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Our Crippling Debt and Why Its Here to Stay

Every day theres more bad news for the United States. The deficit has been massive enough over the past 8 years but now its set to break records for the 6th year in the past 9. Reckless spending and cutting of taxes has resulted in the largest budget deficit in history, adding to the largest national debt in history. The budget deficit in for 2009 is projected to be 490 billion dollars. Thats approximately 3.5% of the GDP of the country.

490 billion dollars is nearly ten times the GDP of the entire nation of Luxembourg. Or over one half of the GDP of the 100 lowest ranking countries by GDP. Thats every year were spending that much more than we have. Our national debt is massive at this point.

Its even more frustrating to think that right before President Bush took office we had a budget surplus of 128 billion dollars. Thats enough to give every citizen of the United States a rebate check for over 400 dollars. The government was on track to be debt free for the first time in over 150 years.

Then Bush took office. Instead of staying the course he slashed taxes, increased spending massively, and began an unnecessary war. He did something no party, politician, economist, or educated person would ever advocate; he increased spending and cut taxes to the point that we had a deficit, while the nation was already in debt. You cant maintain a deficit state indefinitely.

Bush didnt just negate the good Clinton did though; in fact between the year 2000 and the year 2008 the federal debt has risen from 5.7 trillion dollars to a whopping 9.3 trillion dollars. A 62% increase in debt that weve been building since the 1800s in just 8 years.

At the rate things were going when Clinton left office the debt was projected to be eliminated by the year 2013. Now the budget isnt even expected to produce a surplus until 2012, let alone pay off the debt. The debt isnt just sitting there, its costing us ever day that we have it. Debt isnt free, theres always interest, interest that the American people are paying on a loan that doesnt benefit them in any sense.

Clinton had said, We should take advantage of this historic opportunity to use the benefits of debt reduction to extend the life of Social Security and Medicare and pay off the entire national debt by 2013 for the first time since Andrew Jackson was president

Unfortunately Bush did the exact opposite. He increased the deficit and by doing so increased the debt, thereby essentially taxing the American people despite his tax cuts. At this point it will take 90 years to pay off the debt if the government had a budget surplus of 128 billion dollars every year. Both major candidates are projected to increase the debt massively as well so, as far as the future of the country looks, its not looking so good. Debt that great will weigh down the nation for the foreseeable life span of everyone alive in it right now and permanently weaken a nation once regarded as the sole superpower of the world.

To pay down this debt would be a massive undertaking, larger than fixing social security and providing universal health care combined but the benefit is that the money save on interest can pay for those programs and keep the money of the American people in the pockets of the American people. So before voting for Barack Obama or John McCain consider this, Will my candidate be fiscally responsible, or will he dig us in deeper?

Every day theres more bad news for the United States. The deficit has been massive adequate over the past 8 years but now its set to break records for the 6th year in the past 9. Reckless outlay and cutting of taxes has resulted in the biggest budget deficit in history, adding to the largest home(a) debt in history. The budget deficit in for 2009 is projected to be 490 billion dollars. Thats approximately 3.5% of the GDP of the country.

490 billion dollars is nearly ten times the GDP of the entire res publica of Luxembourg. Or over one half of the GDP of the 100 lowest top-ranking countries by GDP. Thats every year were spending that much more than we have. Our national debt is monolithic at this point.

Its even more frustrating to think that right earlier President Bush took berth we had a budget surplus of 128 billion dollars. Thats sufficiency to give every citizen of the united States a rebate check for over 400 dollars. The government was on track to be debt free for the first time in over 150 years.

Then Bush took office. Instead of staying the course he cut taxes, increased spending massively, and began an unnecessary war. He did something no party, politician, economist, or enlightened individual would ever advocate; he increased outlay and cut taxes to the point that we had a deficit, while the nation was already in debt. You cant sustain a shortage state indefinitely.

Bush didnt just contravene the good Clinton did though; in fact between the year 2000 and the year 2008 the Federal soldier debt has risen from 5.7 trillion dollars to a whopping 9.3 trillion dollars. A 62% increment in debt that weve been construction since the 1800s in just 8 years.

At the rate things were going when William Jefferson Clinton left office the debt was projected to be eliminated by the year 2013. Now the budget isnt even potential to produce a surplus until 2012, let alone pay off the debt. The debt isnt just sitting there, its costing us ever day that we have it. Debt isnt free, theres always interest, matter to that the American people are paying on a loan that doesnt benefit them in any sense.

Clinton had said, We should take advantage of this historical opportunity to use the benefits of debt reduction to extend the life of Social Security and Medicare and pay off the stallion national debt by 2013 for the first time since Andrew Jackson was president

Unfortunately Bush did the exact opposite. He increased the deficit and by doing so increased the debt, thereby essentially taxing the American English people despite his tax cuts. At this point it will take 90 years to pay off the debt if the government had a budget surplus of 128 one million million dollars every year. Both major candidates are sticking to gain the debt massively as well so, as far as the futurity of the country looks, its not looking so good. Debt that great will weigh down the nation for the foreseeable life span of everyone alive in it right now and permanently weaken a nation once regarded as the sole superpower of the world.

To pay down this debt would be a massive undertaking, bigger than fixing social security department and providing universal health care combined but the benefit is that the money save on interest group can pay for those programs and keep the money of the American people in the pockets of the American people. So ahead voting for Barack Obama or John McCain consider this, Will my candidate be fiscally responsible, or will he dig us in deeper?

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