thanks to The Great Depression helps out all Americans that need economic relief while taken advantage off sometimes Social Security has arguably kept America out of economic chaos (“What is Social Security”?).
Unemployment issue can lead to a lot of impacts to the economic growth. Higher unemployment rate will lead to increase government borrowing. When people are without their job, they would paid less in the income tax. So, it will cause a drop in tax revenue because there are lesser people paying income tax and spending less. Due to the loss of earnings to the unemployed, the government need to spend more subsidy for them in housing benefits and income support.