$9 Trillion in Debt, and No End in Sight

The U.S. national debt has grown monumentally since the 1980s and will continue doing so at an alarming rate as the government fails to significantly address the issue. The largest portion of government spending, the annual entitlement programs of Medicare, Medicaid and Social Security, is rapidly growing as the number of people eligible for government assistance increases. Simultaneously, the ratio of people receiving benefits to the number of taxpayers contributing to the system is rising to the point where two taxpayers are now paying for each retiree, as opposed to 15 taxpayers per benefited in past decades. As the Baby Boom generation nears the age of retirement, this problem only stands to worsen and explode in a few short years if nothing is done. The expansion of legislative earmarks has also contributed to rising government debt as seemingly insignificant amounts of money, which eventually add up to billions of taxpayer dollars, are approved for small, unnecessary projects.
While some debt within a government the size of the U.S.’s is allowable, and can even be a good thing to support investment and future gains, the current state of our federal debt has reached a frightening level. The government has seemingly sat back and watched the national debt spiral out of control, which continuing irresponsible spending patterns. Politicians who even bother to address the issue seem to convey concern for future generations who will be hit with the most brutal effects of the debt, yet no one has attempted to take any real action to overhaul government spending and entitlement programs. While the government attempted to pay down some of the debt in the 1990s, and successfully eliminated a portion of the principle, administrations since then have again watched the debt swell up to its current level of an unfathomable $9 trillion. Even if no politician has been able to find the magic answer to seriously take on the national debt, it seems that any responsible government would begin immediately taking every small step possible to control our national debt until a more permanent answer is found.
In reforming the government to create a more prosperous outlook for future Americans, the most important thing, above all else, is to start immediately with whatever plan of action is chosen. Whether the administration chooses to try raising taxes, eliminating legislative earmarks, or overhauling the Social Security plan, the key to eventual success is starting immediately instead of allowing the problem to worsen for any longer. Just as any family who has accrued a significant amount of debt through mortgages or credit cards finds other expenditures to eliminate within their budget, the government needs to take a serious look at it’s budget and prioritize spending, cutting all non-essential programs and dedicating those funds to solely paying off the debt. New programs created by Congress must either be funded by cuts from other government programming, or put on hold until the debt has been paid off. Similarly, any tax raises should be tagged for paying off principle on the debt and not funding new programs or projects. No matter which course of action the government pursues, though, it must be implemented immediately if there is any chance of preventing a crisis when the Baby Boom generation retires in mass and expects significant government assistance in the form of entitlement programs.