The Federal Budget Deficit and National Debt is an ever growing issue
that is seemingly overlooked by many. The Federal Budget Deficit is
the overspending of Congress on a yearly, or budget year basis,
basically the government is spending more than it is bringing in. Since
1970, the United States has realized a Federal Deficit each and every
year except for the four years from 1988 to 2001(Gross). We continue to
operate a budget that will be in deficit to this day, and with
President Obama’s stimulus package, the deficit will be even greater
(Montgomery). How did the government get America into this increasing
problem in the first place? When we operate in a deficit, the
difference must be made up somehow. The government does this by
borrowing money (either through sales of bonds, other forms of lending
institutions, or from other governments), and by borrowing this money,
we owe it all back. As many of us know from student loans, borrowing
money is not free, and like with student loans, the government owes
interest on the money they borrow. This has become a vicious circle, as
we overspend each year we owe more and more money. As of April 16,
2009, the National Debt is $11.2 Trillion dollars in counting, which
approximately amounts to $36,000 for every man, women, and child in the
United States (Simmons). Bankruptcy for America is almost inevitable;
eventually the government will be unable to find any institutions
willing to lend us the money to cover our overspending. What does this
mean for my generation? Unfortunately for us, it is not looking bright
or promising. Federal programs such as Medicare, Medicaid, and Social
Security that have been promised and provided to those before us, will
be substantially cut back on, or even eliminated completely. The only
way to ensure these programs remain is to change the criteria or nature
of the benefits they provide, immediately. This presents a huge
challenge due to the fact the America largest generation, the Baby
Boomers, are rapidly ageing and beginning to tap into these
entitlements, only adding to the government financial issues. Once my
generation reaches the age of being able to “tap” in to these
entitlements, will they even be there? Yes, but only if congress will step
in to limit the government spending and regain control of the never
ending cycle of debt we have put ourselves into; and change the
criteria on federal programs to accommodate the large increase of
people (Baby Boomers) that will soon be using them.
This problem has become so large, it is hard to understand why it is
so overlooked, especially by today’s teens and young adults. Education
is the answer. The issue has not been brought to the attention of many.
If today’s generation could be more informed and well educated on the
issues arising, the chances of change would be dramatically increased.
The media, school, and even parents need to come forward and inform
today’s youth of how they could possibly be affected by this growing
debt. If young adults, like myself, want to the government and congress
to change their spending and ensure us the privileges others before us
have received, we must speak up. We must stand up and demand the
change, or we will simply fall further and further under the weight of
debt and all the issues that arise with it.
Montgomery, Lori. Deficit Projected to Swell Beyond Earlier Estimated:
CBO Expects Trillions More in Borrowing. Washington Post, 2009.
Simmons, Gene. National Debt Awareness Campaign.
¬The Gross Deficit vs. Deficit Lite: Did Bush “cut the deficit in
Cauchon, Dennis. ¬What’s the real federal deficit?.