Nation's Finances

The United States economy is in for a harsh reality in the following months. The damage has already been done. The older generations failed to live below their means, now this generation has to suffer from their actions. A trillion dollars is a great deal of money that is difficult to grasp. Most Americans go about their daily lives, not thinking once about the national debt. Which is a good thing, because if they were to they might put back the latest in plasma screen televisions they were planning to put on their credit card. Not every person would stop what they were doing and immediately change their perspective on things.

As interest rates soar higher and higher the ones hit hardest by it are people trying to get loans. This means in the future it is likely that a person might have to have up to half the money upfront for an automobile or house. This might take awhile to happen, if it ever does, but if it did it would take a normal person living right above poverty level 10 years to put back the money to successfully receive a loan. The United States government has been borrowing money for the past century and it about that time to pay the piper.

Our grandparents are having to work longer into their retirement for the sake of living in their own houses. It's scary to think that myself and my children might not be fortunate enough to settle down and retire. We might eventually end up coming full circle from the days where people worked until the day they die. Most people would like to settle down and collect their retirement check until they die, but the way things are looking not many people are going to be able to.

The issue of tax rates is also a crippling subject. In my parents lifetime they have witnessed tax rates go up almost 400 percent. By the year 2040 it's suspected to exceed the limit tenfold. This will cause a dramatic change in our society, the likes of us can't even imagine. The government will have to introduce new taxes for the deficit they have caused.

Health care is another thing that is subject to change in my generation. There are other countries with universal health care. For such an advanced society we have many people who aren't able to afford the latest in advancements in the field of health science our country has to offer. It's looking like it can only get worse from here. If the government supplied the money for the whole country's health care it would do one of two things; drives us further into debt, or be a blessing.

If I were going to support any reforms to these matters I would give the whole country universal health care. So that all Americans could receive proper health care. People wouldn't have to worry about paying hospital bills. They would then be able to pour that money back into the economy. I would also implement a ceiling tax on all domestic goods. Which would in turn steer people more towards buying domestic supplies, thus putting more money into the domestic economy. I would also raise the minimum wage to ten dollars. Also I would propose that higher education were more affordable than it is. Having attended college for sometime now, I have yet to pay any of my loans off, but I know they're going to be severe. If college were more affordable less people would be discouraged to attend. Another good idea for lowering the national debt would be to start paying it off. It's as simple as it sounds, start paying it off! Instead of giving GM, Ford, and Chrysler 15 billion dollars, put that money towards our national debt. That might be easier said than done, the point is to try and reduce something that is forever growing. I would also do away with well fare. If a person is physically able to work, they shouldn't be eligible for assistance.

I'm not an expert in economics, but if I were to offer any advice to this problem of the national debt I would just advise people to live below their means. Also, for people to use their credit cards responsibly. If people spend money they don't have yet, then they will keep working week to week trying to pay off the money they spent when they didn't have it yet. These are just a few ideas. If they can assist in any way I'd be flattered.