As many know, America is largely in debt, with our national debt being over 14 trillion, 75% of GDP, and gross debt being over 19 trillion, 105% of GDP. For the past 2 decades, the national debt has constantly increased, and if nothing is done to help lower the debt, it is projected to nearly double in the next 30 years.
When seeing such a high number, many people will automatically assume that our country is in great danger and that we must work to solve this problem as soon as possible, and yes our debt is dangerously high, but what many people don't understand is that having debt isn't necessarily bad, and a monitored amount can actually benefit a country. As said by Investopedia in its article titled The National Debt Explained, "When debt is used appropriately, it can be used to foster the long-term growth and prosperity. But high levels of national debt for prolonged periods of time has a severe impact on the overall economy." Our country seems to be keen towards spending too much, yet many suppose that without that spending, our country might be in an even worse condition, but there is no doubt that a continuation of this habit will most definitely put our country in a worse condition. That is why addressing the growing debt issue now rather than later is very crucial in controlling it. Fixing the debt can not happen in a day, but will require a gradual process, and starting now will help ease the disruptions that come with that. As stated by fixthedebt.org, "if we start now, we would need spending cuts and/or tax increases equaling 2.9 percent of the economy to bring the debt gradually down...in the next 30 years. Waiting 5 years, however, would require adjustments of 3.4 percent of GDP and waiting 10 years would require 4.3 percent."
In November of 2014, the CBO issued a report that analyzed 79 different options to reduce the annual deficit and the national debt. Of those 79 options included plans to increase government revenue, reduce spending, changing entitlement-specific programs, etc. Of course, many of these options are hard choices to make that many people will not enjoy, and for years, Americans have been ignoring the real issue and opting out for what is easy now, which in turn has continued to intensify American's debt problem. CBO's tax plans claim to be able to raise federal revenues by 1.9 trillion dollars from 2016 through 2024. Whether the plans would work or not, it seems to not matter as politicians have seemingly been forced to sign a pledge to never raise taxes. "the pledge has become practically required for Republicans seeking office, and is a necessity for Democrats running in Republican districts." says Grover Norquist's Americans for tax reform.
America's debt may not need to be completely exstingished, but it's obvious that measures need to be taken now rather than later. But the real issue lies within the minds of the Americans. If a solution is to be put in place, the people of America need to allow it, rather than putting it off until they are forced to deal with it.
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