Essay on Obama and the National Debt

1185 Words5 Pages
“Back in 2008, candidate Obama called a $10 trillion national debt ‘unpatriotic’. Yet by his own decisions, President Obama has added more debt than any other president before him, one president, one term, and $5 trillion in new debt” (Paul Ryan, Rep. for Wisconsin, 2011). Everyone agrees that the national debt needs to be fixed. However, people are disagreeing about how to tackle this problem and whether or not we are making any progress. Like most global issues, it is a complicated issue with equally difficult solutions. It is hard to keep people’s interest in a confusing issue, but since we children are the ones that will be stuck with this problem soon, we’d better start taking an interest. To make this easier to…show more content…
So they decreased their deficit by $10,000 which sounds great for one year, but they actually still increased their debt by another $15,000. The same thing works for the government. The government has the Gross Domestic Product (“GDP”), which is basically how much money all the new goods and services are worth that everyone in America buys within a given year. The GDP represents the “how much we earn” part. The second part is everything the government spends money on; healthcare, defense, education, welfare, social security, etc. According to President Obama’s State of the Union Address, we are making progress with our debt elimination. He cited that the deficit has dropped from 6.8% of the GDP in 2012 to 3.9% in 2013. Based on my example above, we know that the deficit is not the same as the debt and that the debt continues to get larger every minute of every day. Unfortunately, while the deficit percentage of the GDP did get smaller last year, the debt percentage of the GDP is ridiculously high at 73% according to the Congressional Budget Office (“CBO”); this means that the debt is higher now than any time since after World War II. And while it may reduce for the next few years due to economic growth, the Committee for a Responsible Federal Budget (“CRFB”) predicts that the debt will grow to 79.2% of GDP by 2024 and 100% by 2023. This means that
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