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National Debt In America

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The national debt of America is at an all-time high, and, if not corrected, will lead to the downfall of the economy and the government’s ability to serve the people. The national debt is the collective accumulation of debt owed to foreign and domestic creditors. The massive debt threatens America’s soundness as a nation and must be dramatically reduced in order to maintain the nation’s economic and political stability. To correct the national debt, the federal government must impose a strict debt limit to keep the debt from expanding further and implement a series of fiscal restructures, economic stimulations, and firm legislative actions to reduce the debt to a manageable amount. The terms national debt refers to the total amount owed …show more content…

To escape the debt, the consumer may have to budget and reevaluate the economic conditions. The American government must employ a similar method to stop any further increase of the national debt. Specifically, the government must stop the main sources of the ever-increasing debt: foreign loans and domestic entitlement programs through a series of cutbacks. The federal government has three main areas of spending including mandatory spending, discretionary spending, and interest from debts (Williams Web). Fifty-five percent of the total spending for the government goes towards mandatory spending, and all of mandatory spending is for entitlement programs such as Medicare, welfare, and social security payments (Williams Web). Unfortunately, these programs are often abused and not properly regulated, and the inefficiency has cost and will continue to cost the federal governments trillions in the long-run (“The” Web). By costing the government, the people of the nation are to be marred as …show more content…

The government must wean itself from using foreign money to fund domestic projects. To subdue the debt from growing further, the government must pass a bill that will halt all borrowing of foreign money after assuring that all unnecessary spending has been cut and that sufficient tax reserves are available to continue the functions of the government. Additionally, this bill shall also call for the government to temporarily decrease its budget to federally- funded, non-essential state projects that are not detrimental to internal development and function for the states to safeguard against unforeseen costs and

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