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Essay Controversy In Eradicating National Debt

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Controversy in Eradicating National Debt Thomas Jefferson (1789) once reproached the following controversy: “The question Whether one generation of men has a right to bind another…” (p.1). It’s a controversy that’s become incessant as it translates to the national debt today. Is it acceptable to bind future generations with mountains of debt? From both moral and economic perspectives, postponing debt payments will only result in adversity. Economic Perspective National debt occurs when its government borrows/spends more than it procures. In James McBride’s (2017) summary article of today’s national debt, the United State’s current financial situation is reported. Public debt was approximated at $8.5 trillion. Foreign and government-held debt was roughly $9.4 trillion. All together, the total comes out to be a staggering $20 plus trillion. Both World Wars and the Cold War undeniably took a part in this, but America’s spending habits are the true culprit for this dilemma. In 2017 alone, the budget deficit was approximately $666 billion. According to Henning Bohn (2010) in his essay regarding The Economic Consequences of Rising U.S. Debt provides statistical proof that the national debt has become a problem. In just two years, the ratio of public debt to GDP …show more content…

The money that’s being taxed from a person can no longer be used to consume a product or service. Debt or borrowing allows you to consume in the present, but it restricts your ability to consume in the future. Furthermore, John Bydlak informs us within the article that higher government leads to higher inflation, higher interest rates, and inevitably higher prices. Thus, American citizens are being further restricted in their ability to consume as it is more expensive to do so. Federal debt can only be described as a deal with the

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