At the turn of this century, the American national debt stood at
just under $6 trillion and the deficit at a mere $86 billion.
Today, the national debt has topped $15 trillion, and the yearly
deficit for 2012 is projected at a whopping $1.2 trillion. This
new, second edition of Deficits: Why Should I Care? updates all the
statistics, charts, and forecasts, while adding a new chapter on
how global economies now, for better or worse, affect the U.S. debt
and the annual budget deficit. It also includes a new appendix
detailing how the U.S. political parties view the debt issue.
According to the U.S. Treasury Department's Annual Report on the
Public Debt, the debt is estimated to hit $19.6 trillion by 2015.
The federal government has borrowed roughly 40 percent of its total
budget for the last several years, a trend that could leave the
U.S. in an economic crisis. Astronomical interest payments, a debt
burden to your children and grandchildren, and an increased
reliance on foreign creditors are just a few of the problems.
Although the U.S. has experienced soaring unemployment, stagnant
production, and a crippled housing market, foremost on many
economists' minds are rising deficits and ballooning debt.Others
feel fears of the national debt are overblown or pale in comparison
to today's economic problems. This clear, concise book will give
you the need-to-know on the debt. You will learn: * How to
calculate deficits and the national debt * The history of U.S debt
and its recent unparalleled growth over the years * How and why the
government borrows money * The economic arguments for, and against,
accruing a debt * Could we become like Greece if we don't cut our
deficit? * The impact of the debt on interest rates and inflation *
The impact of the debt on the value of the dollar and U.S. economic
power This book also answers key questions: Can the government go
bankrupt? Why have there seemingly been no repurcussions of the
large debt to date and is that likely to change? When the interest
on the debt becomes higher than the revenue of the government, what
happens? And many more practical insights into the government debt
controversy. Business professionals, parents, retirees, and
students are all concerned about the debt. This quick read will
provide an understanding of the ramifications of the rising debt
and what the consequences may be.What you'll learn * Why the debt
now could be a problem when people have been crying wolf about it
for for the last 40 years * How the world economy affects the U.S.
debt and deficit * What the government can do to reduce the debt
and the implications--especially for such programs as Medicare and
Social Security * The long-term implications of the debt * Methods
and tactics for balancing the budget * When accruing a debt makes
sense and when it does not * Action steps for monitoring the debt
Who this book is for Deficit: Why Should I Care? is written for the
busy business professional, concerned parent, retired worker, or
student. While academic and theoretical texts on the subject lack
brevity, this book will help you understand the seriousness of the
debt issue in a clear, concise format. This work has been condensed
into eight need-to-know chapters, each containing the key points
necessary for understanding this complex economic issue affecting
the economic future of all Americans.Whether you are a
businessperson concerned about the economy, a parent anxious about
the debt burden of your children and grandchildren, a retiree
fretful about programs like Social Security, or a student who needs
additional information to supplement a textbook, this is the book
for you. The appendix provides a website selection covering
government agencies, economic sources, and academic sites to assist
you in finding the most up-to-date information on the debt drama.
General
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