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The National Debt
Transcript of The National Debt
debt is $50,431.14 and growing. "The power to spend is the power to destroy"
Herman Smith It all started when money was borrowed to finance the Revolutionary War. Alexander Hamilton entered into negotiations for a temporary loan with the Bank of New York and Bank of North America for $19,608.81 The Civil War put a strain on the financial system. To pay for it the north raised taxes, including a tax on income for the first time. Since 1969 the national debt has dramatically grown each decade. From the year 2000 the national amount of debt has grown from 18,000,000,000,000 to a staggering 45,000,000,000,000. And this number continues to grow larger...and larger. ...and growing click on this link to see it grow by the second....
http://www.usdebtclock.org/ For example the inflation of money in Germany after WW1, when Germany was blamed for the war and needed to pay off all the costs and damage. Which could trace back to the starting point of Germany's national debt crisis. stop inflation by creating laws against the manipulation of currency
new national limitations of how much countries may borrow from others (The World Bank)
increase the amount of trade
the creation of new jobs through public work opportunities
less overall government spending
tax cuts on national level The amount of new countries or nations needing funding.
The political side effects of what each party within the different countries believe
Medicare/Medicaid Forced the public to be more aware of the national debt
Publicity and were known by the people
Played good politics Thanks in part to interest groups like the tea party and the concord coalition U.S. government officials have diverted their attention to solutions to the debt crisis. As a result congress created a super committee, which’s main goal is to agree on a decision that will help begin to pay back debt in the next decade. Advertizing and Media Coverage
All news channels, websites, radio stations, and magazines have spoken about the national debt. This can create a sense of economic panic.
In past elections the national debt has been overlooked by many candidates leaving it at the bottom of their priorities list. However as the debt clock tics its way near the $15 trillion mark, it is beginning to receive more and more attention. "Getting America out of Debt | National Debt Solutions." Getting America out of Debt | National Debt Solutions. N.p., n.d. Web. 30 May 2012. <http://www.nationaldebtsolutions.org/>.
Secretary, the first Treasury, Alexander Hamilton. Experienced in banking, and Hamilton stabilized the dollar. "USGovernmentSpending.com Past Debt Briefing." US Federal Debt by Year 2007_2017 - Charts Tables History. N.p., n.d. Web. 30 May 2012. <http://www.usgovernmentdebt.us/debt_deficit_history>.
"The World’s Biggest Debtor Nations - CNBC." Stock Market News, Business News, Financial, Earnings, World Market News and Information - CNBC. N.p., n.d. Web. 30 May 2012. <http://www.cnbc.com/id/30308959/The_World_s_Biggest_Debtor_Nations>.
"USATODAY.com - Solutions for debt crisis go far beyond tinkering." News, Travel, Weather, Entertainment, Sports, Technology, U.S. & World - USATODAY.com. N.p., n.d. Web. 30 May 2012. <http://www.usatoday.com/news/nation/2004-10-04-debtsolutions-cover_x.htm>.
"World Debt Clocks." U.S. National Debt Clock : Real Time. N.p., n.d. Web. 30 May 2012. <http://www.usdebtclock.org/world-debt-clock.html>. WHERE IT ALL BEGAN Experts project that if the world continues along this path of spending the national debt will skyrocket potential bankrupting the world economy causing a global economic collapse of multiple large nations and superpowers including the United States. Military Spending Medicare The total amount of money that a country's government has borrowed by various means Government Spending Military
Medicaid CAUSES Medicaid Medicare is healthcare provided for Seniors over the age of 65. In 1966, 19 million Seniors were enrolled. It was the biggest expansion since the new deal. Poverty rates dropped to 1 in 10 for Seniors. Medicaid, was implemented by President Johnson to provide healthcare for the poor. Biggest Culprits: Short Term Effects Solution: THE TEA PARTY REPUBLICANS DEMOCRATS SUPER COMMITTEE Deficit: Debt Ceiling: Inflation: An accumulation of the deficits over the years, and is now 14 trillion dollars. The limit on how much debt we are allowed to have. A continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services. An economic theory that reduction of tax rates encourages more earnings, savings, and investment and thereby expands economic activity and the total taxable national income An economic theory that advocates use of government spending and growth in the money supply to stimulate the demand for goods and services and therefore expand economic activity. The deficit is the difference in the money Government takes in, and what the Government spends, each year. DEFINITIONS Debt: Demand Side Economics Supply-side-
Voodoo Economics: WORK SITED: Recession
Hard for people to borrow money
Unemployment rates go up
Economic hardship for the working class What are some causes of the National Debt?
What can this country do to get out of debt?
What is another name for voodoo economics? QUIZ Debt Ceiling Republicans raised debt ceiling 54 times. Each an average increase of 5.6%
Democrat raised debt ceiling 40 times. Each an increase of 16.8% Under Obama, in the last four years the debt ceiling increased by almost 6 trillion, where as it increased by nine trillion over the span of ten years.
Currently we are over debt ceiling by 200 billion dollars.