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United States national debt

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Debt chart

A chart of the United States public debt, as a percentage of GDP, by president, house majority, and senate majority.

The United States currently has a massive debt of over 18 Trillion dollars, resulting from the recession, the Iraq War, and the War in Afghanistan. However, by practicing Keynesian economics, government debt can be useful at times.

RepublicansEdit

Republicans sometimes examine the rise in the national debt over Obama's presidency, and point to it as reckless spending. However, Republicans are getting in the way of paying off our debt. Republicans advocate that we reduce taxes, especially on the wealthiest individuals. Because of this, the debt will be hard to pay off. Republicans also want to have a massive military , and to fight in more wars, thus causing more spending. The idea that Republicans stand for fiscal responsibility has been shown to be nothing more than a myth.

PoliticiansEdit

Unfortunately, politicians who could actually help our economy are at a disadvantage. The masses don't want to hear that they will have to pay more taxes, or that they may lose some social services. The wealthy elite will not vote for them, because the elite would have a massive increase in taxes.

Total debtEdit

The United States has a total debt of over 57 trillion, with government debt making up only a fraction of the debt. The total debt is a result of credit card debt, student loans, and mortgages. Because of this, higher education, the housing market, and the credit industry need regulation.

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