U.S. National Debt
Presented by: A. Springer
The U.S. debt problem is greatly increasing as the debt problem gets worse so does our future. The government will have to cut programs and possibly raise taxes.
The ways it will affect you in the near future
There will be higher interest rates this will make it harder for average Americans to do things such as buy a house or car or even pay for college. The government won't have money to fund things such as road repairs or park maintenance. The government will also have to raise taxes to pay off it's debt. Higher taxes means family that are having trouble making ends meet will have to rely more on food pantries and donations as well as need government assistance.
Young people paying into social security today are at risk of not getting the benefits of it when they need it. The government keeps taking money out of social security to pay its bills. One day people will not get the money they were promised and paid into.
America does not own our own debt
people will lose their jobs
With high interest rates people will buy less of things such as cars. This could cause factories to shut down and people to lose their jobs. This will also affect the businesses around the factories. More people will rely on unemployment benefits the government can't afford.
If the U.S. were to print more money to repay it's debt the dollar would become worthless. Milk would becomes hundreds of dollars a gallon. The life savings of millions of Americans would be worth nothing.