Topic: America National Debt Time Bomb and Budget Deficit: Will Taxpayers get the explosive end of the stick to pay off debt:
Today, the United States national debt is over 27 trillion dollars and rising, placing the US among the top ten with the highest national debt and has reached a milestone in debt as ever before. According to the US debt clock.org, the US federal debt to GDP ratio has increased over 200 percent from 1960 to the present, which warns investors that the country might have difficulties paying its debt. This research paper will discuss the history of the US national debt and budget deficit and what has been causing the national debt to accumulate. It will focus on the significant expenses and its services that contribute to excess spending. Understanding why government borrows and understanding the negative and positive of budget deficit.
The constant increase in the US government’s national debt and the budget deficit will negatively impact citizens (taxpayers). The increasing US government deficit and national debt can negatively impact not only the economy but taxpayers. United States national debt is higher than ever before and is an accumulation of budget deficit. The national debt can have a devastating ripple effect in the economy, creating higher taxes, higher interest rates, and programs and benefits reduction with weaker dollar causing inflation. This section will argue on the adverse reactionof a continuous rise in the United States budget deficit even though it may be beneficial in creating jobs and reducing unemployment and also drive economic growth and stability.
Although the United States budget deficit is increasing, this excessive spending can create jobs and reduce unemployment. This research paper will analyze arguments from economists such as John Maynard Keynes in his book “The General Theory of Employment, Interest, and Money.” Keynes theorysupports government spending that an increase in budget deficits will decrease high unemployment rates.
This research and its conclusion will examine what course of action can be implemented to control the US government budget deficit and national debt to prevent any impact on long term sustainability. What strategy can be implemented in the budgeting process to plan and to execute the control of spending?
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