Swamped with your writing assignments? Take the weight off your shoulder!
As the U.S. federal debt increased over the years, so did the federal debt as a percentage of GDP. From 1965 to 2018, there has been a general increase in the federal debt as a percentage of GDP. Remarkably, this increase was very pronounced during (and in the aftermath) of the recession of 2008-2009, after a brief decline from 1995 to 2002. As shown on Figure 2, in the fourth quarter of 2017, the Debt to GDP ratio was 104%. The ratio compares what the U.S. owes to what it produces, and it serves as an indication of the U.S.’s ability to pay its debt. This number can also be interpreted as the number of years it would take for the U.S. to pay back its debt if the nation’s GDP is used entirely to pay back its debt (Statistica, 2018).
Our federal deficit is quite large and has grown since 1969 when we first started experiencing a national debt. The last 20 years have shown an astronomical increase in this. Let’s consider US national debt with national debt in other countries. Please check out this website.
https://datalab.usaspending.gov/americas-finance-guide/deficit/country-comparison.html (Links to an external site.)
It gives us a comparison of how the US debt compares with the debt in other countries. You can see it as a % of GDP as well as the total amounts. You can add and remove countries to get a nice graph.
Now, on to the questions posed. Let’s consider the possibility of a balanced budget amendment. I know it is great to say we want to see a balanced budget, but for that to happen, we would have to cut mandatory spending in Social Security, Medicare/Medicaid, and Federal Defense. Do you think we are in a place where we can/should cut these programs significantly in order to reach a balanced budget?
There are many questions posed in this prompt. Consider answering each question with a brief answer or answering just 2 questions with a more detailed and persuasive post.
Scholarly source – per APA Guidelines, only scholarly sources should be used in assignments. These include peer-reviewed publications, government reports, or sources written by a professional or scholar in the field. For the discussions, reputable internet sources such as websites by government agencies (.gov) and respected organizations (.org) can be counted as scholarly sources. Outside sources do not include assigned required readings.