National Debt and Budget :: Argumentative Economy Economics Papers

National Debt and Budget For twenty-six years in a row our nation has been under deficit spending, with only one balanced budget since 1961. The Nixon administration had the last balanced budget with a $3 billion surplus in the fiscal year of 1969. With all these years of deficit spending the National Debt has grown to over $4.9 billion. Our government needs to stop overspending and start reducing the amount on the debt. We are putting the Debt on a generation that doesn't get to vote. We are spending money now that will they have to repay at higher taxes. This is wrong. (http://www2.csn.net/~tshellen/speech.html) One of the best ways we can give our government the power to get and to keep the budget in balance is to ammend the Constitution. There are three basic ways to getting the budget balanced: raise taxes, cutspending or a combination of both. There are two basic rules in applying this policy: 1-eliminate all the waste, fraud, pork, and abuse, 2-we all have to share in the sacrifice of spending cuts. No special interest groups can be exempt. (http.texas.net/users/andyn/deficit/zdpview.html) It is estimated by the year 2000 the Debt will reach $456 billion. Congress ahs enacted legislation along the general outlines of president Clinton's economic plan, without the economic stimulus spending he proposed. As a result the projected debt is forecast to be $251 billion.(http://www.texas.net/users/andyn/deficit/zdpview.html) Now the governmant has shut down all non-essential services in an attempt to "hard nose" a budget through the senate and congress. This isn't the first time the gov't has been shut down. It happened in Nov. 1981 when Reagan vetoed an emergency money bill, again in Oct.