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Newspaper headlines carry the same message every day, the United States’ debt is growing. Growing is not even a strong enough verb to emphasize the amount of debt our nation carries. President Barack Obama’s budget will increase this debt to $7 trillion within the next ten years.
If the $7 trillion is divided between the taxpaying citizens in the United States, the result is well over $60,000 per person. Very few people, if anyone, would choose to put themselves in this much personal debt. Not everyone is optimistic about helping their government put them in this position.
Putting services and items we don’t need and can’t afford into our national budget has caused our debt to spiral out of control. For our generation this means inflation, increased taxes, high unemployment rate, and a lower standard of living. Social Security and Medicare won’t be provided for us when we’re older and we will be working harder and longer for less.
The implications of this debt are astounding. In just three years, the National Center for Policy Analysis projects that “the government will not have the tax revenue to perform 10% of what it is doing now.” And, it won’t be long before the only thing our government can afford is to pay back debt.
The situation is made even scarier by the knowledge of to whom we owe this money. China is this country’s largest creditor, holding more than $1 trillion of the United States’ debt. If they ever call for us to repay this debt, the government would have to print more money which would cause massive inflation. A valueless dollar would make our debt unappealing to investors, and we would no longer be able to borrow. Other countries, many not our allies, would then be able to control our economy.
But, there are actions we can take to help the country regain its strength. First, educate yourself! Read a book on economics so you will understand the implications of having the government provide programs for needs we should be providing for ourselves. Second, do what the government is not doing, budget your money so you will not have debt and can live within your means. Third, get involved! Read the news and write or call your Congressman when they are preparing to vote for a bill which could have long-term detrimental effects. Lastly, read a good history book on the fall of the Roman Empire. It might just scare you into action.