As noted by Fix The Debt, America is now $20 trillion in debt. What are we going to do?
Everything You Need To Know About $20 Trillion Debt
First and foremost, the $20 trillion of national debt is an absolute nightmare. Admittedly, American government leaders play a huge role in the country being in this situation. Too many of them are too stupid and inept to realize that we cannot keep spending and spending and spending. At some point, something’s got to give. The greater the national debt, the worse off America is.
As the political climate intensifies and as new reform possibilities are brought to the table, keeping the current national debt in mind is paramount. The reform measures require strategic enactments. As stated by Fix The Debt, Congressional lawmakers and the White House must proceed with caution, especially when dealing with tax reform and infrastructure. However the government decides to engender reform, they must keep the national debt in mind and not break the bank even more than they already have.
Negative Offshoots Of Sky High National Debt
As the national debt spikes, the U.S. economy stagnates. Firstly, research funding, education, employee wages, etc all take harsh hits. The aforementioned fields have great potential to help this nation grow. Also, interest rates increase massively. Imagine how much America could benefit from the interest rate money going back into our private sector.
Moreover, it is projected that the national debt will increase even more over the next ten years by $10 trillion. What’s worse is if our leaders aren’t mindful and strategic, a $10 trillion increase may be only the tip of the iceberg. At some point, if America continues down this dangerous path, we are going to reach the point of no return. However, that can be avoided by Congressional leaders and White House staff getting their stuff together, taking the national debt seriously, and working to significantly decrease it.
A Bipartisan Effort
Lowering the national debt should not be a partisan issue. It impacts Republicans, Democrats, Libertarians, etc alike. In fact, the need to lower the national debt should serve as the great equalizer to bridge the gap between partisan and party lines.
Congressional Republicans and Democrats must join forces to engender economic growth. The prosperity of the economy is a critical element to beginning to lower the debt. Congress also needs to cut spending. Perhaps this means reducing some entitlement programs, among other things. Everyone may not get exactly what they want, but in the end, significantly lowering the $20 trillion in national debt will only serve to benefit the nation as whole.