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The National Debt Problem
The National Debt Problem
The National Debt Problem
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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. (Agresti) If the debt does not cease, it will double from what it was previous to President Barack Obama`s inauguration. (Boyer) It must stop before America is in poverty.
There are a seemingly infinite amount of causes to the unanswered disease of The United States National Debt, some of which can be cured. One of the major causes of this problem is extra Government social spending. (Agresti) The Government wastes money on extra activities such as football, basketball, and various other pastimes. Instead of paying athletes large sums of money, the pay could instead go to some major world crisis, such as The National Debt. Community services are also a factor in this. The cost to uphold such programs is very taxing on The United States of America. Economic affairs also take part in this cause. Public transportation uses non-renewable resources that cost a lot of money to obtain in large quantities. Agriculture, though being a small dent, has an effect on the debt as well. This is unlike the millions spent on energy. Although it is a necessity for “modern” life, the maintaining of power is an expensive feat. The final major artifact of Social Spending is space exploration. Large organizations such as NASA spend billions of dollars building, maintaining, and flying rocket ships. Th...
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...ery month. The Government also should spend less money on useless things, such as supporting other countries. If the Government could stop supporting small countries that would be lacking as allies, they may be able to support themselves and grow the country to become more powerful as a whole. These are but a few of the many possible ways to repair The United States National Debt. There are many other plausible theories but they are less realistic according to the way the Government works.
In conclusion, The United States National Debt is trillions of dollars in “the hole”. America`s wealth is lacking as the debt is a growing problem. If we are unable to solve this rubix cube of a crisis, America may never regain its former splendor. This gigantic debt must be solved in order to restore wealth to the nation as a whole. The debt`s onslaught rises in vast numbers daily.
The day that Alexander Hamilton was first placed into the United States Government would be the day which would forever change our nation. The time when he would start and create a fantastic economy out of scratch. He did it with one brilliant five point plan. But there were three parts of the plan which were the body of this project. These were the assumption of state debt, the whiskey tax, and the construction of a national bank. All of these together would enhance our economy, before the tyrant
the United States of America Constitution was ratified by two-thirds of the states. The Constitution created a new government in the United States of America that was constructed around the idea of separation of power by the three branches of government with a system of checks and balances. These branches include the executive branch, the bicameral legislative branch and judicial branch. In order to ensure that no branch were to overpower the other two branches, the forefathers of the United States
Democratic Party had many significant, revolutionary effects on America. Jackson was the first president to run as a Democrat, so this political party was often nicknamed the “Jacksonian Democracy”. Before this time, the Federalists and Republicans were major political parties in the United States. Then, the Democratic Party was introduced, which revolutionized America. In order to keep America as a union, Andrew Jackson eliminated the national debt and created the Spoils System, along side of creating the
The national debt is usually a frightening topic citizens of any country, however, in the United States, twenty trillion dollars of national debt is one of the major fears of the economy. Along with this fear comes every politician claiming to be the person to lower this astronomical debt to ease concerns in the modern American economy. In Hamilton’s Blessing, John Steele Gordon tries to alleviate these concerns by showing a plethora of benefits and good the debt has been able to do throughout the
The United States’ national debt is $18 trillion and increases $16,692 every second (“National”). This debt amounts to $56,704 per citizen (“National”). The government plans to spend $3.9 trillion in the year 2015 (“Federal”). This money comes from taxpayers. When the government does not raise enough revenue to cover their budget, the U.S. Treasury borrows more funds. The government creates many problems for the United States when they spend money that increases the national debt. The most important
decision to wage war on the Second Bank of the United States in 1833, Andrew Jackson became unsuccessful in balancing national and sectional interests. The Second Bank of the United States was created in 1816 in response to the First Bank of the United States, which was widely successful in keeping the unity of the states and liquidating the national debt. Getting rid of the national bank would hurt the unity of the nation, stability of the debt within each state and the economy as well. Jackson’s war on
coalition of states would better meet future challenges than an unbound group of separate governments (Greene 16). The first unifying governmental document of the new nation was the Articles of Confederation. The Articles were created during the Revolutionary War in 1777 by the Continental Congress, but were
restrained to fiscal policies that are potentially devastating to America's future. Chairman of the United States Federal Reserve, Ben Bernanke, quoted regarding his bold disapproval of monetizing debt, “The Federal Reserve will not monetize the debt, either cuts in spending or increases in taxes will be necessary to stabilize the fiscal situation” (Hill 1). Monetizing debt is defined by the selling of national debt to primary buyers in the form of a Treasury bill or bond. In laymen's terms, primary buyers
him to help with his army that he had. When Alexander Hamilton helped George Washington he realized America was really finacial under.Alexander Hamilton didn’t like the fact the United States were in debt so he decided to make a banking system to get America out of debt. With the help of George Washington, Alexander Hamilton set up a national banking system in major cities across the United States. Alexander Hamilton planned to retire the old depreciated obligations by borrowing new money at
The national debt surfaced after the revolution when the United States government had to borrow funds from the French government and from the Dutch bankers. By 1790, the U.S. government accumulated millions in debt, but no one knew precisely how much. The Constitution mandated that the new government take over the debts of the old government under the Articles of Confederation. The national debt of the United States is calculated using the worth of the Treasury securities that have been distributed
increased, governments are able to get more money. Thus, they are able to reduce their debt. By reducing debt, government can slowly get out of bankruptcy. If a country is bankrupt, it will produce a lot more problem than recession. Therefore, this policy is good to prevent country from being bankrupt. As the debt is huge, governments try to reduce their spending. Since the government spending is reduced, the national debt will not increase rapidly. Futhermore, European Central bank helped to recover from
Term Paper: National Debt The concerns I have when talking about economics is the national debt crisis. There was a time when the United States was able to manage to keep a balanced budget. In fact, the only times a budget deficit existed were in times of war or other catastrophic events. The Government, for instance, generated deficits during the recession of 1837, the Civil War, the depression of the 1890s, and World War I. However, as soon as the war ended the deficit would be eliminated. When
The U.S. National Debt has been an issue for a long time. It continues to rise each year and it is becoming even more of an issue as time comes. It would be near impossible for the debt to go back down because of the population of the United States, the spending of the government, and the student loan debt. The debt will continue to rise unless one president can figure out how to decrease the debt, like Bill Clinton did. The National Debt can only be paid off by the taxpayers, which would never happen
most important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt" (Bussing-Burks, 7). A lot has changed since Jefferson was President two hundred years ago, but the need to be financially solvent is something that will always be necessary for the United States to maintain its leadership position in the world. The United States of America currently owes $16.7 trillion in debt primarily as a result of the government’s
Does Debt Matter History of United States National Debt The National debt has been a reality since the years of independence in United States of America, as by the year 1776; leaders were still financing wars in the fledgling nation through borrowing. The practice that saw the debt grow to above $75 million after the American Revolutionary War of between 1775 and 1783, and considerably increased to $120 million over the decades. It was until President Andrew Jackson era that the debt shrank to zero