14 Feb Is The United States In Debt?
I am in debt, I wonder if the United State is in debt? If the United States owes money to creditors who hold US debt instruments then there is debt called the National Debt. Since September of 2000 the National Debt has steadily climbed by $4.0 trillion. In 1950 when President Truman took office the National Debt dropped steadily until 1980 when President Regan took office. The debt climbed again until President Clinton took office. As the graph shows the National Debt dropped again until President Bush took office in 2000.
The economy is in terrible shape so it is no surprise that the United States is in debt. So why does it really matter? Do you have kids, do you receive federal funding, are you relying on the government for any type of support. The reason the National Debt should be a concern for all of us is that $30,000.00 of the National Debt is attributable to each person in the United States regardless of age. Most of the taxes that are collected for the benefit of Americans is used to pay down the National Debt. The taxes are being diverted from such programs such as the the No Child Left Behind and other programs benefiting the public at large.
Written by Rachel Lynn Foley.