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The role of all governments is to ensure citizens enjoy proper social services, in addition to peace. While many states tend to accomplish in delivering this, it does come at a price. The United States has one of the best governments and that means that such high levels of success in social services have come at a great cost to both the government and the citizens. The United States National Debt is $19,795,497,461,281.62 (Chantrill, 2016). This makes it very high as compared to other countries. This means that the U.S. must fix its national debt problem, or the citizens will continue to face a slow growth economy.[“Write my essay for me?” Get help here.]
Based on the national debt, it could be true to state that the Federal debt per person is $60,667, and that makes it very high (Chantrill, 2016). This means that all people are required to pay this debt. Such payments are made through ways such as taxation. The fact that the government is spending more than it collects through revenue will continue to increase the national debt. The increased national debt will mean that people get to access social services at a higher cost than before. Some of the effects of this high national debt include higher living costs, generational inequality, slower wage growth, fiscal crises, and reduced fiscal flexibility (Fix the Debt, 2016). [Need an essay writing service? Find help here.]
The effect of the high national debt on the economy is shown when the government is forced to seek loans from the citizens through the sale of bonds. Such bonds are sold to people with the promise that it would give the money back with interest (Fix the Debt, 2016).[Click Essay Writer to order your essay]When the government spends on such expenses, that means there is little or no investments being made towards the economy. Even the raised amounts through the sale of bonds only mean that people will get to pay a larger debt in the long term.
Chantrill, C. (2016, October 29). Federal Debt Clock. Retrieved from US Government Debt