Rising Debt

Now that the Federal Government can borrow money again our debt is starting to soar once again. With the debt being at almost 17 trillion dollars, it looks like no plan is set to try to lower the nation’s debt anytime soon. This could lead to even more problems and just add to the one America has now.

 

            President Obama has rose the national debt ceiling six times since taking office in 2008. Since his time in office, the debt has rose over 7 trillion dollars, according to FOX News. This is a startling number and is just something else that has tainted President Obama’s legacy as President of the United States. The Republicans have been trying to push for budget cuts to try to get the nation’s debt and deficit under control. “The deficit is getting smaller, not bigger,” President Obama has said. Even though this is true our national debt has rose over sixty percent during the tenure of Barrack Obama’s presidency (FOX News). Even though the debt counter in New York is saying 16.7 trillion dollars the National Treasury has racked up an astounding 200 billion dollar debt over the years. So in real talk, the national debt is at 16.9 billion dollars and is only rising.

 

            Even though the deficit is projected to go back down over the next couple of year, it is also projected to go back up over time. This is because of high interest rates from our loans and entitlement programs (FOX News). So yes, President Obama is right that the deficit is going down but because the United States is not paying back the debt it will just go right back up after a few years of going down. Until there is a plan to cut billions or trillions of money over a short amount of time the deficit and debt will continue to rise at a very high rate. All of these problems hurt the credibility of the United States and hurts our economy, which it already has. And because the Democrats are such big spenders, they will not agree to a long term deal to cut the debt and deficit over time.

 

            This entire situation could have been avoided somewhat if we were just responsible with our money. We spend our money on some pointless things like unemployment benefits and other programs that could either be changed or entirely cut out of our budget deal. Not only would it save us money but it would make people go out and get a job to help boost our economy rather than just draining our capital and hurting the government in the long run. With compromise these issues could be fixed but until then this problem will follow us for years or even decades if these issues aren’t resolved.