Essay on Obama and the National Debt - 1185 Words

â€Å"Back in 2008, candidate Obama called a $10 trillion national debt ‘unpatriotic’. Yet by his own decisions, President Obama has added more debt than any other president before him, one president, one term, and $5 trillion in new debt† (Paul Ryan, Rep. for Wisconsin, 2011). Everyone agrees that the national debt needs to be fixed. However, people are disagreeing about how to tackle this problem and whether or not we are making any progress. Like most global issues, it is a complicated issue with equally difficult solutions. It is hard to keep people’s interest in a confusing issue, but since we children are the ones that will be stuck with this problem soon, we’d better start taking an interest. To make this easier to†¦show more content†¦So they decreased their deficit by $10,000 which sounds great for one year, but they actually still increased their debt by another $15,000. The same thing works for the government. The govern ment has the Gross Domestic Product (â€Å"GDP†), which is basically how much money all the new goods and services are worth that everyone in America buys within a given year. The GDP represents the â€Å"how much we earn† part. The second part is everything the government spends money on; healthcare, defense, education, welfare, social security, etc. According to President Obama’s State of the Union Address, we are making progress with our debt elimination. He cited that the deficit has dropped from 6.8% of the GDP in 2012 to 3.9% in 2013. Based on my example above, we know that the deficit is not the same as the debt and that the debt continues to get larger every minute of every day. Unfortunately, while the deficit percentage of the GDP did get smaller last year, the debt percentage of the GDP is ridiculously high at 73% according to the Congressional Budget Office (â€Å"CBO†); this means that the debt is higher now than any time since after Wo rld War II. And while it may reduce for the next few years due to economic growth, the Committee for a Responsible Federal Budget (â€Å"CRFB†) predicts that the debt will grow to 79.2% of GDP by 2024 and 100% by 2023. This means thatShow MoreRelatedLearning From Past Presidents Essay example873 Words   |  4 Pagesissues of national debt and foreign policy. President Washington found it be in the interest of the national debt to always protect the public credit. To use the credit as least as possible by keeping times of peace to avoid spending. To you the nation’s money to prepare for the event of national concern over time, instead of dispersing large sums in individual events, this would help to decrease the accumulation of debt. Even more, take advantage of times of peace to pay down the national debt occurredRead MoreU.s National Debt And History1304 Words   |  6 PagesUS national debt and history The national debt of US is the amount owed by the federal government. In the past decade, $12.7 trillion have been added to the US national debt and at the end of fiscal year of 2016, the amount is expected to be approximately $22.4 trillion including federal, state and local. Debt per citizen will be over $63.000 and debt per taxpayer is about $163.000. The largest budget is medical care which is about $1.5 trillion and mostly introduced by Obama’s administration andRead MoreShould We Re-Elect Obama?648 Words   |  3 PagesShould we re-elect Obama Should we re-elect Obama This paper is about pros and cons of re-selection of Obama as the President of USA. The paper will highlight his present performance in first ruling duration and give an insight into the choice of his re-selection. The paper presents both pros and cons of his reselection as the President of USA. If we consider the political image of USA before Obama took over Presidency, it is broad daylight that many nations of the world were afraid of AmericanRead MoreNational Debt Vs. Federal Deficit1345 Words   |  6 Pages National Debt vs. Federal Deficit What word begin with â€Å"d† ends with â€Å"t†, and has to deal with the nation s budgets? Well if you guessed debt, then you are absolutely correct. Or deficit, because both fit the criteria just fine. Though these words look alike, they are not interchangeable. The difference between the two is that while the national debt is getting bigger the federal deficit (as of 2014) is increasingly becoming less. As of last year it was said that the Obama administration wasRead MorePresident Reagan s Economic Recovery Package1441 Words   |  6 PagesReagan administration. To be Frank, it would be virtually impossible for President to stage an Obama revolution with approximately a year left in office. The current political landscape is different and more challenging. Similar to President Reagan, if President Obama were to attempt an Obama revolution, he would need to use the partisan pathway. President Obama’s biggest roadblock is timing. President Obama would need to allies from his administration and from both the Republican Party and DemocraticRead MoreU.s. Federal Budget Deficit927 Words   |  4 PagesUnited States debt had reached $17.7 trillion dollars (Fighting for a U.S. federal budget that works for all Americans, 2014). Over the past few years, the U.S. debt has continued to increase and signs point to this continuing into 2015. According to the article I have cited, China and Japan hold the vast majority of the United States debt (Fighting for a U.S. federal budget that works for all Americans, 2014). This graph depicts all of the f oreign investors who currently hold U.S. debt: (FightingRead MoreEssay Causes Associated with the Unemployment Problems in the US807 Words   |  4 Pagesmore. This paper will examine the causes associated with the unemployment problems as well as the debt, and the potential solutions such as the government creating more jobs and slow down the spending. In the second will generally discuss the unemployment problems and solutions, and the third paragraph will discuss the debt issues and what needs to happen to fix it. â€Å"Serafini, Marilyn Werber, national journal, 09-29-2001†. In the article â€Å"As more jobs vanish, the worries mount†, it states UnemploymentRead MoreCurrent State of the Union; Analysis of a Political Cartoon Regarding Barak Obama881 Words   |  3 Pagesmore standard response would be one including an overall negative, and debt describing language. As seen in Barrack Obama’s 2014 State of the Union Address, the president of our nation seemed to completely disregard the actual â€Å"state† of the union by simply stating that, â€Å"The state of the union is sound†. This short, vague, and contradicting statement seemed to be blow up the anemic progressions our nation has made during Obamas presidency. It is safe to say that the description of a â€Å"sound† nationRead MoreThe Federal Debt Of The United States Of America1543 Words   |  7 PagesThe Notorious Federal Debt of The United States of America Alexander Hamilton was the first individual who introduced the national debt to the U.S. believing that having a debt would be a national blessing. As decades and centuries past by the federal debt continued to grow which led economist’s believing that deficit spending is an important factor. Another contributor to this national debit is also the federal budget the President and congress go over every year, which includes an acceleratedRead MorePresident Obama Administration : The Fiscal Policy1480 Words   |  6 PagesGiven the critical circumstances the United States economy faces today, the current fiscal policy, in addition to the changes that will be made in the future, is under intense scrutiny. During the Obama administration, which will soon come to an end in about six months, a variety of policies were created in attempts to create employment, raise our GDP, and boost the state of the economy, among other ideas. The fiscal policies created by Congress and the Presid ent demonstrate success in some areas