The United States current economic status has improved from 2010 to 2012, as far as, unemployment rates, consumer income, and (lower) interest rates are concerned. When we examine the Gross Domestic Product, we are continuing to increase the United States debts. In 2009, the United States estimated GDP (purchasing power parity) was $14.38 trillion, which increased $0.44 trillion in 2010. From 2010, the GDP at $14.82 trillion increased $0.22 trillion, putting the U.S. at 15.04 trillion in debt (Stephanie Mandell, 2012).…
Debt affects people in different ways and has a major impact on the life of each individual. It often determines how they will be able to live their lives. There are only two ways to acquire things that you cannot afford to…
Ever since the Revolutionary War, the United States has been a debtor. At first, it started out as a few million dollars but exploded to $211 billion during World War II; it has rapidly increased since then (“The New”). As of September of 2013, the national debt is in excess of $16.9 trillion (“US”). To most people, this is an impossible sum of money to pay off. However, if one simply examines the causes of the debt, they could find solutions to solve it.…
Rising personal debt is one of the consequences of growing inequality. Over 60 percent of americans carry a personal debt every month and the average family is said to cary a nine thousand dollar debt. The reading talked about how people are now using credit cards to pay for things like groceries and gas, something we would of paid for in cash on the regular in the past. I find this very dangerous. The main reason i find this dangerous is because having to buy groceries and gas on credit probably means you don't feel you have the money at the given time to actually pay for it. This means a person is living pay check to pay check and has little to no money to put in savings which could hurt in the future. I feel this is primarily dangerous for middle to low income households. If one of these households are buying food and gas on credit and cant afford to put money in savings and they happen to fall on a hard time they will put themselves into further debt and cause family issues.…
At 9:58 p.m. on April 13th, 2016 the nation debt clock rang in at about $19,243,130,456,985 dollars in debt; and growing. The government seems to try and lower the debt everyday but nothing seems to be working. Even before the United States of America became an official country, the national…
“Debt is the fatal disease of republics, the first thing and the mightiest to undermine governments and corrupt the people” Wendell Phillips, civil rights activist and lawyer (Phillips).…
DEBT! DEBT! DEBT! How did the US get in so much debt? That is one of the most common questions people ask. So why are we in so much debt? Well there are many reasons why, like, Deficit spending, spending too much money on things we could spend less on, and another reason is borrowing money with interest. So why is the US in so much debt? Well you’re about to find out.…
Debt has been one of America’s largest enemies for the past several decades. Families individuals, and even our own government are spending way beyond their means, and nothing is being done to make a significant change for the near future. So, what can America do to break the barrier between debt and financial freedom?…
America is the land of the free and the home of the brave isn’t it? Then why is our nation in such immense debt? Well the simple reason for that is we don’t know how to manage our money efficiently. In order to be successful and stress free you have to plan and save. Be proactive in saving for things such as emergencies, large purchases, and wealth. These things are important to stay out of debt and have financial freedom.…
According to Abraham Lincoln from a speech given on national debt, he says, “The nation’s public debt is a symptom of the long and continuous operation of the second and third causes of the dissolution of a great democracy. It is like the fever that drenches a beloved child’s body in sweat and makes him delirious three hours before dawn. It is necessary to deal with the fever, and to bring it down to a safer level, so that the child can live till dawn, when the fever is likely to break. But those causes of dissolution – which are the disease itself – must also be treated, or else the symptom will return.” The government has been relying on spending so much, which has been causing many long term problems. The United States is extremely in debt because the economy is spending more than it’s earning. This major debt that is happening to this day is creating many problems and consequences for the U.S. to face in present time, as well as in future time. Due to this national debt problem, many financial crisis, such as an increase in cost of borrowing money to buy a house, and increasing difficulty to find a job have become major issues.…
The Gallop poll studies the link between student debt and long term challenges a college graduate faces. The poll shows that those with more student debt tend to have more difficulties in four out of five categories of well-being. The four categories of well-being include community, physical, purpose and financial. This topic is important to society today because it is now becoming harder to afford a full college education so students are turning to student loans which can be a burden for a lifetime. Student loans are great for those who are interested in pursuing their education with little to no money to afford school. On the competitive real world side of things, the career market is demanding that potential workers have some sort of degree, preferably a bachelors. Because of this new demand, people have the desire and the need to further their education in order to make a decent income in today’s economy.…
In society today, a college degree and education is no longer considered an option for further education, but rather a necessity for a supposedly a superior job. College is investment of funds and time. College causes student loan debt and many college graduates become employed in professions that do not require a degree. In the 1980’s, bachelor’s degrees earnings and the earnings of high school graduates were nearly equivalent, likely causing the pressure families put on their children to go to college. According to the statistics of Business Insider, the financial return of college graduates is higher than the earnings made with a bachelor’s degree.…
Student loans are the leading cause for college debt. The reason that they have to take out loans is that they are from a family that can’t help pay or they are unable to pay for college. Most time the debt is a hard thing to avoid because now many colleges prices are extremely high and many family are unable to afforded what the college want. The lower class is the one that are the most affected by the rising cost of college debt because they come from families that have low incomes and is harder for them to pay for college. Not paying for your debt is not a good thing to do because you can lose credit and make it harder for…
Thanks to this large increase inexpensive many college students find themselves with colossal debt. Unfortunately student debt is like a curse without a cure, that will stick with you even through bankruptcy. The student debt crisis is a complex and difficult problem to solve, and it's affecting the US economy.…
The argument’s main idea is that the U.S. debt is continuing to increase, and the government needs to halt this growth. The author, Kimberly Amadeo, begins her argument by explaining that the U.S. debt is held by the American public and the governments of other countries. Our debt is the largest in the world, and is continuing to increase. The article also explains how the debt became so massive. Amadeo states that the debt is caused by an accumulation of Federal budget deficits and presidents borrowing from the Social Security Trust Fund. Also, other countries keep lending money to the U.S. and set low interest rates, which benefits the Federal government. Finally, Congress keeps increasing the limit on the debt, thus allowing it to continue to grow. The author supports these reasons by using facts and statistics. The article is wrapped up by explaining that the economy may be thriving now, but soon the growing debt will cause a major crash.…