America's debt is 'bursting at the seams'. You may all have heard this mentioned frequently here and there whenever you fleetingly browse through television or cyber news spots. But what is really going on? America is the richest country in the world! In fact, some say that if China recalled all the debt that America owes her then it's possible that America's economy would be devastated, possibly taking the country to third -world status! This is frightening and I want to focus on this issue this semester. I also want to discuss the various suggestions that have been put forward to try and solve the debt issue.
What is causing a country like America, with its 412 billionaires in a 300-million population (compared to China's 112 billionaires scattered among their total of 1 billion people) to have such a low credit rating?
Some have said that it's because of the cost of Medicare and social security. Some have claimed that it's the endless wars that America is involved with; hardly are we done with Iraq than we get into Libya. Furthermore, the rich have been blamed for the poor credit rating of the country. Which is which? America fought a world war but came out of it even richer; the rich have always been around (remember Carnegie, Rockefeller and Vanderbilt?) but America did not go broke. And our elderly; they did pay into social security and Medicare when they worked in their prime of youth, so why say that they are the ones bankrupting the country when they are only asking for what they already gave?
Still others suggest that tax revenues have fallen short because some among the working population seem to be paying proportionately less than their fair dues. I shall look into this view too.
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