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Deficits, Debt, and the New Politics of Tax Policy

Bryson Hayes

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Deficits, Debt, and the New Politics of Tax Policy

by Dennis S. Ippolito

4.7 out of 5

Language	:	English
File size	:	1864 KB
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The national debt is a hot topic in the news, and it's something that everyone should be aware of. In this article, we'll take a look at what the national debt is, how it's affecting our economy, and what we can do about it.

What is the national debt?

The national debt is the total amount of money that the federal government owes to individuals, businesses, and other countries. It's also known as the public debt or the national debt. The national debt is different from the federal budget deficit, which is the amount of money that the government spends more than it takes in each year.

The national debt has been growing steadily for decades. In 1980, the national debt was $907 billion. By 2000, it had grown to $5.6 trillion. And by 2020, it had reached $27.7 trillion.

How is the national debt affecting our economy?

The national debt is a drag on our economy. It makes it more difficult for the government to invest in important programs like education, healthcare, and infrastructure. It also makes it more difficult for businesses to create jobs and grow the economy.

The national debt also contributes to inflation. When the government borrows money, it increases the amount of money in circulation. This can lead to higher prices for goods and services.

What can we do about the national debt?

There are a number of things that we can do to address the national debt. One option is to reduce government spending. This could be done by cutting back on programs or by raising taxes.

Another option is to increase economic growth. This would lead to higher tax revenues and lower spending on social programs. Economic growth can be increased by investing in education, infrastructure, and research and development.

Finally, we could also consider increasing the national debt limit. This would allow the government to borrow more money to meet its obligations. However, this would also lead to higher interest payments on the national debt.

The national debt is a serious problem that needs to be addressed. There are a number of things that we can do to address the national debt, but it will require political will and a willingness to compromise.

Deficits, Debt, and the New Politics of Tax Policy

by Dennis S. Ippolito

4.7 out of 5