The article revealed just how growing debt is. Debt has been raised--not by the millions, but--by the billions and has been in the trillions. During Obama's presidency, it was rumored that the economy was going to collapse due to how much debt Obama put America in. While it seems the economy didn't collapse then, if debts, however, keep rapidly growing, then it certainly is a possibility. Even gas prices have been exceptionally more expensive. Though, how can we go about solving these debts, such as gas prices? Ironically, while gas is absent from electric vehicles, electric vehicles, however, are actually more harmful to the environment despite their lack of producing pollution. Although electric vehicles solve one problem of debt (gas…
The debt ceiling in the United States is like a runaway freight train that lawmakers can’t seem to find a way to stop. The train seems to be going faster and faster, and in its path are the U.S. citizens that it looks like it will wipe out. Sorry for the grim depiction. The connotation, however, is accurate as the country deals with an increasing debt that no one seems to know what to do with. Every four years, during the presidential election, candidates will talk about their plans for controlling the debt, but ultimately, when elected, it is more of the same. America goes further and further into trillions of debt. At the same time, there is an income…
I chose to read the article "US Household Debt Tops $14 Trillion and Reaches New Record" where Jonnelle Marte discusses the economic landscape of the United States, and to be more specific, the United States debt. I believe that the group of people who are suffering the most from the rising debt in the United States are young people as student loan debt grew by about $10 billion in the fourth quarter, which now makes a total of $1.51 trillion in student loan debt. This is an extremely high debt that burdens young people as they may now have trouble building up credit. Not only this, young people who borrow in their 20s and 30s now have rising levels of…
For my first blog comment, I read “US Household Debt Tops $14 Trillion and Reaches New Record” where they described how consumers are struggling to control their personal debt because of unfavorable government actions. With interest rates at all-time highs and an “increase in refinancing” young consumers are now faced with outrageous student debt. This student debt is “holding back young consumers trying to build up credit” where they are starting to become delinquent because they cannot afford the high interest rates. From the standpoint of a college student who plans on buying a car and house in the future, I personally worry about how I can afford such items, especially as the rates keep rising month after month. Although…
For my first blog assignment I chose “The Insurmountable Debt” in reading the article and comments it makes think what other debts besides the mortgage, student loans, credit card, auto loans, and home equity loans are a part of the huge deficit.We must take into consideration the other factor of how the U.S government spends more than it collects in taxes and other revenues which result in a carrying a deficit.We all know Congress is still trying to cap certain items to help reduce the deficit, which has been building up over time and now we are at a historic high.The 2023 debt-to GDP ratio of approximately 122.8%, the U.S. government’s spending exceeds its income most years.We continuously hear the…
The article revealed just how growing debt is. Debt has been raised--not by the millions, but--by the billions and has been in the trillions. During Obama's presidency, it was rumored that the economy was going to collapse due to how much debt Obama put America in. While it seems the economy didn't collapse then, if debts, however, keep rapidly growing, then it certainly is a possibility. Even gas prices have been exceptionally more expensive. Though, how can we go about solving these debts, such as gas prices? Ironically, while gas is absent from electric vehicles, electric vehicles, however, are actually more harmful to the environment despite their lack of producing pollution. Although electric vehicles solve one problem of debt (gas…
The debt ceiling in the United States is like a runaway freight train that lawmakers can’t seem to find a way to stop. The train seems to be going faster and faster, and in its path are the U.S. citizens that it looks like it will wipe out. Sorry for the grim depiction. The connotation, however, is accurate as the country deals with an increasing debt that no one seems to know what to do with. Every four years, during the presidential election, candidates will talk about their plans for controlling the debt, but ultimately, when elected, it is more of the same. America goes further and further into trillions of debt. At the same time, there is an income…
I chose to read the article "US Household Debt Tops $14 Trillion and Reaches New Record" where Jonnelle Marte discusses the economic landscape of the United States, and to be more specific, the United States debt. I believe that the group of people who are suffering the most from the rising debt in the United States are young people as student loan debt grew by about $10 billion in the fourth quarter, which now makes a total of $1.51 trillion in student loan debt. This is an extremely high debt that burdens young people as they may now have trouble building up credit. Not only this, young people who borrow in their 20s and 30s now have rising levels of…
For my first blog comment, I read “US Household Debt Tops $14 Trillion and Reaches New Record” where they described how consumers are struggling to control their personal debt because of unfavorable government actions. With interest rates at all-time highs and an “increase in refinancing” young consumers are now faced with outrageous student debt. This student debt is “holding back young consumers trying to build up credit” where they are starting to become delinquent because they cannot afford the high interest rates. From the standpoint of a college student who plans on buying a car and house in the future, I personally worry about how I can afford such items, especially as the rates keep rising month after month. Although…
For my first blog assignment I chose “The Insurmountable Debt” in reading the article and comments it makes think what other debts besides the mortgage, student loans, credit card, auto loans, and home equity loans are a part of the huge deficit.We must take into consideration the other factor of how the U.S government spends more than it collects in taxes and other revenues which result in a carrying a deficit.We all know Congress is still trying to cap certain items to help reduce the deficit, which has been building up over time and now we are at a historic high.The 2023 debt-to GDP ratio of approximately 122.8%, the U.S. government’s spending exceeds its income most years.We continuously hear the…