NATIONAL DEBT: WHAT YOU NEED TO KNOW

There are very many things that you ought to know as far as the national debt is concerned. This is because this debt is seriously hurting the economy and affecting you as a citizen in one way or the other. The first thing you must be aware of by now is the fact that the growth of the national debt is slowly outpacing the growth of the national economy and if left unchecked it will in the near future crash the whole economy. Huge national debt translates to less employment opportunities, low living standards, low wages to mention but a few. That is why this national debt issue should concern you as a citizen. In addition to this you should be awake to the fact that the more the federal economy continues to crumble the more you, as a citizen, will continue to be financially dependent on the federal government. For instance spending on food has doubled since a couple years back, many people have lost their jobs and have sought assistance from the federal government. As tough that is not enough, the government has gone ahead to use million of dollars advertising to invite more people to join the food stamp program. The question you should ask yourself is do we really have to go to the extent of advertising for people to become dependent on the government?

As much as the government plan on healthcare otherwise known as the Obamacare is going to help in the health sector it will add a projected 2.5 trillion dollars into the federal debt over the first decade of its implementation. You need to ask yourself where the government is going to get all that money to actualize this healthcare plan. This is because the government cannot keep on spending money that they don’t have, this will mean even more deficit. The government needs to prioritize its programs and cut spending where necessary. But it is like the government is not aware of this because all they are doing is borrowing and borrowing more money.

This government spending behaviors have prompted many people to remember what our founding fathers said as far as the national debt is concerned. For instance, Thomas Jefferson once said that if only he had the powers and opportunity to add even one amendment to the U.S constitution, it would be a complete ban on all borrowing done by the federal government. This country would have been very far if only they had taken this advice from Thomas Jefferson.

Another important thing to take note of is the fact that the national fix the debt has increased by more than 2.0 trillion dollars since the Republicans took control of the House of Representatives. So far, the only thing that the congress has managed to do is to add even more to the national debt than the first 97 congresses combined.

Another thing that any concerned citizen should know is the fact that at this point the United States government debt per capita is more than many nations from around the world such as Greece, Portugal and even Italy.