The United States National Debt - 1328 Words

The total United States national debt is now over 19 trillion dollars and our Congressional leadership shows no signs of accomplishing any significant changes to make the situation better. That 19 trillion equates to almost $59,000 for every citizen of the United Sates. Sound financial practice is to not spend more money than you earn and borrow only for emergencies. It appears our Congress is incapable of adhering to sound financial practices as in the last fifty years there have only been five years when the U.S. recorded a budget surplus. Between 2009 and 2012 the U.S. added 5.5 trillion dollars to its national debt. Neither Republicans nor Democrats appear to have any sense of urgency in rectifying this problem. Fortunately the U.S. Government has a good reputation of paying its debts and thus has a good credit rating which allows it to continue borrowing, although that good standing was put to the test recently in 2011 when Standard Poor’s reduced the U.S. rating from A AA to AA+. A good solution would be to enact an amendment to the U.S. Constitution requiring a balanced budget, but all previous attempts have failed. So what does the U.S. have to show for $19T worth of debt besides crumbling federal highways and bridges in danger of collapsing? Not much other than the world’s finest military and a lot of money spent keeping the elderly population happy, alive and healthy. The U.S. Government receives most of its tax revenues from the labor of its people andShow MoreRelatedUnited States National Debt1438 Words   |  6 PagesUnited States’ National Debt The current economic event on the increase in the National government debt has become of interest to the public and the decision makers. This paper looks at the economic event as per Stephen Dinan’s article in The Washington Times dated on June 16, 2015, in regards to the impact of the increasing national debt to the general economic growth in America. The proportion of the United States National debt is increasing in comparison to the National GDP. It is evident fromRead MoreNational Debt Of The United States2489 Words   |  10 Pagesattention. National debt has been a key issue in the past that has gotten a lot of attention of the public and in the general elections. National Debt or Federal deficit is the total amount of money the government has borrowed from any source. The national debt in the United States is currently $15,236,332,233,848.35 and growing. The national debt per U.S citizen is about $48,852.95. These numbers are made up of public debt and Intergovernmen tal Holdings. Over the past 50 years national debt has increasedRead MoreThe National Debt Of The United States Essay1644 Words   |  7 PagesIntroduction The National debt of the United States is currently sitting at over $19 trillion dollars. There are many public opinions on whether or not this is a risk to the US economy and if this will lead to our next economic collapse. The National debt is the amount owed by the federal government to all of those who hold the notes. The outstanding Treasury securities at a point in time that have been issued by the Treasury and other federal government agencies is the measure of public debt. When we talkRead MoreThe United States National Debt2648 Words   |  11 PagesAlarming Reality of the United States National Debt One trillion dollars is an astounding amount of money. What if I told you that the United States of America is in debt not just one trillion dollars, but nineteen trillion dollars in debt, as of 2016. As time goes on, the United States only continues to rack up more and more debt. It is estimated that in just 4 years, our national debt will increase by about 2 trillion dollars. The truth is, our country has been battling debt ever since it was foundedRead MoreThe National Debt Of The United States2113 Words   |  9 PagesThe national debt of the United States is the amount of money owed by the United States federal government to creditors. Such creditors include businesses, other governments, organizations, or individuals that own U.S. debt securities (Investopedia). It is the sum of all past federal deficits, minus any surpluses. The current U.S. debt is at roughly $18 trillion dollars and counting (TreasuryDirect); see Figure 1 below for debt increase over time since 1939, where the gray columns indicate periodsRead MoreThe National Debt Of The United States2290 Words   |  10 PagesThe National debt of the United States has increased at a rate of over one trillion dollar per year for the last 10 years. The main culprit behind the rising federal deficits and debt is the growing federal spending on programs like Medicare, Medicaid, Social Security, and the Patient Protections and Affordable Act (Obamacare). Currently, the national debt exceeds $18 trillion dollars. That amounts to more than $58,000 for each person who lives in the U.S. today (including children). Some sayRead MoreThe United States National Debt Essay1941 Words   |  8 PagesMany Americans today are aware that the United States is in debt, however, some may not realize by how much. Currently, the United States National Debt is up to 18 trillion dollars and is steadily increasing. This is a serious problem for the U.S., especially for millennials, who are going to be the ones living and dealing with the debt left behind for them. Increased spending, borrowing from China, and interest on the money borrowed are setting up our economy for an eventual crash, one that theRead MoreThe United States National Debt1455 Words   |  6 PagesnÃŽ ±tionÃŽ ±l debt. InternÃŽ ±l ÃŽ ±nd externÃŽ ±l debts ÃŽ ±re the two types of nÃŽ ±tionÃŽ ±l debt. InternÃŽ ±l debt includes the ÃŽ ±mount borrowed from sources within the country. The government rÃŽ ±ises this money by selling securities, government bonds, ÃŽ ±nd bills. While externÃŽ ±l debt is the money borrowed from foreign sources. These sources mÃŽ ±y include privÃŽ ±te sources, other countries, ÃŽ ±nd the InternÃŽ ±tionÃŽ ±l MonetÃŽ ±ry fund. This pÃŽ ±per will explore the reÃŽ ±sons ÃŽ ±nd consequences of the high nÃŽ ±tionÃŽ ±l debt fÃŽ ±ced by the United StÃŽ ±tesRead MoreT he United States National Debt Essay823 Words   |  4 PagesOn the Sixth Avenue in Manhattan, there is a national debt clock that shows the amount of United States national debt. The clock was first installed in 1989, and can show up to ten trillion dollars. It ran out of digits in October 2008 when the sum of debt exceeded the amount. A new clock with two extra digits is going to be installed (Izzo 2 ). We hear about the debt almost every day: news talks about it, politicians argue about it, even President Obama gives speeches on it. So what is the significanceRead MoreEssay on Reducing the National Deficit1071 Words   |  5 PagesReducing the National Deficit Many United States citizens are unaware of the countrys current financial state. Many assume that one of the worlds wealthiest countries could never be in debt. This is untrue however, and, in fact, the country with the greatest income per capita is in major debt. This study will examine possible solutions to reducing the United States national budget deficit. Understanding the National Deficit The amount of money that the United States government owes