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Slowly Accepting Death: America’s Monetary Crisis

Powerful Essays
Imagine you lived back in the year 1 A.D. and, beginning then, spent one million dollars a day up to today. The grand total of what you spent would have reached approximately 734 billion dollars. While you have that fact in your mind, let me inform you that the United States national debt is over fifteen trillion. This means that - on average - our country has spent 174 million dollars each day since 1776, the year the colonies declared their independence from Britain. This is one of the most obvious indicators to show that we, as a nation, have become accustomed to debt. We even think of debt as being necessary! Being in debt has become accepted in our society causing great monetary waste and economic problems.

Being in debt means you are living beyond your means and your output is greater than your income. It is one of the primary ways we are wasteful with our money. Monetary waste, debt in particular, is pervasive in this country. It affects people of all ages; it affects the government; and it is even expected in education! In her 2011 article “I Owe U,” Kristina Dell mentions that the total U.S. student loan debt passed up the amount of total credit card debt for the first time in 2010. At the time the article was written, the numbers were on track to reach $1 trillion in 2011 (40-41). In the same article, Dell states that 10% to 20% of college students have monthly loan payments which are equal to more than 10% of their gross income. This is defined as “borrowing excessively” (41-42). Students are swamped in debt before they even get out into the workforce!

College students are not the only ones who are fulfilling the expectation of being in debt. Debt is affecting people of many ages, and some are not even attempting ...

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...cepted in our society causing great monetary waste and economic problems, but if we each are willing to stand up to the dissipation that pervades our society, we can change this! We need to start managing our money better today.

Works Cited

Dell, Kristina. “I Owe U.” Time. 31 October, 2011: 40-44. Academic Search Premier. Web. 5 March, 2012.

“Government Watch.” AmacAdvantage. Mar. 2012: 48. Print.

Lim, Paul J. “Drowning In Debt?” U.S. News & World Report. 8 Sept. 2005: 38-39. Academic Search Premier. Web. 5 March, 2012.

Lim, Paul J. “Kiss That Plastic Bye-Bye.” U.S. News & World Report. 11 Dec. 2006: Academic Search Premier. Web. 5 March, 2012.

Theil, Stefan, William Underhill, R.M. Schneiderman, Joel Schectman, Steve Friess, Tara Weingarten, and Daniel Stone. “The Urge to Splurge.” Newsweek. 6 Dec. 2010: 26-30. Academic Search Premier. Web. 5 March, 2012.
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