Summary: The Government's budget glass is overflowing. Economists are worrying about the Government's borrowing of money and the affects that it's going to start to have on business loans. America's debt has been accumulating and budget deficits are now adding up to total a debt of over trillions of dollars. The deficit reached a high during the 1980's of $290 billion dollars, then later on the Balanced Budget Act of 1997 came into play and created tax cuts in order to help reduce spending. Although this seemed to be helpful for awhile, the terrorist attack on the Twin Towers in 2001 caused a setback in the debt's decreasing progression. Because of the expenses for rebuilding, security, and military demands the budget deficit rose yet again to a high of $412 billion dollars. Once things began to get worse, in 2007 Congress passed a rule called, pay-as-you-go, which means that they are trying to contain the deficit matter and reel it in to a bearable amount. It is persuaded to be the right approach by the Government and it speaks to the American public because it suggests that they will only need to pay as much as they can at a time. Congress was hoping that by doing this they could catch up on some of the accumulating deficits without going into further debt. On the other hand, some people shot down the intuitive idea and said that it would only lead to a spike in taxes, lower the response to national emergencies, and that it would upset electoral voters. Even though this was an empowered attempt to decrease debt, America is still trillions upon trillions of dollars in the hole today. Economists are still worried that we could be headed into an economic depression until something drastic can be done.
Opinion: If I would have had a say in the matter I would have voted for the pay-as-you-go measure. I feel that this attempt to stop the constant rise in deficit was a good idea and had potential to make a dent in America's overwhelming amount of debt. My motto is that every little bit counts. So even if not all of the deficits could be fully paid off, at least people would give what they had and decrease the major debt amount little by little. As long as people kept working towards paying it off fully the numbers would decline and eventually put a minor halt in the deficit progression. Nothing else was causing a change in our countries economic finance crisis so there was really no reason to not try something new. If it lead to a spike in tax payment then people could speak up and try to change the rules and once there was a visual change in the deficit amounts Americans would see that the paygo rule was passed to favor the people as well as their country. Today many corporations, such as the Economic Policy Institute, economists(Jeff Faux), and politicians are trying to help create a better economy in the United States and by doing so they are decreasing the amount of debt we owe. In turn this helps us as Americans by lowering poverty rates, increasing job opportunities, and creating a share in prosperity. I feel that the paygo act could have made great changes in our economy and I applaud those who are still fighting for those same purposes today.
Issue #1: War Dollars
Issue #3: Social Insecurity
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