Dear Future President,
I believe national debt is the number one issue in the United States to this day. It is the most sizeable and worst problem in U.S. history. “When government debt grows, private investment shrinks, lowering future growth and future wages” says Salim Furth, Ph.D. This problem causes the economy to plummet by astronomical numbers. A study by Stephen Cecchetti, Madhusudan Mohanty, and Fabrizio Zampolli of the Bank for International Settlements, shows that total public debt in eighteen advanced economies almost doubled as a share of GDP from 1980 to 2010. In addition, public, household, and corporate debt all increased by about the same degree. These authors found about the same negative effects on economic growth from high debt levels. According to www.usdebtclock.org, every single U.S. citizen is $60,974 in debt for something not in their jurisdiction. Every citizen is in this horrid situation because of something someone else did. To resolve this problem the U.S. Government needs to cut its federal spending by 17% by 2026, writes Chris Edwards in his article titled “A Plan to Cut Federal Government Spending”.