Most Significant Issue Facing The United States of America
In my opinion the most important issues the U.S. is currently facing is the debt crisis, which is calculated in $14.6 trillion. Considering that the GDP (Gross Domestic Product) was 14.66 trillion in 2010; it is a big concern that we are spending more than we produce. Around $10 trillion of the debt it’s owed to the public: individual bondholders, big investors such as mutual funds, universities, and foreign countries such as China, India, U.K., and Brazil among others. We also have to keep in mind that the war and the financial crisis of 2008 were supported and financed through borrowing; making it a huge reason why the debt grew dramatically in the last decade. It is a fact that we have to stimulate the economy growth to be able to accomplish our plans on spending reduction. We also know that the economy is going through hard times and the gap between money in and money out will persist because of the demographic changes such as the aging of the population.
I think that policymakers are taking too long to resolve or come up with a plan that helps reduce the spending. The long wait could affect the economy growth and certainly already affected the country lowering the credit rating from AAA to AA+; raising interest rates and instigating fear in the market, making it less attractive to investors. I know that it takes time to come up with a well structured plan that cuts spending and boost growth; many of these plans have been put out by various groups in the past year. The government has until fall to propose a plan with at least $1.2 trillion in debt reduction over the next decade.
I think that real problem is not the 14.6 trillion the United States owes today but the expectations of an estimated $23 trillion by 2020 and an uncontrolled growth thereafter. I think this has to stop now that we can solve and readjust some of the spending. The government has to quit playing with the future of the country; it is not about the reelection or the election it is about maintaining the leadership of the country towards the foreign economies. It is very important that the Super Committee gets together with a good plan, well thought, that allows the country to cut spending and boost employment and therefore the economy. Unfortunately there is nothing major we can do as a citizen but show our support to the country by consciously voting. This means not to vote for a political party but for a serious plan that benefits the country.
Sahadi, Jeanne. “National debt: The five-minute primer.” America’s Debt Challenge,
CNNMoney. 5 September 2011, Web. 7 September 2011