At the turn of this century the American national debt stood at just under $6 trillion and the
deficit at a mere $86 billion. Today the national debt has topped $14 trillion and the yearly
deficit for 2011 is projected at a whopping $1.4 trillion. According to the U.S. Treasury
Department's Annual Report on the Public Debt the debt is estimated to hit $19.6 trillion by
2015. The federal government has borrowed roughly 40 percent of its total budget for the last
several years a disturbing trend that could leave the U.S. in an economic crisis. Astronomical
interest payments a debt burden to your children and grandchildren and an increased reliance
on foreign creditors are just a few of the problems. Although the U.S. has experienced soaring
unemployment stagnant production and a crippled housing market foremost on economists' minds
are rising deficits and ballooning debt. Others feel fears of the national debt are overblown
or pale in comparison to today's economic problems. This clear concise book will give you the
need-to-know on the debt. You will learn: How to calculate deficits and the national debt The
history of U.S debt and its recent unparalleled growth over the years How and why the
government borrows money Methods and tactics for balancing the budget The economic arguments
for and against accruing a debt The impact of the debt on interest rates and inflation The
impact of the debt on the value of the dollar and U.S. economic power This book also answers
key questions: Can the government go bankrupt? Why have there seemingly been no repurcussions
of the large debt to date and is that likely to change? When the interest on the debt becomes
higher than the revenue of the government what happens? And many more practical insights into
the government debt controversy. Businessprofessionals parents retirees and students are all
talking about the debt. This quick read will provide an understanding of the ramifications of
the rising debt and what the consequences may be.
