What is the meaning of the national debt? The national debt is the amount of money the United States has borrowed from states and/or different countries.
American currently has the largest debt and it is $20.5 trillion and the numbers are only growing larger and larger by the second. America’s budget deficit, when the government spends more than the amount it brings in tax revenues in a given year, is a looming issue now than it ever has been. The national debt is the accumulation of budget deficits. It has been made obvious that the government needs a more restricted, balanced budget, but though this is not an easy task to accomplish, it is something that needs to get done. It is safe to say that this is an issue that needs to be fixed, however, getting there is an issue in itself that we cannot seem to agree on.
If this trend of careless spending by the government continues, the future generations of America will be in for a rude awakening. The government is spending more than it is collecting in taxes and this is the cause of our debt. This issue is not an easy fix, but with the right decisions, it is something that can be resolved. There are numerous solutions that can be done to decrease the debt, but the three things that cannot be touched are social security, medicare, and the military (getting rid of outdated/obsolete equipment could help slightly).
A change could be made by lowering spending on unnecessary goods/construction and increasing taxes especially on those with a much higher income. We should also cut food stamps. There are people on food stamps who are taking advantage of the opportunity that others really need. If you are not a retiree, there should be a one year time limit of how long someone is able to stay on this plan before they must find a different route for getting “free” income to purchase food. Another solution would be to raise the retirement age. Because life expectancy has increased over the years, raising the retirement age would require people to work longer and a larger workforce would mean more taxes and a stronger economic growth. Unfortunately, none of these seem like solutions anyone would want, but as a nation we must work together to get those numbers in the trillions back down to zero. There are many ways to reduce the national debt, it’s a matter of coming together to agree on where to begin.
In conclusion, America, what outsider’s view as a rich nation full of wealth is not as the way they paint it, at least our numbers tell otherwise. The government should be figuring out solutions to pull us back out of the debt. America has so much potential, but because of the debt, it has restricted us from doing so much than what we are capable us.
