Debt Vs National Debt

The growing national deficit is a looming problem in the United States now more than ever. The national debt is constantly increasing and government spending is out of control. If these issues are not solved then they could spell disaster for the nation’s economy when the infamous debt ceiling is finally reached. Currently the national policy on the debt is to continue raising the debt limit until a solution is found that is agreeable between both parties in Congress. The two main issues of over spending and the constant raising of the debts ceiling by Congress can both be resolved by government spending reform, balancing the federal budget and initiating pro-growth policies in order to increase the government’s tax revenue.

The recent clash between the president and congress about raising the debt ceiling made the front page on every newspaper throughout the country and generated controversy of unimaginable proportion among the citizens of the United States of America (College for Financial Planning). No macroeconomics issue is more controversial today than the impact of large public debt on the economy and on future generations, but, however, there appears to be a huge disconnect between professional, political leaders, and the ordinary public about the national debt and its impact on the current and future

Since the nation’s very beginning, it has carried a debt from the American Revolution. Only once in the entire U.S. history has been the debt zero, during President Andrew Jackson’s administration in the 1830’s. President Jackson set a budget like the other future and past presidents, but actually stayed within its parameters. However, the debt kept growing after his presidency and reached $18 trillion dollars today. The world has changed a lot since the 1830’s, the methods used during that period can no longer be the solution in 2015 because there are just too many factors that must be considered. The size and the population of the country have changed dramatically, foreign relationships are far more complicated and broader, and people’s expectations of the government are different.

Fixing the national debt is a coservercal issue within our government. Since the two parties have opposing views on how to fix it, it creates gridlock on the process of creating a plan to reduce it. (Perdue, 2015) Our federal government debt has extensively tripled since the year 2000 (see appendix A) (Historical Debt Outstanding Annual 2000-2015,2015), today our debt is a tad bit over nineteen billion. (U.S.NationalDebtClock.org , 2016) We have arrived at his point through the imbalance between revenues and spending, fueled by ever-high interest rates. Which will approximately result with us reaching ninety percent of GDP. (Greife, 2010) The government has no revenue. Therefore, the money it receives comes from the people and the

National Debt in the U.S. has expanded rapidly throughout the years. In 2012-2015 it has increased by 70 percent. Most spendings are obviously spent by government in unnecessary facilities. Many people ask why is it affecting us and why has the government not issued a reform to solve it. This worries us because it doesn’t only involve an internal debt but a national debt as well.

The main goal of Bernie Sanders’ political career has been to address the root causes of economic inequality. Bernie advocates policies that

Bernie Sanders in his early life grew up in New York and his father being occupied with his position as a paint salesman gave Bernie a life in a struggling working class family. We must first understand where Sanders is coming from, his childhood memory is vast of struggle and he’s noticed during his campaign run the large amounts of money being invested in each candidate. He seeks for America being how it was first was with the public doing all the investments and not these largely owned corporations and lobbying voters which have been already have a vote decision made by the corporation they belong too. Bernie wants to pass a court decision to put regulations on how much corporations and wealthy individuals invest their money on the presidential campaign.

On September 30, 2015, the end of the previous fiscal year, the national debt of the United States was $18.15 trillion, while GPD was only $17.95 trillion, according to the U.S Department of the Treasury and the International Monetary Fund (IMF). With a national debt larger than GDP, and a deficit greater than GDP growth, the topic has reemerged in political discussion. Two main schools of thought seem to exist on the topic: one side argues that the large size and rate of growth poses an immediate effect to the economic well-being of the country, while the other side stand by the idea that while the deficit needs to be managed, the amount of debt remains a reasonable sum. One supporter of the first viewpoint, Dr. J.D. Foster, deputy chief economics

Bernie Sanders’ official campaign website boasts proudly of the candidate’s stance on workers’ rights. American socialism historically holds links with American mass labor. Socialism migrated to the American continent with the immigrants of the nineteenth century. With the progress of industrialization, immigrants both climbed the economic ladder and labored in the newly created factories and stores, a level of economic diversity the senator likely finds grossly unfair. * Due to deplorable labor conditions in certain industries, socialist voices gained an audience.

Bernie Sanders takes a very forthright approach on income inequality. He states that “In the year 2015, no one working 40 hours a week should be living in poverty.” He would amend this by raising the minimum wage from 7.50 an hour all the way up to 15 dollars an hour. He has also stated that he will begin taxing big corporations more heavily, and hopes to use that money to fund public works such as rebuilding bridges, roads, railways, airports, public transit systems, and so much more. Bernie Sanders truly wishes to improve the standard of living for your average family and have them be able to be self-sustaining without the need for government welfare.

Bernie sanders ran as a democrat during the twenty sixteen presidential elections and his main competitor was Hillary Clinton, wife of a former president Bill Clinton. The millennials back Bernie sanders over hillary for a few reasons, one of the main reasons being hillary’s ties to giant companies who donate to her. Greg Sargent writes “truly transformative change actually is possible, if we break the power of big money’s grip on our political system — a problem, Sanders suggested, that is exemplified by her candidacy.”(1) Hillary clinton has has so many giant institutions and businesses donate to her, there is no way she can not be biased toward at least one of them. Bernie sanders on the other hand has refused many donations so as to stay neutral and unbiased. In fact he has fought to more tightly regulate campaign and prevent government officials from becoming biased or owing favors. Another big difference between Bernie sanders and Hillary Clinton is the rate at which they want to see change. Greg Sargent writes “Sanders believes that there is majority support in America for the goals of the “revolution” he is promising, and that the power of that majority can be unleashed if the power of the oligarchy is broken, and if the power of the grassroots is sufficiently harnessed” (1) Bernie sanders wants change now, just like millennials. Bernie

Bernie Sanders believes that the problems that the American healthcare system faces need to be addressed promptly because they are a matter of life and death. Regardless of income or wealth Sanders believes that healthcare is a human right and should be guaranteed to all Americans. Wellness and the health of individuals is prized over corporate funds in Sanders mind. Moreover Sanders encourages legislation to curb the cost of drugs and to tackle the fruan in the industry. Altogether, Sanders believes that universal healthcare serves as a strong foundation for his policy goals.

is a popular candidate with much of the younger generations of voters and the platforms of his campaign appeal to many. One of the most popular platforms in Sanders’s campaign is his push to reduce the economic inequality found between the top 1% of Americans and the lower 99%. For Sanders, the economic inequality in the United States is an area that needs attention and action to remedy the vast wealth gap that exists. The economic inequalities in the U.S. have been growing since the 1980s, and Bernie Sanders believes that

First and foremost, I really enjoy the fact that Sanders does not hide behind his words. He speaks with a purpose, and uses clear language that will be understood by many in order to get his points across. Additionally, Sanders is not afraid to talk about the racial injustices that are occurring within our walls of society. One of his largest campaigns, is to confront the dilemmas within our very own communities, and how who we choose to interact with, holds an impact on not just us but also our country. Compared to Clinton, also running for the Democratic Party, Sanders is not a commercially bought robot. He has sponsors and supporters, but for the most part he has been very independent, following his own values and ideas. One of the arguments raised against Sanders is that he has openly stated of being a Socialist. Now, the issue that I have noticed with people’s debates is that they lack the basic knowledge of what Socialism actually is. So instead of actually having an educated stance, they label Bernie as an extremist, when he is far from it; simply stating that he wants there to be common ownership. Now whether or not this will benefit the country is an entirely new argument. Sanders also fights continuously for the working poor and middle class, wanting to provide the largest portion of America’s population a prosperous and hopeful future. Sanders also greatly believes that people should be freely given the right to make their own choices without laws restricting them, which is why he remained pro-choice throughout his entire career, wanting to allow women to make any decision about their life

Today, the U.S. National Debt stands at nearly $20 trillion dollars. That equals $165,000 of debt per taxpayer (Chantrill). Ever since the National Debt started to get tracked in 1790 it has fluctuated. However, it has steadily grown since The Great Recession of 2008 (Phillips). This paper will provide background information in terms of the debt. It will also provide an overview of the National Debt, who/what has caused the Debt to be as high as it is, effects of the Debt, and possible solutions that could decrease the Debt.