For years, the issue of national debt has been a major political issue. As of November 15, 2014 the federal debt has reached an all-time high of $17.42 trillion dollar. According to our ways of life it is predicated the debt will increase by 3.2 billion per day. In economical term, the debt means the total amount of money that a country's government has borrowed, by various means. The national debt has always been a major concern of the American people, whether they truly know what it is all about or not. What most people do not realize is that the debt that our country has is continually growing faster and faster at an unbelievable rate, an amount which we cannot even imagine. For fifty year in a row our nation had been under deficit spending which seems to never end nor have we found a way of lowering it. .
As American we should all be worried about the national debt because it is an unbelievable obligation, which results in facing additional troubles such as higher car loans and higher mortgage loans. Increasing debt also weakens currency, which results in higher costs for goods such as oil, food, and other essentials. High debt also deducts from national income, which subsequently reduces individual income Young Americans actually have the most to lose if the national debt is not dealt with. Aside from slower economic growth, here are three specific areas where young Americans would be harmed. They would struggle to get a job as financially companies are doing poorly as they are making more products and earning less which will make it harder for the next generation to find any sort of work. If congress does not work on the national debt there may not be student loans to gives as all the profit is going to keep the debt balance or the loan given the interest rate would be so high that by the time you pay it back you would be in your 50s.
