National Debt

I have been concerned about the national debt since I was in high school. Seeing how the debt has increased astronomically since President Bush has been in power, I started pondering which presidential candidate will most likely be the most fiscally responsible. They all appear to want to give “tax refunds” to the American people. This sounds great if you are in the lower to middle class. You get a couple hundred dollars to buy some things you need…or often do not need. In the end, the corporations and upper class end up with the money, because it is spent at stores. Theoretically, this money is then reinvested in the economy rather than saved away by the richest 1%.

I remember the days in the late 90’s when the budget had a surplus. If we had stuck to our guns and paid down the debt, the economy would have become more stable over time. However, since Mr. Bush has been in office, that has not been the case. His policy seems to be spending as much as possible without considering the long-term consequences. As of today, the national debt is $9.2 TRILLION! It was half of that before he went into office, and the budget surplus would have paid off all the payable debt by now. We all know that certain world events have transpired since Clinton left office. However, that is no excuse for what the government is doing. The uncontrolled spending must be stopped, and we must start paying off the national debt.

Interestingly enough, we can actually pay the debt by mailing payments to the following address. I hope this is not a government scam to funnel contributions into defense funds, but I think it is the best way to know where your money is going. Otherwise, it goes into a giant pot for the politicians to spend as they please.

How do you make a contribution to reduce the debt?

Make your check payable to the Bureau of the Public Debt, and in the memo section, notate that it is a Gift to reduce the Debt Held by the Public. Mail your check to:

Attn Dept G
Bureau Of the Public Debt
P. O. Box 2188
Parkersburg, WV 26106-2188

Reference: TreasuryDirect

One thought on “National Debt

  1. Stan

    Hi Shad –

    First let me thank you for your script which actually brought me to your site as I don’ thave any edits to offer on the script I thought I would take a look at something else you’ve done.

    With respect to your article on the debt load I agree with you completely President Bush 2 entered the White House with a fairly robust econonmy and the debt was moving in the right direction. For some reason given his conservative ideology he did two peculiar things. First he increased spending in several areas, such as, military spending but he also increased funding to many programs. At the same time he lowered the taxation rates which provided everyone with some additional personal income to spend but of course the wealthier citizens obtained much more actual dollars.

    It is interesting that one of the defences which is commonly used by those who support President Bush’s actions is that by performing these actions he helped to avoid a second set of terrorist attacks. While it is true that we have been fortunate to avoid a repeat of 9/11 if we destroy our econonmy in the process have we not lost the “War on Terror” via the back door.

    With respect to your point about paying down the defecit under normal conditions I would agree with you 100% that this should be job one but with the economy sputtering away my concern is that any money used to pay down the defecit at this time will destroy what little life is left in the economy. So I think at this time we need to find ways to re-ignite the economy in the past this would have been done through a well-placed Keynsian stimulus but while this may have minimized the recession which started in 2008 it does not seemed to have fundamentally pulled us out of a downward path.

    So from my point of view one of the great concerns is how do we address the darkening global econonmic crisis? When I listen to the various political and economic leaders describing their solutions I don’t think anyone has fully grasped the current situation that we are facing. While I don’t think defecit reduction is job one at this time. I’m no longer comfortable with dumping another trillion into the economy either.

    More than anything I wish we could have a meeting of some of today’s great economic theorists. Put them in a room and present intellectually honest arguments with respect to the current economic situation. Perhaps in this context a new solution can emerge.

    What do you think? I’m hoping and looking for a good argument on how we can escape this mess.

    (By the way while I frequently used we and us in my discussion I’m actually from Canada but I think while things have been a bit easier in this country we have also felt the pain of a slowing US economy.)


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