by
M.L.
America's Debt Burden
Issues: Debt, Overspending, Economy
Currently, our country is drowning in an outrageous amount of debt. How much? $10,158,466,125,551.25, and that's only as of last night! Our debt has increased $3.08 billion a day in the past year. With an American population of 304,855,269, each and every man, woman, and child would have to pay $33,322.26 each tp retore the debt! Can anything be done to stop the debt from rising sand begin to pay it down?
Because America is indebted to many foreign countries, our national security is in jeopardy. Countries such as China, Saudi Aurabia, Venezuela, and Russia, which are not always friendly to American interests, own large amounts of our debt. Many of these same countries also supply us with oil. Twenty-five percent of our debt is owned by foreigners. Two of the biggest ones are China, with an estimated $1.3 trillion of our debt, and Japan with $592 billion of the United States debt. Even with the high demand for foreign oil, is it maybe time to stop depending so much on other countries?
There are also a few things that the future members of congress need to consider. Right now, the congress, instead of reducing spending, keep raising the limit of debt allowed. The debt right now is at its highest point since World War Two, how did it ever get to be so bad? The country has spent more then it has made in thirty one of the last thirty five years. Where is America going to be headed if nothing changes?
In just a couple of decades, if nothing in our economy changes, almost every dollar in taxes will pay for three things only. Social security, medicare, and interest on the debt. The next president and people in congress can keep spending, but they will have to ask, in the end, who will pay?