Government Debt
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Government Debt
A collection of research ideas and sources about the US government debt.
Curated by Nathan Munoz
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DEBT LIMIT - A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY.

"A satirical short film taking a look at the national debt and how it applies to just one family. Produc..."

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Massive Budget Deficits Will Burden Our Children with Debt

Deficits have reached staggering proportions, and the 2010 budget will leave an appalling legacy of debt for our children and grandchildren...

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"Federal Budget Deficits Are Harmful to the Nation's Economy"

"There is a tie between budget deficits today and what society can enjoy tomorrow. Eliminating the deficit is an important first step."

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Notes on "Massive Budget Deficits Will Burden Our Children with Debt"

- As of 2010, the federal budget will increase discretionary spending by $600 billion and mandatory spending by $1.1 trillion over the next ten years

- the Congressional Budget Office (CBO) reports the president's asks for a budget of $4 trillion in 2009 alone of $4 trillion and creating a deficit of $1.8 trillion

- The Congressional claim that cutting the deficit in half is nonsense when considering the plans for the new budget (the way Congress plans to cut the deficit would like "slashing prices by 50 percent the day after you've doubled them")

- to counter-act the huge increase in the federal deficit, Congress plans to increase taxes by $1.8 trillion in the next 10 years, giving young adults a burden they had no say in creating

- first have to understand that any money that is collected for the federal treasury is a tax

- the statement that the tax increases will not affect 95 percent of consumers is true only if you take the income tax in perspective

- in reality, the tax increases will increase the cost of running a business, which will then in turn raise the prices of goods and services

- the final outcome is the consumer paying more for every product they buy, so it is ridiculous to assume the tax increase will not affect the average consumer

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