The Things I Like Essay

878 words - 4 pages

When compared to countries with a lower amount of national debt, such as the United Kingdom and Sweden, America seems to be built on a foundation of materialism. American materialism influences its society to believe that the more things someone owns, the happier she will be. Many Americans insist on ownership of goods and services, despite how expensive some may be. Even if an individual lacks the necessary funds to afford said goods, however, she can still purchase them by using credit. Credit is money that a bank or business will allow a person to use, provided she reimburses them in the future. The existence of credit encourages people to spend more than they can afford to, ultimately rendering the borrowers slave to the lenders. Abusing credit results in debt, which is a problem that plagues almost every American through most, if not all, of their life. Bad credit and debt are among the worst of problems in America because it contributes towards a progressively unstable state in the economy and prevents many Americans from fulfilling their financial dreams.
There are different types of debt, although they all contribute towards the country’s status just the same. One of the most common types of debt Americans have is personal debt. This type of debt is the result of purchasing assets with values that diminish over time. Said assets include: new cars, clothes, furniture, and credit card purchases – short-term pleasures. Investment debt, however, is one of the more acceptable types of debt. This kind of debt results from borrowing to fund companies, education, or even homes – assets that will likely increase in value over time. Of course, both types of debts are equally difficult to repay. Debt ranges from mortgage payments, car payments, school loans, income taxes, health insurance, credit cards charges, and more. All of which contribute to the America’s ever-increasing national debt.

If America’s national debt increases and the nation continues to experience difficulty in financing its debt, the government may severely increase tax rates and lower the value of a dollar. While this action would certainly solve America’s debt problem over time, raising taxes will result in a loss of money for most folks. This is extremely problematic for people with low incomes who are already having enough trouble paying taxes. Higher taxes will reduce the rewards of work and investment as well as lower the nation’s economic growth. America should remedy its financial problem by employing a balanced budget amendment, essentially ruling that the country cannot spend more than its income. This easily assures that...

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