National Debt

I am concerned about our national debt.  We continue to spend more money than we take in.  Every month we create a bigger problem for our nation.  If our government were a family or a business, it would clearly be heading towards bankruptcy.

Can a government go bankrupt?

For a family or business, this problem is pretty straight  forward.  You must reduce your spending, increase your revenue or a combination of both.  I imagine that it is the same for a country.

Our leaders need to be taking this more seriously.  It is not enough to reduce the annual deficit.  We must eliminate the annual deficit and begin paying off our debts.  Cutbacks in spending is the first step.  Of course, people will be unhappy when something that they care about is reduced or dropped, but tough decisions need to be made.  Families do it all the time.  Businesses do it all the time.  Our country and our leadership need to distinguish between those things that we truly need to have in our budget and what things we can do without.   If you do not want to eliminate programs then you must reduce the amount spent on each.    The total expenditures should not exceed the total income.

Revenue could be increased by reducing or eliminating some of the many tax credits that are offered both to businesses and to individuals.  Tax rates also could be raised.  Taxes were higher back in the 90’s, but I seem to remember it as being a fairly prosperous time as a nation.   At the end of the Clinton presidency, we actually had a surplus.  Unfortunately, the first thing that President Bush did was to give that money back to the people and lower tax rates.  The tax rates should have been left alone.  The surplus should have been used to start paying down our debt.

We have a problem and it is getting bigger.  Our politicians need to make the tough decisions.

We can encourage them to act by creating awareness and calling for action.

We can contact our senators and representatives and tell them that this is important to us all.

 

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