We Owe Too Much Money
The U.S. government is in debt to foreign countries. College students and graduates suffer from debt in the U.S.
October 21, 2016
Dear Future President:
Debt impacts America because the United States is in debt to many countries and many people in the United States are in debt. The amount of debt has increased very much over the recent years. Many college students/college graduates are impacted from this because they owe thousands of dollars to various schools. Debt is a very horrible problem for the United States. College students shouldn’t owe money for the rest of their lives, and the government needs to pay back foreign countries.
The United States' government owes a lot of money to foreign countries. “At the end of 2016 the total government debt in the United States, including federal, state, and local, is expected to be $22.5 trillion” (“Federal Debt Clocks”). This shows that change needs to occur by explaining how much the United States actually owes to foreign countries.
Student loan debt has been a problem for many years. “The total outstanding student loan debt in the U.S. is $1.2 trillion, that's the second-highest level of consumer debt behind only mortgages. Most of that is loans held by the federal government. About 40 million Americans hold student loans and about 70% of bachelor's degree recipients graduate with debt (Berman 1). This quote shows that we need to change by explaining how much college students/college graduates actually owe to schools in the United States. "In 2011, the U.S. had about $14 trillion in outstanding debt, an amount most experts say is too high and needed to be reduced” (“U.S. Debt Crisis”).
Schools and other countries need to get paid by the United States because if they just paid off their debt, they’d be fine. Although the counterclaim is understandable, many people would argue that the amount of money owed to schools is too much.
It is clear that the United States should make college prices cost a lot less money. If the cost of college remains the same, then college students/graduates will never be out of debt. The government needs to pay off their debts to foreign countries as well. Then, the countries will not have any reason to be angry with the United States.
Finally, debt impacts America because the United States is in debt with too many countries and many people in the United States are in debt. The amount of debt has increased very much over the recent years. Many college students/college graduates are impacted from this because they owe thousands of dollars to school, which should be changed. Thank you future President for taking the time to read my letter.