Borrowing Money Throughout the US History
comparative Essay
1473 words
People will face adversity every day but no matter how tough the situation, people will rise. The United States brought people together to face their adversities against England to become what the world calls it today. The U.S., the land of the free and the home of the brave. On July 4, 1776, the U.S. government sought an opportunity to make a government where power distributed evenly, which no person or group has more power than the other does.
The government made progress throughout the years molding it into the worldwide supremacy of all countries. The government went from powerhouse to a deficit crisis, quickly. The U.S. government deficit exceeded $17 trillion on October 17, 2013 (Amadeo, 2013). In future years, the government will have to pay the deficit off and when that day comes, they will have to make a decision. The government will have to continue to borrow money, but needs to become self-aware of how and where the money goes before resulting to crowding out or future generations’ choices become limited on how to deal with the deficit leaving them no choice but to increase taxes, which can potentially deteriorate the economy.
The United States has borrowed money for centuries. The Bureau of the Public Debt underway in 1789, and in 1791, they recorded their first debt $75 million exalting the Revolutionary War (Bussing-Burks, 2013). Reaching 1835, the balance finally zero out until the Civil War took place hitting $65 million in 1860 (Bussing-Burks, 2013). In 1866, the debt reached $2.7 billion with the proliferation of wars in the U.S., by 1970, the debt extended to $382 billion (Bussing-Burks, 2013). The history of debt shows how in the late 1700s until late 1900s that most came from war, which can be explained. Sin...
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...8). New York City, New York: Springer-Verlag New York. Retrieved from http://download.springer.com.argo.library.okstate.edu/static/pdf/588/bok%3A978-1-4302-3660-3.pdf?auth66=1386170846_75f192fab9597c6d538260375441bede&ext=.pdf
Congressional Budget Office, (2013). Nonpartisan analysis for the u.s. congress. Retrieved from Bureau of Economic Analysis website: http://www.cbo.gov/publication/44521
Guell, R. (2011). Issues in economics today. (6th ed., p. 148). New York City, New York: McGraw-Hill
Hamel, G. (2013). The economic effects of raised taxes. Retrieved from http://www.ehow.com/list_6743933_economic-effects-raised-taxes.html
Washington, G. (1796). Washington's farewell address 1796 . Informally published manuscript, Yale Law School, Yale University , New Haven, CT, , Available from Avalon Project. Retrieved from http://avalon.law.yale.edu/18th_century/washing.asp
In this essay, the author
- Compares the effects of borrowing money versus raising taxes and concludes that the government can only come to the same conclusion.
- Describes washington's farewell address, 1796, published by yale law school, yale university, new haven, ct, available from avalon project.
- Explains how the united states brought people together to face their adversities against england to become what the world calls it today.
- Compares the effects of borrowing money versus raising taxes and concludes that the government can only come to the same conclusion.
- Describes washington's farewell address, 1796, published by yale law school, yale university, new haven, ct, available from avalon project.
- Explains how the united states brought people together to face their adversities against england to become what the world calls it today.
- Explains how the u.s. debt and deficit differ and how they affect each other.
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- Explains that the current budget of the united states government has increased dramatically in the last 100 years, in part due to the expanding view on the role of government.
- Opines that 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.
- Explains that 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. this sparks the debate about jeopardizing the nation's ability to make its payments.
- Explains that the current budget of the united states government has increased dramatically in the last 100 years, in part due to the expanding view on the role of government.
- Analyzes president obama's speech about how the deficit was over $1 trillion dollars because of the recession, and he felt that the republicans were wrong not to raise the debt ceiling and approve his proposed budget.
- Explains that the us government attempted to jump-start the economy back to prosperity following the recession. the democrats held a majority both legislative houses and filled the bills with earmarks other goodies that they fit to pass.
- Analyzes how the american recovery and reinvestment act of 2009 was the implementation of the keynesian macroeconomic philosophy, attempting to bridge the decrease in private spending with public, tax-funded spending.
- Argues that us government should be confined to interstate investments, not intrastate affairs, except in necessary and proper infrastructure upgrades. the john spratt memorial bridge in york county is an example of an unnecessary project.
- Opines that the government should drastically cut down on the aid to farmers and agribusinesses, and quit giving into the farm lobbyists.
- Opines that subsidizes should not be in the form of a grant, never to be returned. instead, the company promises to repay the people.
- Argues that social security is going bankrupt, but unlike a business, the government allows the program to grow ever larger and further into debt.
- Argues that medicare and medicaid need more restrictions and regulations to prevent waste, fraud, and overall to reduce program size.
- Opines that the government should remove the mortgage-interest deduction, 401(k) tax exemption and savings plan to save the treasury $138 billion a year, and the business deductible of 17% of business costs.
- Explains the amount of money the government spends on redundancies and random scientific studies is ridiculous.
- Argues that the government needs to be confined to insure not just the continuation of payments, but also the democratic government that works for the best interest of the people.
- Opines that democracy can survive because america is unique. with our god-given right of freedom, we are different.
- Analyzes how the battle against a big government, whose debt, buys the happiness of the people. cutting the nonessentials and reforming the tax code would ensure the american republic lives on.
- Opines that frum, david, and history reference center, "obama's critics are right." newsweek 159.5 (2012): 38.
- Explains grace, j. peter, "burning money." vital speeches of the day, 59.18, 1995. history reference center.
- Describes grunwald, michael. one nation on welfare. living your life on the dole. history reference center.
- Analyzes jeunesse, william l., "millions in stimulus spending being doled out for questionable jobs."
- Explains mcmurry, inc.'s "the solution to this crisis is not complicated." vital speeches of the day 77.9 (2011): 304-305. history reference center.
- Analyzes mcmurry's "this is no way to run the greatest country on earth." vital speeches of the day 77.9 (2011): 302-304. history reference center.
- Analyzes mcmurry, inc.'s "time for am attitude adjustment." vital speeches of the day 78.3 (2013): 82-84. history reference center.
- Opines that president obama addresses the joint session of congress. the washington post company, 24 feb.
- States that the united states. dept. of agriculture. agriculture factbook. ch. 3 american farms.
- Describes the u.s. national debt clock: real time.
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