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American economic issues - Essay Example

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The American economy just like other major economies is undergoing a transformation. The paper "American economic issues" will focus on the growing U.S national debt, increasing the cost of education and the American dream, all of which are linked to the U.S economy…
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American economic issues
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Download file to see previous pages Because debt plays such an integral part in the economy, it must be measured appropriately to convey the long-term impacts it brings forth. Currently, the national debt held by the public is over $13 trillion, which is around 74 percent of the country’s economy, as measured by Gross Domestic Product (GDP) (Fisanick, 2010). The gross debt, which includes money owed to other parts of the federal government, is over $18 trillion. The National debt has accumulated to that because, over the last 40 years, the federal government has generally spent more than it collected in revenue. When this occurs, the government must borrow money to cover the difference. The government borrows by selling securities such as treasury bonds, then agreeing to bondholders back with interest. Over time this borrowing accumulates into the national debt. Presence of a National debt in the economy directly affects the public in the following ways: The high cost of living: High debt levels mean higher interest rates on everything from credit cards to mortgage loans. Since incomes do not rise at the same rate as interest rates, what follows is a pinch in consumer pockets as goods and services become more expensive. Slower wage growth: In times of high debt and high-interest rates, every dollar an investor spends buying government debt is a dollar not invested elsewhere in the economy, hence slower economic growth. Reduced fiscal flexibility: The debt levels doubled between 2008 and 2013, as a response to the 2008 financial crisis. ...Download file to see next pagesRead More
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