Deficit Spending Must Stop Essay

Deficit Spending Must Stop Essay

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“Today I'm pledging to cut the deficit we inherited by half by the end of my first term in office" (Obama). This is the promise of President Barack Obama shortly after being elected to his first term in office as president. Currently, however, the United States (US) government is in a difficult situation concerning the national debt accumulation and the main problem of a continuously unbalanced budget producing this massive debt. The national debt is currently at $16.8 trillion and is ever climbing. Just recently it has breached past the United States GDP, at 100.02% (U.S. Debt The American economy is slowly rebounding from the “Great Recession”, but the federal government is in a constant self-inflicted crisis of debt and deficit. The US government needs to create a surplus in the federal budget by making wise choices such as cutting down on unnecessary programs, blatant waste, entitlements, and internal corruption; and needs to create a smarter tax code, business regulations and benefits, and healthcare system, to maintain prosperity, life, liberty, and the pursuit of happiness.
A brief summary of the history of government budgets and expenditures shows that from 1969 to 1999 there was a continued deficit that equated to approximately $5.5 trillion in debt (U.S. Debt The US government had a surplus in the year 2000, but implemented tax cuts and later had to pay for two wars, both aided in adding to the debt. By 2008, the US government had accumulated approximately $11 trillion in national debt, with close to a yearly deficit of $1 trillion ("2011 This Is…" 302-304). This was the year the began the era now known by many as “The Great Recession”, when the stock market plunged and the economy was thr...

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...Vital Speeches Of The Day 77.9 (2011): 304-305. History Reference Center. Web. 23 Apr. 2013.
McMurry, Inc. “This Is No Way To Run The Greatest Country On Earth.” Vital Speeches Of The Day 77.9 (2011): 302-304. History Reference Center. Web. 23 Apr. 2013.
McMurry, Inc. “Time For Am Attitude Adjustment.” Vital Speeches Of The Day 78.3 (2013): 82-84. History Reference Center. Web. 23 Apr. 2013.
Obama, Barack. "President Obama Addresses Joint Session Of Congress." Washington Post. The Washington Post Company, 24 Feb. 2009. Web. 29 Apr. 2013.
Proverbs. Holy Bible. Grand Rapids: Zondervan, 2011. Print.
United States. Dept. of Agriculture. Agriculture Factbook. Ch. 3 American Farms. Washington: US Dept. Of Agriculture, 2000. Web. 29 Apr. 2013.
"U.S. National Debt Clock: Real Time." U.S. National Debt Clock: Real Time. U.S. Debt, n.d. Web. 29 Apr. 2013.

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