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Essay / Research Paper Abstract
This 4 page paper discusses what the national debt is, how excessive social spending contributes to it, how such spending could be cut back, and possible solutions to the problem of the debt. Bibliography lists 5 sources.
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4 pages (~225 words per page)
File: D0_HVNatDbt.rtf
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Unformatted sample text from the term paper:
$8,386,987,143,785.94 (Hall, 2006). "The estimated population of the United States is 298,934,662 so each citizens share of this debt is $28,056.26" (Hall, 2006). Finally, Hall says that the debt "has
continued to increase an average of $1.74 billion per day since September 30, 2005!" (Hall, 2006). This paper discusses what the national debt is, how excessive social spending contributes to
it, how such spending could be cut back, and possible solutions to the problem of the debt. What is the National Debt? The national debt is "the amount of money
the U.S. government owes its creditors," including its own citizens (Balancing the budget, 1997). As we see, the debt today stands at almost nine trillion dollars, and it grows every
day. The debt increases every year that the government spends more than it takes in and to many people this is the real problem, because as the debt rises, so
does the interest on it, with the result that the government "spends an increasing amount simply to pay the interest on the debt" (Balancing the budget, 1997). It never gets
to the principle-a situation familiar to anyone who has fallen into the credit card trap where the finance charges are so high that the debt can never be paid off.
This is analogous to the situation of the national debt. Social Programs and the Debt The single largest component of the debt is social welfare programs. According to one site,
it spends nearly $650 billion on such programs yearly; defense spending is second at $540 billion and the interest payments on the debt is the third largest expense, at $430
billion (Federal budget spending, 2006). Social welfare programs include things like Social Security, Medicare and Medicaid, public housing and temporary assistance for needy families (Historical development). A glance at the
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