Why All The Debt? Essay

1911 words - 8 pages

Seventeen trillion dollars in debt and growing every day. Continuous tax cuts and drastically increased spending. Turning a blinds eye to our continuous deficient financing, spending more than what we take in. Throwing countless sums of money into foreign country research projects or wastefully spending within the states, having to borrow to make up for the short comings in our budget. The government shutdown and fear of being thrown back into a recession was spread throughout the entire nation. This nation has begun to dig its self a whole that is quickly becoming too deep to crawl out of.
Senator John Ensign said it best when he stated that the “United States continues to drown in debt.” President Barrack Obama said that “We [the American people] have a system of government in which everybody has to give a little bit.” With a national debt encroaching on eighteen trillion dollars what is Obama’s definition of a little giving? One may also ask as to why one would continuously pump money into the national government when Washington annually looses billions of dollars. As the majority of people lose faith in the national governments wasteful investments Obama’s little giving system may all but disappear.
Midyear, of 2013, CNN Money ran a report of the amount of debt the nation owes to foreign countries. To no one’s surprise China came in first with no real competition. China has graciously invested or lent 1.28 trillion dollars to the United States. Japan comes in second with gracious investments and loans of 1.14 trillion dollars. These drastic amounts astonish the people of the United States. As they know they will be the ones to pay off such a debt or fall back into a rescission once again.
The fear of such tragic economic disaster became too close for comfort in October of 2013, the month the government shutdown. Both Japan and China “called for a quick resolution to the crisis.” The two countries also expressed concerns on the “economic consequences” if a default, failure to make payments on the nation debt, were to happen. Economists began to strengthen the voices of the foreign countries by making nose with in the national borders. Some economists began to run reports on how the default would hit America and the domino effect that would surly follow after. Beliefs that the world would be greatly hurt, “investors would likely drop the dollar [and] equity markets would surly take a hit.” Great harm, the economists predicted, for more than just the United States.
On September 30th of 2012 it was stated that the national debt increased at an average rate of 2.65 billion dollars daily. It has now been over a year since that number was calculated. The United States government has been too interested “with getting checks out the door and secondarily with spending the money properly.” Even with a nation debt of 17 trillion dollars and daily spending of over 2.65 billion dollars daily the national government still has...

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