Should We Balance National Debt? :: Argumentative Persuasive Economics Papers

Should We Balance National Debt? The national debt is a problem that the entire country has to deal with. The questions is whether or not to balance it? Morally the answer is yes. We should not leave this burden for our children to solve. If the deficit was balanced then this country would have more money to spend on other programs such as welfare or medicare. Fifteen percent of national spending is used to pay for the current deficit. With another 15% of our budget to spend on tax-cuts or other issues this could cause an economic boom. Some say that balancing the budget is not the right thing to do. It is said that by balancing the budget at the end of the fiscal year would cause the government to raise taxes therefore slowing down the economy. Some also say that we should not balance the budget because none of the countries that have paid for the bonds will never collect the money owed. They will just let the bonds collect interest therefore we are not responsible to pay back the money. This relies on that the bond holders never collect which we do not know for sure if they won't. We need to be prepared so if the bond holders do collect we can fullfill our end of the deal and pay the money we owe. To balance the budget will take years to accomplish and a little better handling of money than we currently doing. Since the Cold War is over we no lomger need to be spending as much money on defense as we have