National Debt :: Economy Economics Argumentative Papers

National Debt The national debt is an issue of great concern to the economy. to each one year, the debt amounts to a higher percentage of GDP. As we have studied, the debt weighs down the economy, and the worry payments are consuming an ever larger share of the national budget. Something must(prenominal) be done to avert this crisis from coming to a head. We need to beget today, by making spending cuts ACROSS THE BOARD. These cuts must be enacted sensitively, however, in order to keep the economy stable as we move toward a balanced budget. The need for spending cuts across the board cannot be understated. For bonny one example of how imbalanced our policies are, notice how 63% of all entitlements go to retirees. 93% of these are NON-MEANS-TESTED. Federal spending on the 65 and all over age group is 11 times greater than on the 18 and under age group.1 We must pay off the debt, merely the current Republican plan should be votoed. First of all, it leaves wel fare for the well-to-do, tender Security, and defense off the table. In fact, the current plan calls for a $34,000,000,000 maturation in defense spending.2 (Doesnt the military have the discipline to mold to be more cost-effective?) At the same time, the Republicans are call for a $245,000,000,000 tax cut. Their plan is supposed to inhibit the growth of Medicare. This is a good start, but they have no definite plans on how to restrict it. Basically, the Republican plan aims to balance the budget entirely at the disbursement of the young (for whom we are trying to balance the budget), the environment that they will inherit, the poor, and the weak, objet dart sparing the rich, thealready-by-far most powerful military in the world, the elderly (the ones who accrue most of this debt for us),