The United States' national debt is one of the largest security risks to the American people. Our debt has recently surpassed the sixteen trillion dollar mark and is projected by some to only get higher in the years to come. The word deficit is a term often used to describe the amount of money that our federal government takes in and the amount of money that is spent by our federal government. The United States' national debt is the total amount that the country owes to other parties including the American people and foreign countries, as well as interest (Frequently). The result of diminishing incomes and increasing expenditures is an explosive and volatile national deficit. In fact, this sixteen trillion dollar debt amounts to each person living in the U.S. paying over $50,000 to cover the cost of our debt (US Debt Clock).
What are the many reasons behind our debt here in the United States? Years of deficits in different sections of the government, such as a loss in revenue through taxes; having imports vastly exceed our exports, as well as not saving because of the interest we continue to pay to foreign countries for borrowing their money are all reasons for an unbalanced budget. Not to mention that programs the government runs, such as Social Security, Medicare, Medicaid, and our military spending, are growing under current policies of the recent years. An uncontrollable recession and necessary stimulus money, followed by economic uncertainty and the slow of growth of the economy has also added to our deficit (I.O.U.S.A.). Whether or not these factors can be controlled or revised through policy is another question.
Politicians from both respective major political parties have been attempting to balance the budget for years with little success. So far, their only success has been passing the burden down generation to generation. As our spending increasingly grows out of control, presidential nominees Barack Obama of the Democrats and Mitt Romney of the Republicans stand to tackle the problem with differing mindsets. President Obama supports a larger government and tax increases, where Governor Romney supports a smaller government and tax cuts. Both options are heavily proclaimed as being the better choice to reduce the deficit by each candidate's respective party and supporters.
[...] Whether or not these factors can be controlled or revised through policy is another question. Politicians from both respective major political parties have been attempting to balance the budget for years with little success. So far, their only success has been passing the burden down generation to generation. As our spending increasingly grows out of control, presidential nominees Barack Obama of the Democrats and Mitt Romney of the Republicans stand to tackle the problem with differing mindsets. President Obama supports a larger government and tax increases, where Governor Romney supports a smaller government and tax cuts. [...]
[...] “Romney: Obama Stimulus ‘Most Careless Onetime Expenditure' in U.S. History.” National Journal Daily 15 May 2012: 1. Academic Search Premier. Web Nov I.O.U.S.A. Dir. Patrick Creadon. Roadside Attractions Web Oct Issues. Romney for President Web Oct Meet Mitt Romney. Romney for President Web Oct Tanersley, Jim. “Romney's Secret Recipe for Economic Recovery.” National Journal 19 Apr. 2012: 1. [...]
[...] Both candidates continue to talk about how bad the deficit is and how badly the budget needs to be balanced. These critics feel that nothing is being done about the issue, or at least that there are no plausible solutions to the national debt crisis being proposed. For example, Nancy Cook wrote in the National Journal stating that neither President Obama nor Mitt Romney has a good solution to the sixteen trillion dollar debt. She argues that Obama's “four trillion deficit-reduction proposal leaves intact the entitlement programs—the biggest drivers of the country's rising debt.” She also bashes the Romney- Ryan ticket for planning “huge tax cuts that exceed the price tag of the spending cuts they've proposed.” Among Cook's argument about the two presidential candidates, Obama is often labeled with Obamacare, being criticized by right-winged Republicans as not cutting enough from the budget and spending too much. [...]
[...] On Tuesday, November we the people will choose which candidate leads us in the direction of reducing our deficit and who will lead us to eventually reducing this monstrosity of the ticking time bomb called our national debt. Works Cited About Barack. Obama for America Web Oct Cook, Nancy. "Hollow Promises on the Deficit?" National Journal 13 Sept. 2012: 1. Academic OneFile. Web Oct Frequently Asked Questions about the Public Debt. U.S. Department of the Treasury Web Oct Huisenga, Sarah. [...]
[...] Academic OneFile. Web Nov Taxes and the Budget. Obama for America Web Oct US Debt Clock. US Debt Clock.org Web Oct. 2012. [...]
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