Why We Should Care About The National Debt

There is a big digital board in New York City, and it shows every day the national debt amount. It also shows the amount the average family contributes to the debt every day. Today’s society, most people know about the national debt. What most people do not know what it consists of or why we should worry about the amount of the national debt. The national debt is what the total amount owed by a government to its creditors. It is a critical role in our country’s financial system. As a citizen, we should care about the national debt because of this debt; it affects our Social Security, Medicare, and our health care. Not caring about our national debt can result in a significant recession. Social media will cover about budget cuts, but what we do not see is a decrease in government spending. The debt needs to be addressed to make changes gradually, and it will make it easier on the economy to adjust. Adjustments can be worked on by making spending cuts or small tax increases. No one
Fewer taxes will be paid; that will lead to lower profits for the government income. The high levels of retirees will raise the debt, and we are not prepared for it in our economy.The government borrows from the Social Security with a high-interest rate fee. This great for that for them, there is only one problem with that, and that is when the government can afford to pay it back. Where will the government get the money to pay them back? They will have to borrow the money and raise the taxes to pay it back. Each year the Social Security treasure loans out to the government that our government will pay back. The salary for this program is designed to help the elderly in retirement and a person with a disability that cannot work anymore. Most people pay into the program all their life so when they retire, they will have some funds to help them