Faineant Fiscalism: The National Debt

Faineant Fiscalism At this moment, the national debt exceeds $18.8 trillion (U.S. Debt Clock). The national debt is the amount of money that the federal government owes to citizens, companies, and other governments. As time passes, this disaster will only worsen. The amount owed per person will skyrocket in the lives of the current youth generation. This issue is extremely imperative because if left alone, there will be economic conditions so horrible in the future that it will be detrimental to the prosperity of today’s youth generation. The national debt is maintained because of the budget deficit. Each year, the government creates a budget in an attempt to balance funds, and each year there are more expenses than revenue. A large amount
Outrageous amounts of money are spent on healthcare reform. In the next ten years, Obamacare, a program that provides healthcare for all, is set to spend over $1.2 trillion (Federal Spending 1). This is more than double what is needed. Half of this should be cut and be used to start paying off the national debt. If this is done in one short term payment, the interest on the debt will shrink, saving a great deal of money every year. Similarly, Obamacare was a failure, less than half of expected users enrolled in the program. As a result, the program is ineffective and should lose funding. Political scientist George Will postulates that “...entitlements are the fastest growing personal income” (1). This proves that these programs should be cut. Many argue that this program is too beneficial to lose funding. This has been proven completely false as Obamacare initially had too few people sign up for the program to be effective (Will 1). In conclusion, healthcare programs should drastically lose funding. They are a major factor that leads to the growth of the national debt. If this program is cut, it will begin a period of economic success in the United
These proposed plans would reduce the deficit by over $300 billion per year. This is not the final solution to America’s economic dilemma, but will create a chain reaction to reduce spending nationwide. If the national debt continues to grow at this rate, today’s teenagers will live to see the day where the United States is over $100 trillion in debt; something needs to change, and spending cuts are the only