Evansville Vanderburgh Public Library

National debt, do rising annual deficits threaten the U.S. economy?, by Jane Fullerton Lemons

eng

Includes bibliographical references (pages 720-723)

illustrations

no index present

non fiction

National debt

bibliography

1003490773

by Jane Fullerton Lemons

CQ Researcher,, v. 27, no. 30, 1056-2036

do rising annual deficits threaten the U.S. economy?

The clock is ticking, so-called budget hawks warn about the nation's growing national debt: Public debt has soared from $925 billion in 1982 to almost $14.4 trillion in 2017. If debt keeps piling up at this rate, by 2032 the federal government will owe an amount larger than the U.S. economy -- an outcome that could be disastrous, many economists say. Republicans and Democrats agree that Washington needs to act, but they are far apart on how to lower the debt. One problem is the growth in Medicare and other entitlement programs. With the massive Baby Boom Generation retiring, entitlements are consuming a larger and larger proportion of the budget. Another problem is a tax code that is failing to bring in sufficient revenue. Some economists say the threat of financial catastrophe is overblown. They note the dollar remains the dominant global currency and that foreign investors continue to flock to U.S. markets, meaning the government will be able to continue borrowing for the foreseeable future

National debt, do rising annual deficits threaten the United States economy