The Federal Budget Deficit Is Getting Bigger As Spending Grows: https://www.npr.org/2019/08/21/753112635/the-federal-budget-deficit-is-getting-bigger-as-spending-grows
For as long as we can remember, the United States has been in debt. However the CBO believes that we will hit $960 billion for this fiscal year, followed by an average of $1.2 trillion for the next 10 years. Of course this is all just forecasting and the numbers could change, but the fact that they are projecting for the United States to exceed $29 trillion by the year 2029 is a scary thought. Especially when that would be 95% of the GDP which according to the CBO will be the highest ratio since the end of World War II. Is there anything the government is spending money on that they should not be or is it all justified? I wonder when the debt will become irreversible if it isn't already. It seems the new budget deals have not been as efficient as they were promised to be.
"Is there anything the government is spending money on that they should not be or is it all justified?"
ReplyDeleteI personally Believe that the government doesn't spend money on things they don't need rather there is an imbalance of spending. for example in 2018 the U.S government spent 574 Billion on defense and only 68.2 Billion on Education. This may not seem like a lot but, the government spent 59.1% of all their government spending on defense alone and this was one of the few programs that not only didn't receive cuts but increased from years past (52 Billion). So I believe there can be better budgeted government spending and distributed it in areas that need it more, rather than spend more than half of the budget on defense.
I have always questioned what the phrase "the U.S. is in debt". I always ask: to who? If a household is in debt then there are people who are hired by the government, businesses etc to seek these people out. However, who will seek the United States out in order to make it pay their debt? The national debt in the U.S. has increased more than 10% since President Trump took office. In 2019, the debt-to-GDP ratio began to approach 110%. I am posing a new question that your article has sparked: since the national debt is paid back with tax revenue, will it ever be fixed? Citizens already state that taxes are too high, but they do not suggest a way to fix it outside of taxes.
ReplyDeleteI do not believe government will spend money on things they are not supposed to be spending on. I believe that the things that needs to be taken care of are being taken care of but there might be misplaced priorities among these things.
ReplyDeleteI think that government spending will always be a controversial topic of discussion because there will always be people on each side of the argument. There will always be people who try and justify the spending and then there will be those who will criticize it.
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