Consequences Of A Country Having A Large Overall Debt

If you were in the position to implement a solution for the country’s long-term debt, what would it be and why? There are many potential factors that can have an effect on the country having a large overall debt. The debt can or may lead to the country becoming bankrupt. Secondly it can also lead to future federal payouts for Social Security and Medicare alone to cause the National debt to increase higher.

These types Of federal payouts will rise at a much faster rate than the current tax revenue which will continue to cause the national debt to go up. Many feel also that if we do not get the national debt under control there will be no monies left for the country to be able to fund any future generation federal payouts thus leaving people to have to work till they die. If were giving the opportunity to implement a solution for solving the long- term debt, I would immediately start with stopping all wars bringing all American soldiers home and cut off any funding or aid to foreign countries.

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Secondly would put together a list of all federal aid programs that I thought was causing a strain on the countries debt, and have the American people vote on which federal programs should be cut. Thirdly I would have to bite the bullet and raise taxes on single person who was making more than 100,000 dollars and any family who was making more than 250,000 a year.