Dec
4
Something Has to Be Done!
Posted by: Peyman Gazor | December 4, 2010 | Leave a Comment
“We will address that problem in the near future.” Considering recent political moves in the U.S., the previous quote must have been very common when the topic of the national deficit was considered.
Currently the U.S. deficit is amounting to an astounding $14 trillion. If the population is taken into account, the national debt can be calculated as approximately $45,000 per citizen. This situation has been deemed as “unsustainable” and it poses great risks for the U.S. If this problem is left unchecked, it poses a great threat to the future Americans who can face problems from poorer living conditions to a weaker nation.
Naturally, there is no easy way out, and the solution to the problem will be painful. This past Wednesday, a sweeping austerity program, issued by a White House deficit commission, was presented to U.S. lawmakers. Their proposals include raising the retirement age, and drastically reducing spending in health care and the military. This plan will no doubt face an uphill battle from many politicians in U.S. politics.
If lawmakers fail to tighten budgets and spending habits, according to some estimates the revenue in 2025 will only be enough to cover the interest for the deficit, Medicare, Medicaid and Social Security; as a result, other government spending for activities such as national defense and homeland security will have to paid for with borrowed money.
Sooner or later the Americans will have to face the inconvenient truth and what it means for the future of their country. They have maintained the ranking of the worlds number one super power for some time, and if this major problem is not addressed they will no longer be in the spotlight.
