Political Science Term Paper Example | Topics and Well Written Essays - 750 words

Political Science - Term Paper ExampleOther organisation funded interests such as education, military and infrastructure will suffer greatly as hale. Why these statements are valid along with imparting a habitual overview of the national debt so as to illuminate the crisis is this papers purpose.When Congress spends more than is collected, the country incurs a debt and must embrace gold from foreign countries, in the first place China, to remain operational. The national debt currently exceeds $13.7 trillion dollars (U.S. Treasury, 2010). According to the U.S. Treasury Department, the yearly payment on this debt, the deficit, reached $1.29 trillion as of last month (October, 2010). (Bartash, 2010). These figures are well past most peoples comprehension. Started in 1791, the national debt was, by those days standards, an incredible $75 million. Due to President Andrew Jacksons prudent approach to disposal using up, the national debt was lowered to, again adjusted to todays sta ndards, to only $37 thousand. The Reagan/Bush administrations of the 1980s ran the debt up by historic proportions. The massive attach of debt was not 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 rich. When President Clinton took office in 1993, the debt stood at $2.4 trillion. 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 announced 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 more than quadrupled.In this time of increased globalization of the worlds financial markets, American legislators are more easily able to borrow from other countries that are experiencing a surplus of