Facts about United States National Debt

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Facts about United States National Debt

• When expenses exceed the earnings, debt occurs.
  United States National Debt has been rising over
  the span of the last few years. Basically, the
  Federal Govt has been spending more money than it
  has been earned and this is leading to fiscal
  debt, which has risen to a whopping amount of
  14.3 trillion. This is a huge figure by any
  parameters. This debt is as a matter of fact
  encompasses payments outstanding to people and
  Government outside the United States of America.
  As per SP credit rating agency, the credit
  standing of American Government is not good and
  it is having a negative bearing on the stock
  market. The national debt is an outcome of
  overspending by the Government. To correct this
  balance government should take steps to minimize
  wasteful expenses. Leaders are thinking of
  overhauling the entire system. Items such as
  individual taxes, corporate taxes, Medicare,
  social security all are being reorganized.
  Handling such a huge debt is not an easy task,
  but with steps in the right direction American
  government can devise means to minimize it
  drastically.
• In case you see back in times, the biggest spike
  in a national debt of the United States is during
  times of war Civil War, American Revolutionary
  War, World War 2, and World War 1. This still
  makes some sense. But now with so much
  advancement in technology taking place, there is
  no need for debt to touch such spiraling heights.
  The debt has risen to such an amount that it is
  crisis situation for American Government. And if
  America is in problem it will have an influence
  on economies of other countries as well.
• As per various government agencies (such as the
  Government Accountability Office, Office of
  Management and Budget and Congressional Budget
  Office, and) economists who analyze debt and
  budget data, this huge debt is driving the nation
  to a serious long-term fiscal crisis. Immediate
  action is needed to avert any kind of grave
  implications.
• As per these agencies Government should take
  immediate steps so that inflation is brought
  under control. Entitlement programs such as
  Medicare and Medicaid should be revised in lieu
  of Growing Financial deficit. As per the facts
  which are put forth by the GAO (Government
  Accountability Office), the debt to Gross
  National Product ratio will become double by
  2040. This figure is expected to again become
  double by 2060, thus reaching the mark of 600
  percent by 2080. Some economist therefore
  suggests that the government of the United States
  and its citizens should choose between 2 things
  bankruptcy and raising taxes on one side and
  cutting down the hugely rising payment
  obligations arising out of entitlement programs
  on the other side.