Cataclysmic Consequences of the U.S. National Debt

Student name Instructor name Course name Date Cataclysmic Consequences of the U.S. subject Debt If the National Debt of the United States cannot be described as situation experiencing a crisis then little else can. At its greatest level in history, the current deficits provide the economy with a small boost, only if allowed to continue on its path of projected growth, deficits testament eventually result in the lower standards of living caused by a sustained stagnation of the economy. Citizens will also be deprive of various regimen programs such as those targeted at the economically disadvantaged a state many more nation will experience if the current trend is not reversed. opposite government funded interests such as education, military and infrastructure will suffer greatly as well. Why these statements are binding along with imparting a general overview of the national debt so as to illuminate the crisis is this papers purpose. If Congress does not control its overspending through measures such as passing a balanced budget amendment to the Constitution and adhering to it, the solid grounds economic future is in deep peril.

When Congress spends more than is collected, the country incurs a debt and must borrow money from foreign countries, primarily China, to remain operational. The national debt currently exceeds $13.7 trillion dollars (U.S. exchequer, 2010). According to the U.S. Treasury Department, the yearly payment on this debt, the deficit, reached $1.29 trillion as of prevail month (October, 2010). (Bartash, 2010). These figures are well past most peoples comprehension. Started in 1791, the national debt was, by those days standards, an incredible $75 million. collect to President Andrew Jacksons prudent approach to government spending, the national debt was lowered to, again adjusted to todays standards, to only $37 thousand. The Reagan/Bush administrations of the 1980s ran the debt up by historic proportions. The massive increase... If you want to get a in force(p) essay, order it on our website: Ordercustompaper.com

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