How Large Is The Current U.S. Budget Deficit And How Has

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How large is the current U.S. budget deficit and how has it changed over the last few years? The projected Unites States budget deficit for fiscal year 2017 is a staggering $559 billion dollars. A budget deficit occurs when the government spends more than it receives in revenue over a specific period of time (Schiller, Hill, & Wall, 2013, p. 251). Currently the US government runs on a fiscal year (FY) which begins October 1st each year. The projected rate of 2017’s deficit is 17.6 % of expected revenues of $3.4 trillion which is only slightly lower than FY 2016. The 2016 deficit represented 3.2 % of gross domestic product (GDP) rising from 2.4% in FY 2015 (Congressional Budget Office, 2017). If the average American household…show more content…
Food, tents, muskets, and ammunition were not cheap, and Congress was failing to meet these new expenditures. They went so far as to print new money, our first look at currency manipulation (Schiller, Hill, & Wall, 2013). The Founding Fathers would not be able to grasp that our nation never has never been debt free. At the time of this writing the US National debt was $19,975,211,704, and changed over the time of typing in the figure (Federal Reserve, 2017). National debt is “accumulated debt of the federal government” (Schiller, Hill, & Wall, 2013, p. 261). This astronomical figure is difficult to fully grasp. To break it down in simple terms; that amounts to $61,55 per US citizen, and $166,775 per tax payer. With the median income at just over $30,000, there is simply no way the nation can pay the debt off by raising taxes alone (Federal Reserve, 2017). At issue, who owns this debt? The US Citizen does, strangely enough at 65.6%. Social Security owns roughly 16%, other federal entities own 13% and the Federal Reserve owns an additional 12%. The other 34.4% of US debt is owned by other countries and foreign interests (Patton, 2014). This could potentially lead to national security issues if the foreign investors decided to cash in Treasury securities all at once. That is not likely as the United States is still one of the most secure places to invest. In addition, being arguably the most powerful military on

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