Why We Should Worry About The National Debt
Presented by M. Mosqueda and T. Myers
The Nation's Debt Could Delay Social Security Checks
If we reach the debt ceiling and it isn't raised any further, Social Security could be affected. Social Security is just another bill to the government and if they do not have the funds to pay it, then we are stuck waiting until they do. They also must factor in things such as paying the Military and FBI agents. This is why our generation and anyone on social security should be worried. There is no guarantee that the government will continue to fund benefits at another program's expense.
If the government's budget doesn't come under control soon, then we will be maxing out our debt limit. In order to pay off the debt one of the solutions is to raise taxes... a lot.. The stock market would crash along with any assets or investments you may have.
Below Is A Chart of How Each of the Presidents Has Contributed to the National Debt
Flow of Debt as a Percentage of GDP, 1940-2009
(In reference to the image above)
During the 1990s, a combination of tax increases, spending reductions (particularly in defense), and an economic boom reduced the debt as a percentage of GDP and brought four consecutive years of budget surpluses beginning in 1998—the first such streak in forty years.