UNIT 5 DISCUSSION BOARD Essay Example | Topics and Well Written Essays - 500 words - 2

unit of measurement 5 DISCUSSION BOARD - Essay ExampleOther government funded interests such as education, phalanx and infrastructure will suffer greatly as well.According to the Commerce Department, the yearly payment on this debt, the deficit, reached $725.8 billion. This represents a 17.5 percent increase from 2004 (Armstrong, 2006). These figures are well past most peoples comprehension. If, for example, a person were to put down a million dollars a day since the birth of Christ, they would have to continue the spending spree for 700 much years to have spent one trillion dollars. Multiply that amount by eight. That still does non equal the current national debt. Started in 1791, the national debt was, by those days standards, an incredible $75 million. ascribable to President Andrew Jacksons prudent approach to government spending, the national debt was lowered to, again familiarised to todays standards, a much lower level $37 thousand (Suter, 2004). The Reagan/Bush admini strations of the 1980s ran the debt up by historic proportions. When President Clinton took office in 1993, the debt stood at $2.4 trillion. The massive increase of debt was non used for infrastructure, education, public programs or even to finance a war. As a result of Reagans trickle down economic theory, the money wound up in the pockets of the thick. In the early 1990s, congress adopted a pay-as-you-go policy and federal spending cuts which resulted in budget surpluses for four consecutive years. Clinton inform that the nation could pay off the debt by the year 2013 if it stayed on the present course (Schoen, 2006).That optimistic request has long since been forgotten. Since 2000, the debt has tripled. The pay-as-you-go policy expired in 2002 allowing Congress to cut taxes, a politically advantageous break away while also increasing spending (Schoen, 2006). The current President Bush administration cut the taxes of the rich while increasing military