It is only obvious that lately our economy has been spiraling downward and that America is now in so much debt that it is becoming a problem. It is obvious when the economy is doing well we can always tell; similarly, when the gas prices are rising and dropping or when times get a little harder, people hold on to their cash a little bit tighter. Many of our leaders today are risking our economic future. Moreover, every day that passes when we, as Americans, do not do something to address this problem, is another day increasing the chances that we will soon be facing an economic crisis of major extent.
We are now called the “Credit Card Nation” and that statement is obviously true. It is impossible to spend a day working in the mall without seeing almost half the people swiping their credit card causing today’s problem with debt to only increase. People take out there credit cards and swipe up charges without giving it a second thought. Our nation is in debt by trillions of dollars and I cannot imagine how many of those dollars are spent on luxury items that many people do not even need. Every year there are more bankruptcies and many must be linked to debt. Student loans that are being taken out and that is a different issue; however we must look for ways to make wise decisions. This includes looking past the immediate situation and taking account of the future.
Our government has been spending more money than its income dating back all the way to the 1970’s and even when we are in an economic crisis, debt keeps rising. It is almost comical that America is considered the promise land, where illegal immigrants run away to enrich their lives. Yes, newly elected President Obama may cut 100 million dollars in cabinet-level-spending and budget reflux but does that even begin to fix the mess. However, even this hero who repeatedly has claimed that his budget would cut the deficits by the end of his term has already helped nearly double the deficit with his stimulus package; fixing this problem by 2013 will be very difficult. Spending cuts should have taken place before we were even close to where we are now. Do not get me wrong, I am not blaming the Obama administration because half of this problem started years before he even thought of running. The current budget deficit needs to be fixed, I believe eventually we will mellow out and find our way back to normalcy. If it means raising taxes or banking departments funding loans to avoid foreclosures then it’s what needs to happens so our kid’s do not see a backlash and another depression. Just this past year the budget deficit was estimated to reach $1.2 to $1.4 trillion, yeah I said trillion. Maybe when we were approaching the one billion dollar deficit we should have taken action and not waited for the trillion-dollar mark. Some may say: “What do I know; I mean it’s our money we will be spending in the long run anyway.”
I have an idea, let’s stop funding Al Qaeda war efforts in the early 90's and start funding the crisis here in America. If making enemies and seeking war are more important than saving our economic future, then why the heck are we complaining now? I know America wants to be well educated but if getting our economic future back on track means cutting government spending for federal student loans then we all must be willing to sacrifice if that is what needs to be done. I’m no president but if we can request a 787 billion dollar stimulus package there has to be a way out and a brighter future then present. It is obvious that we cannot start over or turn back the clock. America’s debt problem is affecting almost everyone but when we are in debt then how hard is it to realize that we have to stop spending. The main problem with people, especially young adults who have such things as credit cards is they just spend and spend until they have reached their max on the credit card. The sad thing about this is that many of these people are the ones who care the least about today’s problem with debt.
We face significant challenges. Every day that passes when we as Americans do not do something to address this problem, is another day increasing the chance that we will soon be facing an economic crisis of major extent. Many people realize this problem with our debt and want to fix it. I understand it is a hard one to fix, but if we start taking steps that we should have taken years ago there is no reason we cannot get back on our feet. We might do well to learn our lessons and then we can say: Forgive us for using poor judgment; we understand and will do better.