http://www.huffingtonpost.com/william-b-bradshaw/the-national-debt_b_4837585.html
This article speaks to the history of our national debt. Our country started out with a lot of debt because of the Revolutionary War, then was completely paid off during the 1800s. However the Civil War put us right back into debt. A similar trend continued over the years, the main theme being that wars are very expensive. Each time we had a war, it was the number one national debt problem. The author continues to explain how massive the debt is, and how great the interest is (explaining that we paid $ 414 billion in interest in last year alone).
The author then gives his personal opinion and says we need to live under our means to improve the national debt. He explains that republicans want to cut programs, and democrats want to increase taxes, especially on the rich. He says that neither of these policies can help the debt at all, and we must go across party lines to solve this issue. Personally, his worry about the national debt is a little exaggerated. Although it is an important issue, we are not going to fall off a fiscal cliff any time soon. I do not predict us becoming at the mercy of china like this author suggests. Does anyone else think the national debt is important, but perhaps not urgent?
I certainly think that the national debt is a serious problem in this nation and that it could get out of hand if we aren't careful. However, since other nations are willing to lend to us, it shows that we are still regarded as a stable nation that will repay. This is reassuring but I think our nation should curb this issue before circumstances change.
ReplyDeleteThe national debt is a problem, but perhaps not massively urgent, as has been said. However, he says he feels certain methods are not the way to go (i.e. increasing taxes and cutting programs), but does not give a concrete idea of what could be done to potentially fix this problem. We've learned in class that cutting fiscal spending is often an important method, and there are certainly those that could potentially pay higher taxes without it truly affecting their MPC. So, what ways beyond cutting spending and increasing revenues are there to address the national debt?
ReplyDeleteWe could stop trying to help out every other country in need when it comes to war. If someone needs help, our country is extremely trigger happy and will spend as much money as possible to help out a country that nobody has ever heard of. Maybe we need to look at our own problems more closely.
ReplyDeleteThe national debt is a huge problem. USA has such a high debt and is willing to lend $1 billion to Ukraine to save Ukraine from its crisis.
ReplyDeleteIt is very thoughtful of USA to do that but at the same time it should finds ways to start repaying its loans now rather than having a long term repayment plan.
I think that the national debt is concerning, but not to the extent of the author. Plus, I agree that the two parties have to come together and compromise on this issue. Bipartisanship and disagreeing on absolutely every policy won't get anything done. Cutting programs loses jobs for people, and increasing taxes causes for less purchasing power. Ultimately, the economy will be affected negatively either way
ReplyDeleteThe national debt of the US is a considerable problem that will have to be resolved by appropriate cuts in government spending. It would be better for our economy if the private sector increased investment in areas that the government can decrease public investment in. However, our debt is not a problem that will ruin the American economy if we start the process to fix it. By comparing our GDP to our debt, it is obvious that our debt can be repaid in the long term. In that sense, I agree with the author that it will take considerable bipartisanship cooperation to resolve this issue. As President Bill Clinton said, "There is nothing wrong with America that cannot be cured by what is right with America."
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