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Out of Control

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The United States is a wealthy country harboring a strong economic system. In 2010, the gross domestic product, GDP, was approximately $14.6 trillion dollars which translated into about $2.16 trillion in tax revenue. With this money, the country funds everything from healthcare for the poor and elderly to the education system that will produce our next great minds. However amidst sea of prosperity, there is a whirlpool draining the nation and threatening its survival as a world power. A policy of deficit spending has dragged the United States into deep debt and lawmakers are reluctant to admit there is even a problem let alone address it. They have played politics with the issue for too long and a financial crisis now looms over our heads. Congress and the president need to make a sustainable fiscal policy their number one priority and implement some significant changes before the United States is torn from its position of power and prestige.

As of this writing, the national debt is approaching a staggering $14.294 trillion, the current limit set by Congress. Referring to the nation's GDP, you see this is roughly 98% of all the goods and services produced by the United States in an entire year. If you are thinking that there can be no additional deficit spending once we hit the debt cap, you are right. The country cannot spend more than the cap set by Congress and will be forced to make cuts to balance the budget. This is not what will happen, however. Instead of recognizing the need for some responsibility, Congress has established an unofficial policy to simply raise the debt limit and continue spending. Since 2001, we have approached and Congress has raised the debt ceiling ten times and nearly tripled the outstan...

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...p://www.economist.com/node/15452793

Austin, D.A., & Levit, M.R. (2011, March 7) The Debt Limit: History and Recent Increases. Congressional Research Reports for the People. Retrieved from http://opencrs.com/document/RL31967/

Conason, J. (2009, March 29). Deficits Do Not Matter. The Federal Budget Deficit. Retrieved from Gale Opposing Viewpoints In Context.

Crapo, M. (2009, March 24). Massive Budget Deficits Will Burden Our Children With Debt. The Hill. Retrieved from Gale Opposing Viewpoints In Context.

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