He also expressed that his worst accomplishment was that he let the national debt rise too high. Letting it go from $997 billion to $2.85 trillion; the US was known as the international creditor, now becoming the largest debtor. I think these three references have similarity because they all seem to express bad ideas that surfaced during the 1980's. Having even the slightest amount of growth, I believe Reaganomics had good intentions behind it and that Mr. Reagan did everything he could to help the US economy; even if it resulted in more debt.
This forced the government to use public money, to keep the banks afloat and resulted in decreasing our budget by billions of pounds (also causing inflation levels to rise). So what is our tax money going towards now? Instead of paying for the much demanded and quite frankly desperately needed improvements in healthcare, housing and education we are now investing in unstable banks, with the hope that everything will soon be fixed, which, to be honest, sounds good, but it’s going to take a long time, longer than anyone thinks. If we were to become independent, we would be in huge debt, and, owing 3.6 billion is a lot when there is only a population of about 5.4 million in Scotland. If we weren’t to become independent, our debts would get paid more quickly.
For example, Americans in the top 0.1 percent average over 184 times more income than the bottom 90 percent of American workers (Inequality). This is a serious problem that needs to be addressed. In addition, Marx also argues that capitalist systems are very unstable and are characterized by frequent financial crises. Evidence of this is supported by 2008 financial crisis that heavily impacted the world economy. Even though capitalism has allowed the world economy to flourish, it has also increased the sensitivity of other countries’ economies to financial crises around the world (Lotta 31).
This is the great truth of contemporary U.S. society. It may sound dramatic but I believe that the future of the nation depends upon reversing this destructive process. There are a number of reasons why inequality in wealth and income in America has grown over the last 20 years. President Jimmy Carter in 1977 and President Ronald Reagan in 1981 and 1986 instituted "tax reform" with the support and approval of the Democratic Congress. The results were to lower taxes significantly on the wealthy and the large corporations, and raise them for almost everyone else.
During this time taxation on the rich reached an all time high at 94% on the income of the wealthy. Once president Reagan took office he dramatically lowered taxes (below 70%). Some people argue that the top earners in America are taxed too much, where others argue that they are not taxed enough. According to Dan Pfeiffer “The income share of the top 10 percent has grown to 42 percent of our nation’s earnings.” This results in a small
The rest is history. Bias and personal opinion cannot substitute for objective analysis. These are the facts and they hold true to today. Although Reagan brought the country out of a recession and secured our position as a global superpower, many believe he did so at the expense of those American citizens that need the most help--the poor, the disabled and the middle class. The deficit tripled from $934 billion to $2.7 trillion under Reagan as a result of lost revenue due to tax cuts while Reagan continued to invest in building the military.
Credit is money that a bank or business will allow a person to use, provided she reimburses them in the future. The existence of credit encourages people to spend more than they can afford to, ultimately rendering the borrowers slave to the lenders. Abusing credit results in debt, which is a problem that plagues almost every American through most, if not all, of their life. Bad credit and debt are among the worst of problems in America because it contributes towards a progressively unstable state in the economy and prevents many Americans from fulfilling their financial dreams. There are different types of debt, although they all contribute towards the country’s status just the same.
The author gives mention to our current president in hopes he will make a significant difference, (Bennis, 2009). I would be interested in knowing what the author would say about our president now regarding what little he has done to implement effective change. Our country for the most part has been weakened, the unemployment rate has dramatically increased, the economy is in a shambles and our military is degraded, (Bennis, 2009). At this point, I am uncertain if our country is even in the top three regarding world superpowers. The country’s debt is enormous; almost triple what it was before our current president took office, (Bennis, 2009).
Our national debt is over 14 trillion dollars; in fact, our president is seeking to raise the national debt ceiling from 14.3 trillion to 23.1 trillion dollars. Our tax system, simply put, is a disaster. “You'll probably take little consolation in hearing that the super rich pay a lot less taxes than they did a couple of decades ago. And nearly half of U.S. households pay no income taxes at all”(Ohlemacher). It is my belief that the United States is on a steady downward decline because our government has forgotten three important things: the constitution provides a government by the people for the people, that the rights and freedoms of the individual outweigh corporate concerns, and what the constitution actually means.
The National Debt of The United States of America The United States National Debt is trillions of dollars in “the hole”. The debt continues to rise, therefore the country is surrendering to poverty. Because of this loss, the future incomes and living standards shall be reduced. (Agresti) America`s future welfare is at stake because it`s climbing debt is not slowing down. It may also cause increasing taxes, which could quite possibly lead to inflammation.