The National Debt, Explained!
April 1, 2021
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The National Debt. We hear about it in the news all the time, and it’s currently over more than $28 Trillion. Certainly more money than Jeff Bezos and Bill Gates will ever see in their lives.
But does the national debt matter? I mean, not really. That’s because the government always spends more than it takes in. And that speaks to our nation’s problem. We have a difference between what we owe and the GDP.
What is GDP? The GDP, or Gross Domestic Product, is more or less a snapshot of a country’s economy size and growth rate.
And the total national debt divided by the total GDP makes the debt to GDP ratio. If the ratio of what you owe, the national debt, to the GDP is upside down like it is here in the United States and around the world, that’s not great!
Currently, the national debt is much bigger than the size of the economy, and this is bad. This is worse than the Great Depression.
How did this happen? For one, a lot of recessions. The United States has had 10 recessions since 1945. And every time there’s a recession, the government spends a lot of cash to try and stimulate the economy, like what is happening right now with the multiple stimulus checks, extra unemployment benefits, and bailouts.
And these are necessary. But last year alone, we added a couple trillion dollars to our debt. Between that and the government continuously spending money on the military and social programs, plus taxes getting slashed, this will only get bigger.
How does this affect us? Watch out next tax season, as taxes will need to increase to keep up with this issue. And more taxes for everyone, not just the billionaires and large corporations.
Are you worried about the national debt? Let us know in the comments!
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