Dear Next President,
The United States of America has the largest debt in the world for a single country, about $19.3 trillion. I feel our country needs to only pay social security for the people that truly need it and take smaller loans out. By minimizing the payment for social security and taking out smaller loans, it would stop us from going deeper into debt.
Our country is in major debt and paying for each unemployed American is not helping. Each year we are losing more and more money. According to The Washington Post, $7.8 trillion of our debt is from bonds held by social security and medicare. If we lowered the benefits and raised taxes for the wealthy, we could lower the rate of debt contributed by social security. Lowering the benefits for Medicare means that the government has less money to pay to the disabled Americans. Also, by raising the tax revenue for the wealthy that means that the deficit will decrease.
Most of our country’s debt is because of our public debt, which is the money that covers the deficit of that year. The Washington Post claims that about $11.5 trillion is from our public debt. The Treasury needs to sell more Treasury bonds than we already have, to raise money to cover the yearly deficit. By raising enough money or more to cover the deficit of the public debt, we can lower the rate of money we are losing.
Our other debt is made up of the money our government loans to itself. The Balance states that the money that we loan to ourselves is in the form of government securities that comes from the Social Security Trust Fund. Since we pay for every unemployed American, we have to loan ourselves money that we do not have, so we should only pay for social security for the people who truly need it and lower the benefits for medicare.
So, Future President, do you want to be known as the president that throws our country into record breaking debt or do you want to be known as the president who stopped us from drowning in the money we do not have? You need to pay for the unemployed Americans social security that truly need it and take out smaller loans, so we will not go deeper into debt.
West St. Paul, Minnesota