In August 2018, the U.S. federal deficit topped $780 billion and the national debt grew to more than $21 trillion. (You can find real-time numbers for the deficit, debt, and much more at US Debt Clock.) The Congressional Budget Office (CBO) projects federal deficits to average $1.2 trillion per year for the years 2019-2028 if current laws do not change, adding another $12 trillion to the national debt over the next 10 years. In 2018, federal debt held by the public was 78% of GDP, with the CBO projecting that to rise to more than 96% by 2028. In an April 2018 report, the Cato Institute stated that the United States is the only advanced country expected to show an increasing debt-to-GDP ratio through 2023*.
What are the economic consequences of a rising federal deficit and national debt?
Should we be concerned about the sizes (and projected increases) of the deficit and debt? Why or why not?
Who exactly do we owe this money to, and does this make a difference in terms of our level of concern?
What can the government do to reduce the deficit numbers? Be specific, explaining how the numbers would be reduced, and if the government actually should use these methods of deficit reduction.
*Source: Ryan Bourne, “US Only Country With Projected Rising Government Debt to GDP Ratio Through 2023,” cato.org, April 19, 2018.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more