National Debt :: Argumentative Economics Economy Papers

National Debt Who is to blame for amassing such debt in times of peace and relative prosperity, a debt that would have shamed our nation's founders? ALL OF US! First there was the Republican presidents of Ronald Reagan and George Bush who lacked simple economic sense, calculated their budgets more for political gain than for economic effect. While the Democrats controling Congress who resisted the spending cuts and tax increases needed to balance the budget. Last and most important the voters who supported the candidates of both parties who kept telling us what we wanted to hear instead of what we needed to hear. Every year, the federal government spends more than it collects in taxes. To make up the differences, the government borrows hundreds of billions of dollars annually, competing in the marketplace against private enterprise for the use of the money saved by American citizens. The deficit amounts to $1,150 for every single American. That is the sum your government borrowed on your behalf last year, whether you wanted them to or not. We will continue our viscious cycle of having to raise taxes, cut spending, and borrow more and more money to pay interest upon interest. Yes, I feel the Republican Plan should be vetoed just because they are planning to make those draconian cuts into our social fabric. And of those social fabrics is education for our future children. They want to cut spending in education, raise taxes, and give tax breaks for the rich. It helps only the rich voters who support the Republicans and gives more money to the Republicans for government spending. And does nothing for the