ipl-logo

The Pros And Cons Of National Debt

525 Words3 Pages

One day everyone has to retire, for a good amount of citizens depend mostly on Social Security payments to fund their retirement. Moreover, you check to see your next Social Security payment, to your disturbance the document revealed a decline in payments. Consequently, the decline in funding has made retirement difficult; As a result, going back into the workforce is the only way, to sustain yourself. Currently the U.S. debt accumulates to approximately 20 trillion dollars, increasing at an alarming rate currently. No doubt, that if the U.S. continues to increase its debt, then more people will be hurt by it. If the national debt isn't addressed, then a chain reaction of disastrous events in the U.S. will be imminent, government officials possess the power to avert this dilemma. …show more content…

First and foremost, federal budget deficits are “new programs and tax cut adds to the debt”(Amadeo). Furthermore, the social security trust fund is money originally meant for baby boomers, when they retire; The funds were alternately used to loaned to the government to increase spending. In addition, other countries benefit from lending money to America, because in doing so the country will continue to purchase their goods. Consequently one of the several effects that this has on America, will be the cut to retired citizens. Countless elderly will suffer from not possessing enough money to purchase food, medicine, and shelter. In conclusion, a bountiful of other issues will arise if the debt is not put into

Show More
Related
365 Words | 2 Pages

The social security is a costing system and it occupies a big proportion in the government spending. In Barbara R. Bergmann’s article “Could Social Security Go Broke?,” she deems that there is enough fund in the social security system and the government can easily transfer the tax income from current employees and firms that employ these employees to the social security to support retirees’ lives. This point of view only can be considered as assumption, but not for the real world. After the finacial crisis in 2008, a large number of employees were laid off during that time and some employees decided to retire early, which results the labor force in American has shrunk. In the meantime, the presence of effective technology products,

Read More
840 Words | 4 Pages

The Central States Pension Fund has a lot of influence, because it is a major plan. By cutting benefits, other plans will also find it acceptable to cut benefits. The number of people affected would grow from thousands to millions. This in turn hurts the greatest number of people instead of helping them. By hurting thousands workers, the fund is also doing an action that is unkind.

Read More
616 Words | 3 Pages

It marked a shift in the role of the national government, as it established a system of retirement benefits for seniors and more such as unemployment insurance, aid to dependent children, and disability insurance. These programs helped provide safety for Americans who were struggling during the Great Depression, and they continue to provide support to millions of Americans today. The program was designed to assist older Americans who were unable to work, and it has been instrumental in reducing poverty among seniors. According to History Editors, the “Social Security Act”, the president “created Social Security, a federal safety net for elderly, unemployed, and disadvantaged Americans. The main stipulation of the original Social Security Act was to pay financial benefits (Social Security Act).”

Read More
1324 Words | 6 Pages

Charles Fusco, Federal Writers’ Project interview in which he offers his perspective on the New Deal, “Roosevelt Is a ‘Damned Good Man’” says, “This social security measure gives some protection to 30 million of our citizens who will receive direct benefits through unemployment compensation, through old-age pensions, and through increased services for the protection of children and the prevention of ill health.” “It will act as a protection to future Administrations against the necessity of going deeply into debt to help the needy. It is, in short, a law that will take care of human needs and at the same time provide the United States with a sound economic structure”(SQ 3, E). Social security was very important to the Success of the New Deal. The text says, “Social security was a piece of this change, signaling Americans viewed the government as responsible for ensuring that older Americans would live decent lives.

Read More
762 Words | 4 Pages

In a statement to the public, Franklin Roosevelt showed a concern for” young people who have come to wonder what would be their lot when they came to old age” even with all the people who had no job security but employment. Even though he knew that the people could never be insured a hundred percent of the population going against the same percentage of hazards of life. He was hoping that this act would help all the senior citizens from becoming homeless and stay healthy. This act was created to combat unemployment; Social Security now is used primarily for a safety net for all the disabled and retirees. The act help give death benefits to tax payers.

Read More
751 Words | 4 Pages

Every time there is an election, there are always promises made (and sometimes not upheld) by politician’s to tackle the nation’s deficit spending. The nation heard the two presidential candidates’ debate the topic frequently during the Presidential debates. The deficit spending is part of what makes up the United States national debt. John Keynes supported the idea of deficit spending during a recession time in our nation. Herbert Hoover was openly against a deficit because it would collapse what our nation was founded on.

Read More
681 Words | 3 Pages

The American Social Security program is in a troubling start. Funding for the program is slowly starting to trickle away as more and more citizens are starting to receive these benefits. The government needs to change something to try and fix this problem. Privatizing the social security program to allow banks to take over the program is one way politicians and economists have considered fixing the issues. This would allow the government to cut back spending in the area, allow the citizens to control more of their own retirement, and allowing them to get a higher return for their lifetime investments into the program.

Read More
300 Words | 2 Pages

The National Debt is the amount of money America owes other countries around the world. Currently, the number is in the trillions, and that number is rising by the second. The National debt is at least $20 trillion dollars and counting. America’s been in debt since around it’s beginning. Increases in tax and the act of spending less could help pay off the debt, or taxing the rich like we should be doing.

Read More
704 Words | 3 Pages

The national debt of the United States is the amount owed by the federal government of the United States. The measure of the public debt is the value of the outstanding Treasury securities at a point of time that have been issued by the treasury and other federal government agencies. Today’s federal debt is about $18.5 trillion which continues to look increasingly

Read More
994 Words | 4 Pages

Nathaniel Hawthorne is a well known author who has written a multitude of short stories; often writing about the negative side of humanity and how people’s emotions affect them. Hawthorne puts heavy emphasis on symbolism to help ease the flow of the story for the reader as well as incorporating that symbolism by interacting with the character while maintaining the theme of faith. Not just faith but evil is also a theme that becomes apparent as the story goes on and even becomes present as it comes to a conclusion. The story “Young Goodman Brown” demonstrates such qualities through relationships, symbols, foreshadowing and similarities to other stories written by Nathaniel Hawthorne.

Read More
757 Words | 4 Pages

Gross federal debt is the made up of public debt securities. The debt is held by the public, the government’s debt is the highest. High national debt means that there is little economic growth. The national debt is an issue my generation will face and debt will continue to get larger, this is an important issue and could get smaller with expanding GDP, causing an increase in economic growth and prevent the creation of offshore accounts made by corporations. One way to cut the national debt is to expand GDP, the gross domestic product is the best way to measure the country’s economy.

Read More
890 Words | 4 Pages

While it will keep health care and social security programs running as usual, it will be way more detrimental in the long run. The more debt the U.S. gets itself into, the harder it is to fix the problem. An article from the Washington Times called “Why Congress Must Not Raise the Debt Ceiling,” suggests the United States could do fine with a few cuts to lesser important programs. Stated in the text,” Curbing federal spending by that amount would require the president and the director of the Office of Management and Budget Mick Mulvaney to prioritize among obligations and planned new initiatives.” Repeatedly increasing the debt ceiling completely defeats the purpose of even having a debt ceiling.

Read More
315 Words | 2 Pages

"Blessed are the young for they shall inherit the national debt." -- Herbert Hoover One of the most politically debated topics in the US is the National Debt. What is national debt? The national debt is the total money the US federal government owes to different places. Examples are states, foreign countries, and any other groups or companies the US has borrowed money from.

Read More
1002 Words | 5 Pages

As a society we need to accept that it is up to our generation to fix this issue. Reforming Social Security will benefit everyone living in the U.S. in the long run. Restoring Social Security to its once former glory is a necessity to benefit our further generations and to create a better future for the next generation of workers. In order to accomplish this lofty goal I propose that we increase the payroll tax cap to boost Social Security’s funding and reduce benefits for the higher income earners who do not need Social Security as much as others do. The majority of Social Security’s income originates from the Social Security payroll tax.

Read More
912 Words | 4 Pages

Debt-free college and other forms of this plan are not the answer to making college both affordable and of the same value. Since 2004, the average price for a four year, public college has risen by 42% ("Clinton 's"). The price for a four year, community college has grown by 28% (“Clinton’s”). A debt-free tuition means the cost of college is manageable without having to take out a loan (Kelly). You have a new plan, “New College Compact,” to spend $350 billion over ten years to decrease the amount of college (Kelly).

Read More

More about The Pros And Cons Of National Debt

Related Topics

Open Document