The Reasons For America's Lack Of Debt

There is a widespread concern about rising levels of debt. Debt can become disastrous for those who live alone or those families who are already having problems with supporting their family. The people who might be struck by debt, they might have trouble recovering. Debt can cause Americans to lose their homes and stability they need to feed, and shelter their families. Although debt comes upon us Americans quickly, people can see debt as terrible thing to be stuck with. It has many disadvantages that can devastate to people.

U.S. National Debt The U.S. national debt has reached an alarming proportion. As it steadily increases, it's effect may not be felt now, but it will be in the future. Paul Gregory and Roy ruffin, in their book entitled Economics, linked deficits with inflation in the long run (251). Demand-side inflation of this type fails to increase the GDP, but instead just increases prices.

The U.S. national debt is currently $18 trillion dollars and it is rising fast. The national debt today is the highest the U.S. has ever seen. In George Washington’s Farewell Address, he declared the U.S. should avoid going into debt. If the nation end up in a deficit, that the debtors were responsible for paying off the debt so that it doesn’t burden the future generations. Like the rest of this advice in his Farewell Address, the nation ignored it. The ideal goal right now should be to stop the debt from increasing anymore because it is impossible to stop the debt from increasing and expect to pay it off in this generation.

Entering into the twentieth century, Americans usually only made bigger purchases if they had the total amount of money ready to be used all at one time. Once the idea of credit became popular, Americans started to make those purchases sooner and they only had to pay back the money small amounts at a time. This method of spending raised the standard of living in America while also raising the level of debt. It took off from there, people became hooked on being able to pay small amounts of a big purchase in increments instead of one lump sum. Government programs also started accumulating debt of their own. Eventually, the United States was racking up debt into several

On the Sixth Avenue in Manhattan, there is a national debt clock that shows the amount of United States national debt. The clock was first installed in 1989, and can show up to ten trillion dollars. It ran out of digits in October 2008 when the sum of debt exceeded the amount. A new clock with two extra digits is going to be installed (Izzo 2 ).

The total United States national debt is now over 19 trillion dollars and our Congressional leadership shows no signs of accomplishing any significant changes to make the situation better. That 19 trillion equates to almost $59,000 for every citizen of the United Sates. Sound financial practice is to not spend more money than you earn and borrow only for emergencies. It appears our Congress is incapable of adhering to sound financial practices as in the last fifty years there have only been five years when the U.S. recorded a budget surplus. Between 2009 and 2012 the U.S. added 5.5 trillion dollars to its national debt.

Living in debt has become the norm for most U.S citizens, with nearly 80% of the population in some kind of financial dilemma. Even the national government is trillions of dollars in debt, and the main cause is spending money we don't have. If everyone would stop using credit cards, taking out huge loans, and buying houses that they really can't afford, the economy might slowly regenerate. Many people don't understand how fast debt can build up and how much interest rates can increase that debt. Yes, life would be a lot more difficult for many people if they could only use money they actually have instead of paying it back later and adding on debt, but sometimes change is needed. No matter how difficult this change may be to implement, it may

America’s economy is a fading light in an endless void of blackness that is going to keep getting dimmer and dimmer until it sizzles out, and unless America realizes this and does something about it, American economy is doomed. Federal debt, lack of jobs, discouraged workers, jobs overseas, job loss, state and local bankruptcy, and reckless inflation all take a large part in the deteriorating of America’s economy. American’s have failed to acknowledge the growing crisis, and because of this, our economy is reaping the consequences. Each problem that America’s economy is facing is going to require a unique set of solutions and an army of problem solvers. Is fixing the United States’ biggest problem going to be easy? Of course it isn’t going to be easy. But it is possible? With every American working together to pay back our debt and end this economic apocalypse once and for all, anything is possible.

While many Americans today have a very weak will to work hard or improve themselves, a strong motivating force—such as debt—would surely encourage the nation as a whole to become more productive. On the one hand, Americans today are lazier than ever: only a small percentage works more than twenty hours a day. On the other hand, the debt-driven American will push himself or herself to pay off his debts, in order to prevent his home from being repossessed, becoming determined to work daily twenty-five hour shifts. The debtor also will develop a new sense of priority in order to further fuel his motivation for hard, debt-paying work. Just as the physically unfit will cut sweets, carbohydrates, and food altogether from his or her diet, the debtor will cut such things as medical insurance, electricity, indoor plumbing, and even a home in order to be able to spend more time working to meet minimum monthly payments . After all, like the “more than 600,000 homes [that] entered some stage of foreclosure” (Foreclosures), debtors without homes are able to spend more time working, don’t have to pay the bills, and don’t have to pay property taxes, encouraging them to work even harder to pay off their debts. How productive this power of debt can be is illustrated when “a [five-year-old girl’s mother trafficked the child to pay off a drug debt” (Netter). If a woman can be so motivated by debt that she would sell her own

During presidential bids for the White House and Congressional deadlines for increasing the debt ceiling, huge debates break out as to the enormous amount of debt incurred by the federal government. Throughout our nation’s history, national debt at this magnitude is a new things. The accumulation of this amount of debt has its consequences, especially when the debt hits the nations GDP (Gross Domestic Product), or the revenue the nation takes in per year.

National debt is arguably one of the most potentially concerning issues in our nation. The debt is at a shockingly breathtaking nine-teen trillion dollars! Should we be concerned as citizens?

The US National debt approaches 20 trillion dollars, and no large measures are in place to slow its increase. Addressing the debt problem will require the American people to sacrifice either their money, or the promises that the government gave to them. The American people and their government must be responsible and address the debt problem now, before it becomes unmanageable in the future.

Self preservation is human nature. At the very core of human civilization is the desire to survive above all of entities. Human are selfish beings that are focused primarily on protecting their interest before others. Those with the financial means to achieve preservation will be more successful in doing so. The United States of America began to accrue debt after the Revolutionary War, and since then, it has acquired over 17 trillion dollars in debt; the majority of which is due to the federal government's tendency to spend more than it has collected in revenue. In general, the existence of debt creates a higher cost of living for American citizens, slower wage growth across all economic classes, generational inequality, and the potential for a paralyzing fiscal crises. For these reasons, it is imperative that the federal government seek solutions to reducing the deficit, while protecting the interests of the wealthy members

The United States is in a lot of debt, I don’t think beneficial to let other countries know how much debt were in. Moreover, I also don’t think we should let other countries know how much money we spend and keep in circulation. On the other hand, I feel to lower our debt we should have a strict limit on how much money we can spend. The benefits of having a limit will force us to delegate our money properly, thus giving us the chance to lower our

The National Debt consists of the total debt accrued by local, state and federal. Public debt is essentially the federal debt, thus compiling the staggering number that already exists. The debt deficit to me is astonishing. Currently, the total public debt in the United States, as of December 16, 2015, is $18,788,138,221,346.49. This includes $13,600,726,418,253.26 debt held by the public and $5,187,411,803,093.23 by intergovernmental holdings (usgovermentdebt, 2015). High GPD is not anything new to the United States. The all-time high was 121.70 percent ($18827323.00) in 1946 and a record low of 31.70 ($253400.00) percent in 1974 (United States Government Debt to GDP, 2015). The way we are spending, and the debt we are accruing, it would