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Debt - Essay Example

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The current global recession and the increased spending on war on terror have affected American economy drastically so that the fiscal deficit of the country has increased a lot. The phenomenon fiscal deficit happens when the government spending exceeds the revenue it generates…
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Download file to see previous pages... void the fiscal deficit as much as possible by the repayment of massive public debt in order to save the current and future generation from the burdens of debt.
The American deficit in 2009 was around $1.8 trillion which was equal to 13.0 percent of gross domestic product (GDP). This deficit was $157 billion higher than what is expected. The additional spending to recover the economic sector from the current financial crisis was the major reason for the increase in deficit (An Analysis of the President’s Budgetary Proposals for Fiscal Year 2010, p.1). America was one of the worst affected countries as far as the current recession is concerned. Many big companies were one the verge of close down unless the government helped them. The close down of big companies will definitely increase the unemployment problem which the government don’t want to occur. So, only option available in front of the government was to declare a stimulus package to pump money to the ailing economy. Since the gross domestic production growth was less, the pumping of money to the ailing economy may increase the fiscal deficit again and again which means each American’s debt was also increasing.
The Iraq and Afghan wars were also contributed heavily to America’s deficit. It is difficult for America to stop the military exercises in Afghanistan and Iraq before achieving the objectives. It is suicidal for America to stop these wars since neither of the objectives was achieved yet. At the same time, new war fronts are also on cards for America. For example, Iran’s efforts to acquire nuclear weapons cannot be watched silently by America. Many people believe that America will be forced to open another warfront in Iran in order to prevent Iran acquiring the nuclear power. Any such moves will again put American economy in jeopardy. It is difficult for America to conduct wars in three different regions at the same time.
Immediate stoppage of wars is the only possible solution in front ...Download file to see next pagesRead More
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