fiscal issues

American national debt has been largely ignored by politicians. The divide between rich and poor is already growing and I fear that the national debt crisis will only increase its growth. Without immediate action, I predict that the standard of living for my generation will sharply decline and important federal programs like Medicare and Social Security will be substantially cut back.

The threats facing the American economy are represented in the state of federal budget; they are not caused by it. Such is the blessing and curse of living in a representative republic. The government is made up of the people and they carry with them to government service a reflection of our society’s values. Living beyond our means is deeply ingrained in American culture.

U.S. government debt has grown since the 1980s due to a simultaneous tax reduction during the Regan administration and the increase in military spending during the last years of the Cold War. Regan believed that less intervention of the government would boost the economy, because people would have more incentives for developing as entrepreneurs. These beliefs were referred by George H.