National Debt Argumentative Economy Economics

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...... Clearly, both Social Security and Medicare are contributing dramatically to the national debt. However, in order to prevent the hemorrhaging from becoming worse requires drastic steps to address both problems. According to government actuaries these two issues, can be solved by increasing taxes and reducing benefits. Yet, in order for these kinds of programs to be effective requires that federal authorities engage in similar measures to reduce the debt over the long term. This is because in the future both Medicare and Social Security will play a smaller role in contributing to the national debt, as interest will account for the largest expenditures of the federal budget. Therefore, it would prudent for Congressional officials to heed the warnings from Chairman Bernanke and begin to take serious measures to address this problem. Otherwise, many Americans will see declining amounts of government services, as the different revenues go towards paying interest on the national debt. At which point, it is only a matter of time until interest rates skyrocket and the economy faces severe amounts of inflation. This is how the twin issues of the national debt and the entitlement programs of Social Security as well as Medicare can affect future…

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"National Debt Argumentative Economy Economics" (2010, May 07) Retrieved September 30, 2014, from http://www.madpapers.com/paper/National-Debt-Argumentative/2354309

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