The National Debt Must Be Repaid and the Rebuttal of the Notion That It Is Useful in the Stock Market
Dear reader, you owe $65,936 to other governments than the U.S. Read more to find out why. So it’s election time again for congress and senate. So when you vote will you want a congressperson who will try to fix our pressing problem of national debt? Today we’ll discuss the actual problem of the debt, the way we got into so much debt, and some potential solutions. We will then discuss the other side of the argument of the national debt.
Our national debt is a pretty bad problem because according to www.usdebtclock.com/index/html our current debt is $21,679,663,251,561, and counting. So that means right now each citizen, children and all, owe more than $65,914 and at current rates by 2020 our national debt will be $25,329,414,212,716! Do you really want such a big debt for America’s future to settle or do you just want to take care of it now? I mean you wouldn’t want others taking out money under your name, but that is exactly what the government is doing.
“Every president borrows from the Social Security Trust Fund. The Fund took in more revenue than it needed through payroll taxes leveraged on baby boomers. Ideally, this money should have been invested to be available when the boomers retire. Instead, the Fund was ‘loaned’ to the government to finance increased spending” (Amedo). So the presidents all borrow from the social security fund and we need to vote for someone who will not take so much from the public.
So then how did we get so deep into debt? The answer is simple. We borrow money from other countries because we don’t have the money. But, to our government here’s a tip, if you don’t have the money don’t spend it! “Countries like China and Japan buy Treasuries to keep their currencies low relative to the dollar. They are happy to lend to America, their largest customer, so it will keep buying their exports.”(Amedo) So our national debt is high because we borrow without thinking of the consequences.
Here are some potential solutions to our constant growing debt. When we don’t have a certain amount of money for a government project don’t do it until you have the money to do so. Like Presidents Trump’s wall for example. We know that we don’t have the money for it so we shouldn’t build it. And don’t try to borrow from other countries or, ourselfs for that matter.
So to fix the debt we need to actually stop getting the debt. Another option is to cut our spending by not funding programs that we don’t NEED. Another option, even though we may not like it, is to raise the taxes. “If Congress raises the tax rate beyond that level, then the additional revenue generated will be lower than before.” (Amadeo) So we want to eliminate debt but we don’t want to raise the taxes. We have a war of opinions but one thing’s for sure we need to eliminate the debt.
Now there are some people who say that national debt is not a problem so I will now briefly touch on thier prespective. They say that you can earn a little more money when you take out a loan. Most Americans are wrong—and their debt worries are just one way their fears are causing them to miss out on big stock-market gains”(Foster). So apparently national debt may help us get bigger stock market gains?
I will now counter that opinion. So yes, there is the potential for big stock market gains but the article that was used for the rebuttal used Mark Zuckerburg as an example. So yes, a six million dollar loan may work out for Mark but probably not the best option for our government beause we aren’t investing in the stock market. So I think that we need to stop the U.S. debt since it’s not making us any money.
So, to conclued my paper, I want to say national debt needs to be paid off. This year when looking at your ballot look for someone who will try to pay off the national debt so you don’t owe other governments $65,936. I thank you for your time and hope you keep this in mind whenever you vote for political leaders.