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Deficit

Deficit. By Emma Gillespie, Ola Szymanska, and Sam Roushanei. How Did This Problem Develop?. Deficit is money the United States Government owes to other countries. The budget has two important sides: spending, and revenue, which is where the money comes from. The two sides need to be

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Deficit

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  1. Deficit By Emma Gillespie, Ola Szymanska, and Sam Roushanei

  2. How Did This Problem Develop? Deficit is money the United States Government owes to other countries. The budget has two important sides: spending, and revenue, which is where the money comes from. The two sides need to be equal in order to have enough money. In the United States of America, deficit increased when we started our current wars with Afghanistan and Iraq. The reason this happened was because we needed more money to pay for the costs of war and so we borrowed money from other countries.

  3. What makes this issue so important? The reason that this is so important is that our debt is currently $14,110,984,937,197.07. That’s a lot of money and it will be hard for America to pay it off. Also, debt will accumulate over time and our deficit will increase. Economy is all about money, so obviously this has a tremendous impact on our economy. Every country has debt and deficit problems however ours are really out of control. We need to lower our deficit and use that money for other important things, such as healthcare.

  4. What are the Economic Costs of this Issue? The current debt of the country is National Debt Clock

  5. What happens if we don’t fix this problem? • If this problem continues, there will most likely be higher taxes for our generation. Self made millionaire James White says “We are the next generation of leaders and taxpayers. If someone doesn’t reach out and explain the disaster we are headed for, America’s financial future will come crumbling down like a house of cards.” The amount of deficit will increase and our economy will plunder. When the economy is low, we need to have deficit in order for the economy to go up. However, after the economy goes up, we need to pay back deficit instead of doing nothing.

  6. Democrats Versus Republicans Democrat John Kerry vs. Republican George Bush – John Kerry accused George Bush of taking the American government in the wrong economic direction (“Only George W. Bush could celebrate over a record budget deficit of $422 billion, a loss of 1.6 million jobs and Medicare premiums that are up be a record 17 percent.” “W stands for wrong-the wrong direction for America.”-John Kerry Dick Cheney to the Treasury Secretary Paul O’Neill – “Deficits don’t matter.” DEFICIT CHART

  7. Citations • http://blog.heritage.org/?p=4210 • http://www.ontheissues.org/Background_Budget_+_Economy.htm • http://ic.galegroup.com/ic/ovic/ViewpointsDetailsPage/ViewpointsDetailsWindow?display • http://www.brillig.com/debt_clock/ • http://www.cbsnews.com/stories/2004/09/03/politics/main640938.shtml • http://answers.yahoo.com/question/index?qid=20091030112919AAIQ5XR

  8. Thank you for listening!!

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