1. If we continue to accumulate debt at the rate that we are, how much debt will America have by 2020? How will this affect future generations?
2. Are there any solutions to help our country decrease its debt in an efficient manner? If so, what are they?
3. How does our debt compare with other countries' debts? What does this mean for America?
1. As the chart shows by 2020 the national debt of the US will be 22.5 Trillion Dollars.
2. Decreasing the debt can be done efficiently with compromise and cuts to the right sections. The cuts that would produce lots of money lie in the defense sector but no one wants to make the cuts to the military. Some money would be made back from taxing the wealthy that make $250,000 and above it should be based on a percentage of income, the middle class should not pay as much in taxes as the wealthy. America must learn to cut instead of throwing money at the economy and hoping to change. The economy cannot be controlled by just America, it is global therefor a global issue. However we can bring business back to America by putting unrealistic tariffs on foreign goods such as Nike products, this would help bring business back to America. Solutions using tariffs, and manipulation of powers is much greater than just pumping money in the economy.
3. If you watch the world news every night or read the paper you'll see Greece, Italy, Egypt and many other countries economies are struggling just as much as ours is. It is not just a domestic issue but a chain reaction that reaches all of the world. What this means for America is that we have less reliable companies to invest in, and others around the world lose faith investing in our companies. This is just one of a plethora of consequences from a global recession.
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